Savient Pharma swings to 4Q loss |
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Wed, 14 Mar 2007 00:47
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EAST BRUNSWICK, N.J. (AP) - Savient Pharmaceuticals Inc. said Tuesday it swung to a fourth-quarter loss, hurt by generic competition for its Oxandrin product and higher research-and-development costs.Quarterly loss totaled $8.8 million, or 17 cents per share, compared with a prior-year profit of $8.8 million, or 14 cents per share. Revenue during the quarter fell to $8.2 million from $13.2 million.Analysts, on average, expected a quarterly loss of 3 cents per share on $14.2 million in revenue, according to an analyst poll by Thomson Financial.Savient Pharmaceuticals said its Oxandrin product for the treatment of weight gain following involuntary weight loss related to disease or medical condition began competing against generics in December. The company launched an authorized generic version of Oxandrin through a distribution agreement with Watson Pharmaceuticals and ended its sales and marketing for the branded product.Also hurting quarterly results was a rise in research and development costs to $8.5 million from $3.8 million.Looking ahead, President and Chief Executive Christopher Clement said Savient Pharmaceuticals believes the continued development of its Puricase for treatment-failure gout will be the main driver in its success.Full-year earnings rose to $60.3 million, or $1.03 per share, from $6 million, or 10 cents per share last year. Annual revenue slipped to $47.5 million from $49.5 million.Savient Pharmaceuticals fell 53 cents, or 3.8 percent, to close at $13.46 on the Nasdaq Stock Market. Shares have ranged between $4.88 and $15.75 over the past year.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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