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Savient Pharmaceuticals Reports Second Quarter 2011 Financial Results
Date:8/4/2011

EAST BRUNSWICK, N.J., Aug. 4, 2011 /PRNewswire/ -- Savient Pharmaceuticals, Inc. (NASDAQ: SVNT) today reported financial results for the three and six months ended June 30, 2011, which are reflective of significant investments in the U.S. launch of KRYSTEXXA® (pegloticase).  Savient ended the quarter with $240.3 million in cash and short-term investments, a decrease of $27.7 million for the quarter.  For the second quarter of 2011, the Company had a net loss of $30.2 million, or $0.43 per share, on total revenues of $2.0 million.  This compares with a net loss of $5.0 million, or $0.07 per share, on total revenues of $1.0 million for the same period in 2010.  The net loss for the first six months of 2011 was $43.8 million, or $0.63 per share on total revenues of $3.3 million compared with a net loss of $13.3 million, or $0.20 per share, on total revenues of $2.1 million for the same period in 2010.  

"The second quarter was a busy and exciting time at Savient and we are off to a promising start as we continue to build and develop a market for the first and only FDA approved treatment for Refractory Chronic Gout," said John H. Johnson, Chief Executive Officer and President of Savient.  "By making key investments to build out our capabilities and implement new programs to support the commercialization of KRYSTEXXA, we believe we are effectively laying the groundwork to position KRYSTEXXA for success and build shareholder value."Savient also today announced the results from a Company commissioned comprehensive U.S. Refractory Chronic Gout (RCG) market research study evaluating the market size of the RCG population. This market research study was sponsored by the Company in conjunction with a leading independent life sciences consulting firm.  The results of the study indicate that there are approximately 120,000 RCG patients in the U.S., w
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SOURCE Savient Pharmaceuticals, Inc.
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