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Savient Pharmaceuticals Reports Fourth Quarter and Year-End 2011 Results
Date:2/27/2012

EAST BRUNSWICK, N.J. Feb. 27, 2012 /PRNewswire/ -- Savient Pharmaceuticals, Inc. (NASDAQ: SVNT) today reported financial results for the three months ended December 31, 2011, which reflect the Company's continuing investment in the U.S. launch of KRYSTEXXA®(pegloticase). Savient ended the quarter with approximately $170 million in cash and short-term investments, a decrease of $33 million for the quarter. For the fourth quarter of 2011, the Company had a net loss of $30.9 million, or $0.44 per share, on total revenues of $3.7 million, compared with a net loss of $0.5 million, or $0.01 per share, on total revenues of $1.0 million for the same period in 2010. The net loss for the year ended December 31, 2011 was $102.0 million, or $1.46 per share, on total revenues of $9.6 million, compared with a net loss of $73.1 million, or $1.08 per share, on total revenues of $4.0 million for the same period in 2010.

David Y. Norton, Interim Chief Executive Officer of Savient, said, "Savient has made great strides in the commercialization of KRYSTEXXA since we launched a year ago. We are well positioned to leverage our one of a kind treatment, and as we begin 2012, we have a strong team in place, a firm understanding of refractory chronic gout and the KRYSTEXXA marketplace, and a permanent J-code. We look forward to continuing to build on this momentum to further our position in the marketplace, expand the depth and breadth of KRYSTEXXA sales and fill an unmet need for patients suffering from refractory chronic gout."

Operational Highlights:

  • KRYSTEXXA net sales grew to $3.0 million from $1.9 million for the previous quarter.

  • Submitted responses to Day 120 questions to CHMP.

  • Appointed David Veitch as President of Savient Europe to lead Savient's European efforts for the future growth of KRYSTEXXA.

  • Assigned a permanent J-code,
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  • SOURCE Savient Pharmaceuticals, Inc.
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