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Savient Pharmaceuticals Reports First Quarter 2011 Financial Results
Date:5/5/2011

EAST BRUNSWICK, N.J., May 5, 2011 /PRNewswire/ -- Savient Pharmaceuticals, Inc. (NASDAQ: SVNT) today reported financial results for the three months ended March 31, 2011.  Savient ended the quarter with $268.0 million in cash and short-term investments, an increase of $203.1 million since December 31, 2010, primarily due to the issuance and sale of $230 million in convertible notes during February 2011.  For the first quarter of 2011, the Company had a net loss of $13.5 million, or $0.19 per share, on total revenues of $1.3 million.  This compares with a net loss of $8.3 million, or $0.13 per share, on total revenues of $1.1 million for the same period in 2010.

"The first quarter of 2011 was dedicated to the U.S. launch of KRYSTEXXA® into the refractory chronic gout market," said John H. Johnson, chief executive officer of Savient.  "Since the March market introduction, we have had a laser focus on our commercialization efforts and we are pleased with the positive reception that KRYSTEXXA has received.  As part of our long-term strategy to expand the global opportunity for KRYSTEXXA, we have submitted a Marketing Authorization Application to the European Medicines Agency.  We are focused on achieving our goals while carefully managing costs and building value for shareholders."

Johnson continued, "In the short period of time since our launch, we have learned a great deal and we now have a clearer picture of how we can most effectively accelerate the market introduction of KRYSTEXXA.  The miscellaneous J-code has presented some Medicare billing concerns.  We expect to receive the permanent J-code in January, which we believe will provide a catalyst for many doctors to move their patients onto KRYSTEXXA, and anticipate that the full effect of our efforts on the ramp up will be realized in the second quarter 2012."  

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SOURCE Savient Pharmaceuticals, Inc.
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