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Savient Pharmaceuticals Reports Second Quarter 2009 Financial Results
Date:8/10/2009

ollowing involuntary weight loss due to disease or medical condition, due to increased market share achieved by our authorized generic distributor.

Cost of goods sold for the second quarter of 2009 was $0.4 million, compared with $0.2 million for the second quarter of 2008, an increase of $0.2 million. The increase in cost of goods sold resulted primarily from higher gross sales of oxandrolone.

Research and development expenses for the second quarter of 2009 were $11.6 million, compared with $15.7 million for the second quarter of 2008, a decrease of $4.1 million. The decrease was primarily due to lower technology transfer expenses of $2.1 million as we near the completion of the technology transfer related to developing our secondary source supplier of pegloticase active pharmaceutical ingredient (API). In addition, manufacturing capacity reservation fees paid to our primary third-party manufacturer of API, BTG-Israel (BTG), clinical trial expenses and manufacturing-related process development expenses decreased by $2.1 million, $0.7 million, and $0.6 million, respectively, as the majority of our research and development activities associated with the development of KRYSTEXXA were incurred in prior years. Partially offsetting the lower expenses was an increase in severance expense of $1.0 million recorded during the current quarter and $0.6 million in consulting expenses related to our preparation for the FDA Arthritis Advisory Committee meeting held on June 16, 2009.

Selling, general and administrative expenses for the second quarter of 2009 were $7.4 million, compared with $10.5 million for the second quarter of 2008, a decrease of $3.1 million, primarily due to lower legal fees as the prior year results reflect expenses for Oxandrin-related patent infringement litigation.

Investment income, net, decreased $0.4 million to an expense of $27,000 for the second quarter of 2009, from in
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SOURCE Savient Pharmaceuticals, Inc.
Copyright©2009 PR Newswire.
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