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Idenix Pharmaceuticals Reports Third Quarter and Nine Month Financial Results
Date:11/6/2007

ivudine to Novartis. Idenix currently expects to incur approximately $3 million to $5 million in additional charges relating to this restructuring over the next two quarters. Also in connection with the restructuring, the company accelerated the depreciation of certain assets equal to approximately $1.9 million in the quarter ended September 30, 2007 and expects to record approximately an additional $1 million of accelerated depreciation charges in the fourth quarter of 2007.

For the nine months ended September 30, 2007, Idenix reported total revenues of $55.4 million, compared with total revenues of $52.1 million for the nine months ended September 30, 2006. The company reported a net loss of $65.0 million, or a loss of $1.16 per basic and diluted share for the nine months ended September 30, 2007, compared with $51.5 million, or a loss of $0.92 per basic and diluted share for the nine months ended September 30, 2006.

Significant Events

Significant events in the last quarter include:

-- Announced a strategic restructuring whereby Novartis, Idenix's

collaboration partner, effective October 1, 2007, assumed full

responsibility for the development, manufacturing and commercialization

activities relating to Tyzeka/Sebivo, including ongoing and future

clinical trials and regulatory filings. In place of the previous

revenue sharing arrangement, Idenix will receive a royalty on worldwide

product sales. As a result of these changes, Idenix is reducing its

workforce by approximately 100 positions, the majority of which

supported the development and commercialization of Tyzeka/Sebivo in the

United States and Europe. Idenix estimates that this restructuring will

result in savings of $40 million to $45 million, including associated

third party and marketing costs, on an annualized basis.

-- Completed a single-dose pharmacokinetic (PK) study and a 7-
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SOURCE Idenix Pharmaceuticals, Inc.
Copyright©2007 PR Newswire.
All rights reserved

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