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

riability in the timing of cost-sharing reimbursements related to HGS products in Phase 3 development. (For information on the calculation of this non-GAAP financial measure, visit www.hgsi.com/images/Q42008results/netcashburn.pdf.) In financial guidance provided in January 2009, HGS indicated an expected net cash burn for full-year 2009 of less than $25 million.

As of December 31, 2008, cash and investments totaled $372.9 million, of which $294.2 million was unrestricted and available for operations. This compares with cash and investments totaling $603.8 million as of the end of December 31, 2007, of which $532.9 million was unrestricted and available for operations.

For the fourth quarter ended December 31, 2008, HGS reported revenues of $12.9 million, compared with revenues of $12.5 million for the same period in 2007. Fourth quarter 2008 revenues included $8.9 million recognized from the Albuferon agreement with Novartis, and $1.6 million recognized from the LymphoStat-B agreement with GSK.

The Company's net loss in the fourth quarter of 2008 was $55.7 million ($0.41 per share), compared with a net loss of $92.9 million ($0.69 per share) in the fourth quarter of 2007. The decrease was due primarily to reduced clinical development spending related to the winding down of Albuferon Phase 3 trials. In addition, the fourth quarter 2007 net loss included $16.9 million ($0.13 per share) in expenses related to the licensing and collaboration agreement entered into with Aegera Therapeutics.

HIGHLIGHTS OF RECENT PRODUCT PROGRESS

ABthrax(TM): At Least $150 Million Expected for Delivery to Stockpile

In January 2009, HGS began delivery of 20,000 doses of ABthrax (raxibacumab) to the U.S. Strategic National Stockpile for emergency use in the treatment of inhalation anth
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SOURCE Human Genome Sciences, Inc.
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