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

fees paid to BTG and expenses related to manufacturing development of KRYSTEXXA decreased by $2.0 million each, as the majority of our research and development activities associated with the development of KRYSTEXXA were incurred in prior years. Partially offsetting the decreases in research and development expenses were higher costs of $1.8 million associated with the production of commercial batches of pegloticase API by BTG and $0.9 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 first six months of 2009 were $16.9 million, compared with $19.7 million for the same period of 2008, a decrease of $2.8 million. The decrease was primarily due to lower legal fees of $2.9 million as the prior year results reflect expenses for Oxandrin-related patent infringement litigation and $2.0 million of lower compensation and benefits, including share-based compensation, due primarily to decreased headcount and share-based awards. Partially offsetting the lower expenses are higher pre-launch marketing expenses of $1.1 million incurred in preparation for a potential commercial launch of KRYSTEXXA.

Investment income, net, decreased $1.6 million to an expense of $0.2 million for the first six months of 2009, from income of $1.4 million for the same period 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 first six months of 2009.

Our income tax benefit decreased $2.8 million to zero for the first six months of 2009, as we no longer have the ability to carry back losses to previous years to recover taxes paid
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SOURCE Savient Pharmaceuticals, Inc.
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