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Savient Pharmaceuticals, Inc. Message Board

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  • kg2931 kg2931 Feb 11, 2000 1:02 AM Flag

    Anyone else receive...

    Well I still see everyone's just burning up with
    enthusiasm over earnings and it's so hard keeping up with
    all the posts by the hour on this
    board!

    ANYBODY KNOW WHEN THE FRIGIN EARNINGS ARE TO BE ANNOUNCED
    AND JUST WHAT IN THE HELL IS GOING ON WITH THIS STOCK
    AND THIS BOARD IN THE LAST WEEL???????????????

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    • The already prewarned that earnings for the last quarter would show a loss of 2 to 8 cents. I wouldn't anticipate the news. Hopefully something good will be announced beforehand.

    • I spoke with BTGC on the ninth and tenth. Said
      the auditors were just finishing up on 2/9. Today,
      (2/10) I was told the earings report will be out within
      the next few days. Possibly as early as Friday. Best
      to all!!

      • 1 Reply to cmsailaway
      • Bio-Technology General Corp. Reports 1999
        Earnings Results -- In Line With Previously Announced
        Anticipated Earnings

        BusinessWire, Friday, February
        11, 2000 at 11:00

        ISELIN, N.J.--(BUSINESS
        WIRE)--Feb. 11, 2000--Bio-Technology General Corp.
        (NASDAQ:BTGC) today announced its earnings
        and financial
        results for 1999. In line with the Company's previously
        announced anticipated earnings, EPS for 1999 was $0.26. As
        also
        reported earlier, the Company's earnings for 1999
        were impacted by a significant reduction in
        Oxandrin(R) inventory by Olsten Health
        Services, Inc.,
        the Company's distributor for the product. This
        resulted in net income of $13.9 million, or $0.26 per
        share in 1999, compared
        to $17.7 million, or $0.36
        per share in 1998. Diluted shares used in computation
        were 54.2 million in 1999, vs. 49.8 million the
        previous year.
        Total revenues grew 11% to $85.3
        million in 1999 compared to $76.9 million in 1998.
        Revenues from product sales were $62.3
        million in 1999
        compared to $68.2 million in 1998, and revenues from
        contract fees were $14.8 million compared to $2.7 million.
        The
        significant increase in contract fees relates
        primarily to the initial $10 million fee from Teva
        Pharmaceutical Industries Ltd., with whom BTG
        entered into a
        key strategic alliance in September 1999.

        Expenses increased 28% from $52.1 million in 1998 to $66.6
        million in 1999. The most significant increases in
        expenses were
        recorded in R&D, G&A, marketing and
        sales, and commissions and royalties. These increases
        relate primarily to: product formulation
        activity;
        legal fees, an increase in salary expenses, and the
        write-off of previously capitalized expenses relating to
        the development of
        Androtab-SL(R); promotion of
        marketed products; and payments to licensors,
        respectively. The legal expenses incurred were in large part
        due
        to litigation costs relating to the Company's
        patent suit against Genentech, Inc. (NYSE:DNA). On
        January 18, 2000, a Federal Court
        invalidated
        Genentech's U.S. Patent No. 4,601,980 relating to a method
        for producing recombinant human growth hormone. As a
        result, the
        preliminary injunction that prohibited
        the commercial introduction in the United States of
        the Company's recombinant human growth hormone,

        Bio-Tropin(TM)was vacated.
        In commenting on the 1999 results,
        Sim Fass, Chairman and Chief Executive Officer of
        Bio-Technology General Corp., stated:
        "1999 results
        essentially reflect the impact of a previously announced
        inventory adjustment situation. With Oxandrin prescriptions
        up by 27%
        in 1999 compared to 1998, and end user
        sales up by 25%, our Oxandrin business continued to
        demonstrate robust year to year growth in
        1999. This
        should positively impact Oxandrin sales to our
        distributor in 2000 as the absorption of the excess inventory
        is completed, and the
        Company's sales to Olsten
        start to reflect end user sales. Moreover, we
        anticipate further development of the commercial potential
        for
        Oxandrin to be accomplished by an increase in the
        size of the Company's sales force and expansion of
        sales activity into the wound care
        sector."

 
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