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Pharmasset Reports Fiscal First Quarter 2011 Financial Results
Date:2/7/2011

al purine nucleotide analog, PSI-661, in advanced preclinical development.

Pegasys(R) and Copegus(R) are registered trademarks of Roche. ContactRichard E. T. Smith, Ph.D.VP, Investor Relations and Corporate CommunicationsOffice +1 (609) 613-4181 Forward-Looking StatementsPharmasset "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:  Statements in this press release that are not historical facts are "forward-looking statements," that involve risks, uncertainties, and other important factors, including, without limitation,  the risk of cessation or delay of any of the ongoing or planned clinical trials and/or our development of our product candidates,  the risk that the results of previously conducted studies involving our product candidates will not be repeated or observed in ongoing or future studies involving our product candidates, the risk that our collaboration with Roche will not continue or will not be successful, and the risk that any one or more of our product candidates will not be successfully developed and commercialized.  For a discussion of risks, uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2010 filed with the Securities and Exchange Commission and discussions of potential risks, uncertainties, and other important factors in our subsequent filings with the Securities and Exchange Commission.

PHARMASSET, INC.CONDENSED STATEMENTS OF OPERATIONS(UNAUDITED)(in thousands, except share and per share amounts)Three Months EndedDecember 31,20102009Revenues

$
247$
269COSTS AND EXPENSES:  Research and development

18,7689,197  General and administrative

5,0764,239Total costs and expenses

23,84413,436Operating loss

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