Savient Pharmaceuticals Reports 2Q Financial Results

Savient ended the quarter with $240.3 million in cash and short-term investments, a decrease of $27.7 million for the quarter.

Specialty biopharmaceutical company Savient Pharmaceuticals, Inc. reported Thursday its 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