Savient Pharmaceuticals Reports Fourth Quarter and Year-End 2008 Financi...(nt income decreased by $2.5 million for ...),Health

Date:2/25/2009

nt income decreased by $2.5 million for the fourth quarter of 2008 to a net expense of $0.6 million, versus income of $1.9 million for the fourth quarter of 2007. The decrease was primarily attributable to decreases in dividend and interest income driven by lower cash, cash equivalent and investment balances in addition to lower yields earned on these investments.

Year Ended December 31, 2008

Total revenues for the year ended December 31, 2008 were $3.2 million, compared with $14.0 million for the year ended December 31, 2007, a decrease of $10.8 million, or 77%. The decrease was due primarily to lower product sales of Oxandrin and oxandrolone resulting from additional generic competition.

Research and development expenses for the year ended December 31, 2008 were $55.5 million, compared with $50.9 million for the year ended December 31, 2007, an increase of $4.6 million, or 9%. The higher expenses were primarily due to an increase in manufacturing-related costs for the completion of the first commercial batches of KRYSTEXXA and from the process validation and technology transfer to our secondary source supplier. The increase in expenses was additionally due to costs associated with our BLA filing, higher compensation expenses due to increased headcount and service-based restricted stock awards, and higher toxicology-related clinical research studies for KRYSTEXXA. Partially offsetting these increases was an $8.0 million 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 year ended December 31, 2008 were $35.6 million, compared with $31.1 million for the year ended December 31, 2007, an increase of $4.5 million, or 14%. The higher expenses were primarily due to an increase of $3.9 million in legal expenses resulting from Oxandrin-related patent infringement litigation and th
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SOURCE Savient Pharmaceuticals, Inc. Copyright©2009 PR Newswire. All rights reserved

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