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CV Therapeutics Reports 2007 Third Quarter Financial Results
Date:11/6/2007

0 million milestone payment for submission of a new drug application for regadenoson as well as reimbursement of certain regadenoson development costs. This compares to total revenues of $24.1 million for the same period in the prior year, which consisted of $9.4 million of net product sales of Ranexa, $13.3 million of collaborative research revenue primarily related to the reimbursement of certain regadenoson development costs and $1.4 million of co-promotion revenue related to ACEON(R) (perdindopril erbumine) Tablets, which we ceased co- promoting in the quarter ended December 31, 2006.

Costs and expenses were $53.7 million for the quarter ended September 30, 2007. This compares to total costs and expenses of $76.3 million for the same quarter in 2006 and $83.1 million for the prior quarter ended June 30, 2007. The decrease in cost and expenses in the quarter ended September 30, 2007 compared to the same quarter in 2006 was primarily due to a reduction in personnel related expenses related to the restructuring plan implemented in May 2007, lower research and development expenses resulting from lower clinical trial expenses related to the completion of the MERLIN TIMI-36 study of Ranexa and lower regadenoson research and development expenses, lower Ranexa sales and marketing expenses and lower ACEON(R) sales and marketing expenses associated with the end of the ACEON(R) co-promotion arrangement. These decreases were partially offset by higher cost of sales due to higher net product sales of Ranexa and an additional restructuring charge related to excess leased office space.

The decline of total costs and expenses in the quarter ended September 30, 2007 compared to the prior quarter ended June 30, 2007 was primarily due to a reduction in personnel related expenses related to the May 2007 restructuring plan, lower sales and marketing expenses associated with promoting Ranexa, lower restructuring expenses and lower research and development costs associated
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SOURCE CV Therapeutics, Inc.
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