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

come of $0.4 million for the second quarter of 2008. The decrease was primarily attributable to lower dividend and interest income from lower cash, cash equivalent and investment balances.

Other expense, net, increased $35.9 million primarily as a result of a non-cash charge relating to the mark-to-market valuation adjustment to our warrant liability during the second quarter of 2009.

Our income tax benefit decreased $1.6 million to zero for the second quarter of 2009, as we no longer have the ability to carry back losses to previous years to recover taxes paid and it is uncertain that we will be able to utilize these net operating losses against future income. The 2008 income tax benefit reflects the tax effects of the carry back of our 2008 net operating losses to the 2006 tax year to recover 2006 income taxes paid.

Financial Results of Operations for the Six Months Ended June 30, 2009

Total revenues for the first six months of 2009 were $1.8 million compared with $1.5 million for the same period of 2008, an increase of $0.3 million. The increase was primarily the result of higher sales of oxandrolone, due to increased market share achieved by our authorized generic distributor.

Cost of goods sold for the first six months of 2009 were $0.9 million compared with $0.6 million for the same period of 2008, an increase of $0.3 million. The increase in cost of goods sold resulted primarily from higher gross sales of oxandrolone.

Research and development expenses for the first six months of 2009 were $24.4 million, compared with $26.9 million for the same period of 2008, a decrease of $2.5 million. The decrease was primarily due to lower technology transfer expenses of $2.4 million as we near the completion of the technology transfer related to developing our secondary source supplier of pegloticase API. In addition, manufacturing capacity reservation
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SOURCE Savient Pharmaceuticals, Inc.
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