Medarex Announces 2008 First Quarter Financi...(ed excluding the items discuss below. Me...),Health

Date:5/12/2008

ed excluding the items discuss below. Medarex's management believes investors' understanding of Medarex's financial performance is enhanced as a result of our disclosing these non-GAAP financial measures. Non-GAAP net loss and non- GAAP net income per share should not be viewed in isolation or as a substitute for GAAP net loss or GAAP net income per share.

MEDAREX, INC.

Reconciliation of GAAP Net Income to Non-GAAP Net Loss

(In thousands, except per share data)

(unaudited)

Three Months Ended March 31,

2008 2007

GAAP net income $103,312 $110,265

Celldex net loss (1) 2,924 4,128

Minority interest - Celldex (1) - (1,651)

Stock-Based compensation expense (2) 5,291 3,498

Equity in net loss of affiliate 1,785 -

Gain on sale of Genmab stock (151,834) (152,143)

Non-GAAP Net loss $(38,522) $(35,903)

GAAP Net income (loss) per share,

basic $0.81 $0.88

diluted $0.76 $0.80

Non-GAAP Net loss

per share, basic and diluted $(0.30) $(0.29)

Shares used in computing basic and diluted

Non-GAAP net loss per share 127,643 124,690

(1) In management's view, the operations of Celldex prior to its merger

with AVANT Immunotherapeutics, Inc. (effective March 7, 2008) are not

necessarily indicative of, or directly attributable to, Medarex's

continuing operations. Celldex's operations relate primarily to
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SOURCE Medarex, Inc. Copyright©2008 PR Newswire. All rights reserved

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