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Savient Pharmaceuticals Reports Third Quarter 2012 Financial Results
Date:11/8/2012

BRIDGEWATER, N.J., Nov. 8, 2012 /PRNewswire/ -- Savient Pharmaceuticals, Inc. (NASDAQ: SVNT) today reported financial results for the three and nine months ended September 30, 2012, which reflects the Company's continuing commercialization of KRYSTEXXA ® (pegloticase) in the U.S. Savient ended the quarter with approximately $116.2 million in cash and short-term investments.

Net sales for KRYSTEXXA were $4.5 million for the third quarter of 2012, a 13% increase over the second quarter of 2012.  For the third quarter of 2012, the Company had a net loss of $39.7 million, or $0.56 per share, on total revenues of $4.9 million, compared with a net loss of $27.4 million, or $0.39 per share, on total revenues of $2.6 million for the same period in 2011. The net loss for the first nine months of 2012 was $90.3 million, or $1.28 per share, on total revenues of $13.1 million, compared with a net loss of $71.2 million, or $1.02 per share, on total revenues of $5.9 million for the same period in 2011. The net loss for the nine-month period ended September 30, 2012 includes a $21.8 million, or $0.31 per share, gain on the extinguishment of debt.

"During the third quarter we continued to drive awareness and adoption of KRYSTEXXA in the U.S., which resulted in our seventh consecutive quarter of sequential sales growth," said Louis Ferrari, President and Chief Executive Officer of Savient Pharmaceuticals.  "We also made progress toward our goal of commercializing KRYSTEXXA outside of the U.S. with the positive opinion we received on October 19 from the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP).  We remain confident in the long-term opportunity for KRYSTEXXA to address the significant unmet needs of patients suffering from refractory chronic gout.  We are successfully executing our clinical development plan
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SOURCE Savient Pharmaceuticals, Inc.
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