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Conference Call Transcript |
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2004 |
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$37 |
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#326683 |
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SAVIENT PHARMACEUTICALS, INC.
CONFERENCE CALL TRANSCRIPT
FIRST QUARTER 2004 RESULTS
TUESDAY, MAY 4, 2004, 10:00 AM EST
Operator: Good morning and welcome, ladies and gentlemen, to the Savient Pharmaceuticals First Quarter Earnings Conference Call. At this time, I would like to inform you that this conference is being recorded and that all participants are in a listen-only mode. At the request of the company, we will open up the conference for questions and answers after the presentation. I will now turn the conference over for the Safe Harbor. Please go ahead.
GWEN HARNING: GOOD MORNING, I AM GWEN HARNING OF SAVIENT PHARMACEUTICALS, AND I THANK YOU FOR JOINING US TODAY.
BEFORE I INTRODUCE DR. FASS, PLEASE BEAR WITH ME AS I PROVIDE THE REQUISITE SAFE HARBOR STATEMENT.
STATEMENTS IN THIS DISCUSSION CONCERNING OUR BUSINESS OUTLOOK OR FUTURE ECONOMIC PERFORMANCE, PRODUCT DEVELOPMENTS, ANTICIPATED PROFITABILITY, REVENUES, EXPENSES, EARNINGS, OR OTHER FINANCIAL ITEMS; AND STATEMENTS CONCERNING ASSUMPTIONS MADE OR EXPECTATIONS AS TO ANY FUTURE EVENTS, CONDITIONS, PERFORMANCE OR OTHER MATTERS, ARE FORWARD-LOOKING STATEMENTS AS THAT TERM IS DEFINED UNDER THE FEDERAL SECURITIES LAWS. FORWARD-LOOKING STATEMENTS ARE SUBJECT TO RISKS, UNCERTAINTIES AND OTHER FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE STATED IN SUCH STATEMENTS. SUCH RISKS, UNCERTAINTIES AND FACTORS INCLUDE, BUT ARE NOT LIMITED TO, THE TIMING OF THE INTRODUCTION OF A GENERIC VERSION OF OXANDRIN, CHANGES AND DELAYS IN PRODUCT DEVELOPMENT PLANS AND SCHEDULES, DEVELOPMENT, INTRODUCTION OR CONSUMER ACCEPTANCE OF COMPETING PRODUCTS, CUSTOMER ACCEPTANCE OF NEW PRODUCTS, CHANGES IN PRICING OR OTHER ACTIONS BY COMPETITORS, PATENTS OWNED OR LICENSED BY US AND OUR COMPETITORS, AND GENERAL ECONOMIC CONDITIONS, AS WELL AS OTHER RISKS DETAILED IN OUR FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.
I WOULD NOW LIKE TO INTRODUCE DR. SIM FASS, CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF SAVIENT PHARMACEUTICALS, INC.
SIM FASS: GOOD DAY TO ALL, AND THANK YOU FOR JOINING US.
TODAY I WILL REVIEW OUR FIRST QUARTER 2004 FINANCIAL RESULTS AND PROVIDE A PROGRESS REPORT ON OUR COMMERCIAL PRODUCTS AND CLINICAL PROGRAMS.
I WILL BEGIN BY SUMMARIZING FOR YOU OUR FINANCIAL RESULTS AND THE KEY FACTORS THAT CONTRIBUTED TO OUR EARNINGS. FOR MORE DETAILED
1
INFORMATION, I REFER YOU TO TODAYS NEWS RELEASE. IN ADDITION, FURTHER INFORMATION WILL BE AVAILABLE IN OUR 10-Q REPORT WHICH WILL BE FILED WITH THE SEC BY MAY 10TH.
IN THE QUARTER ENDED MARCH 31, 2004 COMPARED TO THE CORRESPONDING 2003 PERIOD, WE GENERATED:
REVENUES OF $33.6 MILLION COMPARED TO $28.0 MILLION (AN INCREASE OF 20%),
NET PRODUCT SALES OF $32.4 MILLION COMPARED TO $27.0 MILLION (AN INCREASE OF 20%),
NET INCOME OF $1.3 MILLION COMPARED TO $3.0 MILLION, AND
EARNINGS PER SHARE OF TWO CENTS COMPARED TO FIVE.
THE INCREASE IN SALES WAS DRIVEN BY INCREASED SALES OF OXANDRIN AND OF OUR ORAL LIQUID PHARMACEUTICALS IN THE UNITED KINGDOM, PARTIALLY OFFSET BY LOWER SALES OF HUMAN GROWTH HORMONE AND DELATESTRYL.
REVENUES IN THE FIRST QUARTER OF 2004 RELATING TO SALES IN POUNDS STERLING WERE FAVORABLY IMPACTED BY THE WEAK DOLLAR COMPARED TO THE CORRESPONDING 2003 PERIOD.
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