| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for Savient Pharmaceuticals, Inc. > News item |
Savient's third-quarter sales boosted by Oxandrin
By Lisa Kerner
Charlotte, N.C., Oct. 30 - Savient Pharmaceuticals, Inc. said for the three months ended Sept. 30 its net product sales increased 43% to $4.8 million. The increase was due to 57% higher sales of Oxandrin of $5.8 million.
"The third quarter has been a watershed quarter for Savient with accomplishments in a number of key areas, as reflected in our strong financial results," president and chief executive officer Christopher Clement said in a news release.
"Product sales increases and streamlined costs are a direct result of our execution of the strategy to focus our Oxandrin sales and marketing efforts on high prescribing physicians."
Total revenues for the third quarter were up 42% at $15.9 million, from $11.2 million for the third-quarter 2005.
Research and development expenses for the quarter were $5.5 million, up from $4.0 million in the prior-year period. Savient said the increase was due primarily to Puricase (PEG-uricase) development activities.
Operating income for the third-quarter 2006 was $1.6 million, compared with an operating loss of $4.0 million for the third quarter of 2005.
Savient's total net income for the period was $61.9 million or $1.02 and $1.01 per basic and diluted share, respectively, compared with a net loss for the third quarter of 2005 of $2.0 million, or $0.03 per basic and diluted share.
The East Brunswick, N.J., biopharmaceutical company ended the third quarter with $198.9 million in cash and short-term investments, an increase of $123.6 million over the Dec. 31, 2005 year end balance.
Savient's results for the nine months ended Sept. 30 include total revenues of $39.3 million, income from continuing operations of $10.2 million, and total net income of $69.1 million.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.