Medarex Announces 2008 First Quarter Financi...(1300 1530 Other assets ...),Health

Other assets 2,206 3,415

$690,775 $759,860

Current liabilities $64,319 $81,645

Other liabilities 86,170 89,454

Convertible notes 143,986 143,505

Shareholders' equity 396,300 445,256

$690,775 $759,860

(1) Derived from the December 31, 2007 audited financial statements. For

further information, refer to the consolidated financial statements

and footnotes thereto included in Medarex's Annual Report on Form 10-K

for the year ended December 31, 2007.

This press release dated May 12, 2008, contains non-GAAP financial measures. The following table reconciles the non-GAAP financial measures contained in the press release to the most directly comparable financial measures prepared in accordance with GAAP. These non-GAAP financial measures include non-GAAP net loss and non-GAAP net loss per share. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures prepared in accordance with GAAP.

The following reconciliation of GAAP net income to non-GAAP net loss and GAAP net income per share to non-GAAP net loss per share is provided as a complement to results presented in accordance with GAAP because Medarex's management believes these non-GAAP financial measures provide better insight into Medarex's performance by focusing on results generated by its ongoing operations and are important in comparing current results with prior period results. Non-GAAP net loss and non-GAAP net loss per share are intended to illustrate Medarex's results of operations for the periods present
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