Savient Pharmaceuticals Reports Fourth Quarter and Year-End 2008 Financi...(mpany as we submitted our BLA to the FDA...),Health

Date:2/25/2009

mpany as we submitted our BLA to the FDA for KRYSTEXXA, our product for treatment-failure gout. Obtaining regulatory approval for KRYSTEXXA continues to remain our top priority and we believe the strategic steps we have taken together with the BLA Oversight Committee over the last several months will enhance our ability to achieve our goals. We believe that we are well positioned moving forward into 2009 in achieving key regulatory and commercial milestones."

Three months ended December 31, 2008

Total revenues for the fourth quarter of 2008 were $1.1 million, compared with $1.9 million for the fourth quarter of 2007, a decrease of $0.8 million or 42%. The decrease was due to lower product sales of Oxandrin(R) and oxandrolone, as a result of the continued impact of generic competition and from an increase in our allowance for product returns for Oxandrin resulting from a rise in our actual historical product return rates.

Research and development expenses for the fourth quarter of 2008 were $17.7 million, compared with $14.7 million for the fourth quarter of 2007, an increase of $3.0 million, or 20%. The higher expenses were mainly due to an increase in manufacturing-related costs relating to the production of the first commercial batches of KRYSTEXXA and the process validation and technology transfer to our secondary source supplier. Partially offsetting the higher expenses was a decrease in clinical trial expenses as our Phase 3 clinical trials for KRYSTEXXA were completed in late 2007.

Selling, general and administrative expenses for the fourth quarter of 2008 were $8.3 million, compared with $9.8 million for the fourth quarter of 2007, a decrease of $1.5 million, or 16%. The decrease was primarily due to reductions in stock-based compensation expense and bonus expense, partially offset by severance costs that were accrued during the fourth quarter of 2008.

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SOURCE Savient Pharmaceuticals, Inc. Copyright©2009 PR Newswire. All rights reserved

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