Savient Pharmaceuticals Reports Fourth Quarter and Year-End 2008 Financi...(e settlement of loss contingencies relat...),Health

Date:2/25/2009

e settlement of loss contingencies related to two legal proceedings. The increase in expense was also driven by higher marketing costs of $1.9 million relating to the preparation for the commercial launch of KRYSTEXXA and severance costs accrued during the fourth quarter of 2008. Partially offsetting the increased expenses were approximately $1.0 million in lower bonus expense and the reversal of $1.5 million in stock-based compensation expense.

Investment income for the year ended December 31, 2008 was $1.1 million, compared with $8.8 million for the year ended December 31, 2007, a decrease of $7.7 million, or 87%. The decrease was due to lower dividend and interest income driven by reduced levels of cash, cash equivalents and investment balances coupled with lower yields earned on these investments.

CONFERENCE CALL

Savient will host a live web cast to review fourth quarter year-end 2008 results on February 26, 2009 at 10:00 a.m. EST. Both the live and archived web cast can be accessed from the Investor Relations page of Savient's website at http://www.savient.com. A digital recording of the web cast will be available approximately one-hour following the conclusion of the call and will be available for fourteen days. To access the recording, use the Dial-In Number and the Conference ID listed below.

Dial: (888) 203-1112 (domestic) or (719) 457-0820 (international)

Conf ID: 5547271

ABOUT SAVIENT PHARMACEUTICALS, INC.

Savient Pharmaceuticals, Inc. is a biopharmaceutical company engaged in developing and distributing pharmaceutical products that target unmet medical needs focusing in rheumatology and other niche markets. The company's product development candidate, KRYSTEXXA(TM) (pegloticase) for treatment-failure gout, has reported positive Phase 1, 2 and 3 clinical data. Patient dosing in
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SOURCE Savient Pharmaceuticals, Inc. Copyright©2009 PR Newswire. All rights reserved

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