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Savient Pharmaceuticals Reports First Quarter 2013 Financial Results
Date:5/15/2013

BRIDGEWATER, N.J., May 15, 2013 /PRNewswire/ -- Savient Pharmaceuticals, Inc. (NASDAQ: SVNT) today reported financial results for the three months ended March 31, 2013.  Net sales of KRYSTEXXA® (pegloticase) were $4.4 million for the first quarter of 2013, a 6% decrease from the fourth quarter of 2012 and a 43% increase over the first quarter of 2012.  For the three-month period ended March 31, 2013, the Company had a net loss of $24.4 million or $0.34 per share, on total revenues of $4.7 million, compared with a net loss of $34.2 million or $0.49 per share, on total revenues of $3.5 million during the same period in 2012.  Savient ended the quarter with approximately $68.8 million in cash and short-term investments as compared to $96.3 million in cash and short-term investments as of the prior quarter.

Financial Results of Operations for the Three Months Ended March 31, 2013Net revenues of the Company increased $1.2 million, or 33%, to $4.7 million for the three-month period ended March 31, 2013, from $3.5 million for the three-month period ended March 31, 2012, primarily driven by the impact of our price increases on KRYSTEXXA. Since the beginning of 2012, we have increased the selling price of KRYSTEXXA by 67% to $3,850 per vial, effective January 16, 2013.

Cost of goods sold increased $1.9 million, or 106%, to $3.6 million for the three-month period ended March 31, 2013, from $1.7 million for the three-month period ended March 31, 2012. The increase is primarily due to a $2.1 million charge to reserve for KRYSTEXXA finished goods and raw material inventory.

Research and development expenses decreased $1.1 million, or 15%, to $6.1 million for the three-month period ended March 31, 2013, from $7.2 million for the three-month period ended March 31, 2012. The decrease is primarily due t
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SOURCE Savient Pharmaceuticals, Inc.
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