Savient Pharmaceuticals Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. The net loss for the third quarter of 2009 was $13.9 million, or $0.23 per basic and diluted share compared with a net loss of $18.2 million, or $0.34 per basic and diluted share for the third quarter of 2008. On a non-Generally Accepted Accounting Principles (GAAP) basis and excluding the $11.8 million non-cash gain due to a valuation adjustment on warrants, net loss for the third quarter of 2009 was $25.7 million, or $0.42 per basic and diluted share, compared with non-GAAP net loss for the third quarter of 2008 of $18.2 million, or $0.34 per basic and diluted share. Total revenues for the third quarter of 2009 were $0.3 million compared with $0.5 million for the third quarter of 2008, a decrease of $0.2 million mainly due to lower gross sales of Oxandrin� as a result of decreased overall demand for the product from increased generic competition. The company reported operating loss from continuing operations of $26.254 million, loss from continuing operations before income taxes of $13.940 million and loss from continuing operations of $13.876 million or $0.23 per basic and diluted share compared to operating loss from continuing operations of $18.199 million, loss from continuing operations before income taxes of $18.007 million and loss from continuing operations of $17.144 million or $0.32 per basic and diluted share for the same period of last year. The net loss for the first nine months of 2009 was $90.6 million, or $1.56 per basic and diluted share, on total revenues of $2.1 million, compared with a net loss of $60.0 million, or $1.12 per basic and diluted share, on total revenues of $2.1 million for the same period in 2008. The net loss for the nine months ended September 30, 2009 includes a non-cash charge of $24.1 million due to a valuation adjustment relating to warrants that issued in connection with April 2009 registered direct offering. On a non-GAAP basis, excluding the $24.1 million non-cash charge, net loss for the first nine months of 2009 was $66.5 million, or $1.15 per basic and diluted share, compared with non-GAAP net loss of $60.0 million for the nine months ended September 30, 2008, or $1.12 per basic and diluted share. The company reported operating loss from continuing operations of $66.615 million, loss from continuing operations before income taxes of $90.698 million and loss from continuing operations of $90.634 million or $1.56 per basic and diluted share compared to operating loss from continuing operations of $63.811 million, loss from continuing operations before income taxes of $62.567 million and loss from continuing operations of $58.894 million or $1.10 per basic and diluted share for the same period of last year.

Savient Pharmaceuticals, Inc. expected to Report Fiscal Year 2009 Results on February 22, 2010. This event was calculated by Capital IQ (Created on October 29, 2009).

Savient Pharmaceuticals, Inc., Q3 2009 Earnings Call, Nov-05 2009