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Medarex Announces 2008 Fourth Quarter and Year End Financial Results
Date:2/25/2009

PRINCETON, N.J., Feb. 25 /PRNewswire-FirstCall/ -- Medarex, Inc. (Nasdaq: MEDX) announced today its financial results for the quarter and year ended December 31, 2008.

Medarex's net loss for the year ended December 31, 2008, was $38.5 million, or ($0.30) per share, as compared to a net loss of $27.1 million, or ($0.21) per share, for 2007. Medarex's net loss for 2008 includes a gain of $151.8 million, or $1.18 per share, from Medarex's sale of 2.5 million shares of Genmab A/S ("Genmab") stock in February 2008; a non-cash loss of $13.0 million, or ($0.10) per share, representing the loss associated with Medarex's ownership of Celldex Therapeutics, Inc. ("Celldex"); a non-cash charge of $22.1 million, or ($0.17) per share, for stock-based compensation recorded in accordance with FAS 123(R); and a non-cash impairment charge of $5.3 million, or ($0.04) per share, related to a write-down of Medarex's investment in three of its corporate partners. Excluding the impact of these items, Medarex's net loss on a non-GAAP basis for 2008 was $149.9 million, or ($1.17) per share.

Total revenues for the year ended December 31, 2008, decreased by $4.0 million from $56.3 million in 2007 to $52.3 million in 2008. Contract and license revenues increased by $0.4 million for the year ended December 31, 2008, from $35.9 million in 2007 to $36.3 million in 2008. Reimbursement of development costs for the year ended December 31, 2008, decreased by $4.4 million from $20.4 million in 2007 to $16.0 million in 2008 and relates primarily to the development of ipilimumab with Bristol-Myers Squibb Company.

Research and development (R&D) expenses for the year ended December 31, 2008, decreased by $3.4 million from $198.3 million in 2007 to $194.9 million in 2008. Included in R&D expense for the year ended December 31, 2008, is appro
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SOURCE Medarex, Inc.
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