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

even if such regulatory clearance were received, such products would ultimately achieve commercial success. Copies of Medarex's public disclosure filings are available from its investor relations department.

Medarex(R), the Medarex logo and UltiMAb(R) are registered trademarks of Medarex, Inc. All rights are reserved.

                             MEDAREX, INC.
               Condensed Consolidated Statements of Operations

                   (In thousands, except per share data)

                                        Year Ended       Three Months Ended
                                        December 31,        December 31,
                                                             (unaudited)
                                      -------------------------------------
                                       2008      2007      2008       2007
                                       ----      ----      ----       ----

    Contract and license
     revenues                         $36,274   $35,906   $16,135   $15,135
    Reimbursement of
     development costs                 16,018    20,352     3,986     5,362
                                      --------  ---------  -------- --------

          Total revenues               52,292    56,258    20,121    20,497
    Costs and expenses:
          Research and development    194,861   198,317    48,842    56,857
          General and administrative   44,386    46,925     8,474    11,905
          Acquisition of in-process
           technology                       -     6,900         -         -
                                      --------  ---------  -------- --------
              Operating loss         (186,955) (195,884)  (37,195)  (48,265)
    Equity in net loss of
     affiliate                        (10,092)        -    (1,948)        -
    Interest income and
     realized gains, net              163,622   16
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SOURCE Medarex, Inc.
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