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Human Genome Sciences Announces Fourth-Quarter and Full-Year 2008 Financial Results and Key Developments
Date:2/26/2009

ng cash position, strong partners in GSK and Novartis, and multiple product opportunities to drive future value."

HGS also announced that it has repurchased $106.2 million principal amount of its outstanding convertible debt at a cost of $50.0 million in cash. The repurchase includes $82.9 million principal amount of the Company's 2 1/4% Convertible Subordinated Notes Due October 2011, and $23.3 million principal amount of the Company's 2 1/4% Convertible Subordinated Notes Due August 2012.

"We are pleased that we were able to capitalize on an opportunity to further strengthen our balance sheet by reducing our debt at reasonable prices," said Tim Barabe, Senior Vice President and Chief Financial Officer, HGS. "Our cash position remains strong and is sufficient to take us through the availability of Phase 3 data and the filing of marketing applications for our lead products, while also funding development of our product pipeline."

FINANCIAL RESULTS

HGS reported increased revenues of $48.2 million for the year ended December 31, 2008, compared with revenues of $41.9 million for the same period in 2007. Revenues for 2008 included $35.4 million recognized from the Albuferon agreement with Novartis, and $6.5 million in revenue recognized from the LymphoStat-B agreement with GSK.

The Company reported a net loss for 2008 of $244.9 million ($1.81 per share), compared with a net loss of $262.4 million ($1.95 per share) for 2007. The decreased net loss for 2008 was due primarily to a gain on the sale of CoGenesys stock of $32.5 million ($0.24 per share), partially offset by a decrease in investment income and a charge for impaired investments in debt issued by Lehman Brothers Holdings, Inc., of $6.3 million ($0.04 per share).

Net cash burn for 2008 totaled $244.8 million, compared with $179.9 million in 2007. The increase in net cash burn primarily reflected va
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SOURCE Human Genome Sciences, Inc.
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