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Savient Pharmaceuticals' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: SVNT

As many of you know, I’ve been working with the board and our management team on executing our plans to position the company for future growth. I am pleased with our recent progress. For the sixth consecutive quarter we achieved sequential sales growth for KRYSTEXXA.

I believe the results achieved this quarter which include a 30% increase in KRYSTEXXA sales from the previous quarter illustrate that our strategy is taking hold. We’ve build the solid foundation for KRYSTEXXA and we are continuing to execute on our main objectives to drive sustainable results and build long term shareholder value through our targeted approach for growing new accounts and building upon existing accounts.

The success of our KPIP program. Our continued focus on communicating the benefits of KRYSTEXXA as a one of a kind treatment for the RCG population, and our successful execution of our clinical development plan to highlight significant clinical data and pursue publication opportunities.

We are similarly focused in Europe, where we continue to work with the European regulatory bodies to achieve approval in the EU and engage in an active process with potential partners to market prospects in the EU and rest of the world.

Now, I would like to go through the specifics of the results of the quarter.

In the second quarter, we continue to make steady progress in the commercialization of KRYSTEXXA and build on the momentum that we established at the end of the first quarter. During the second quarter, we achieved $4 million in net trade sales of KRYSTEXXA which represented a 30% growth compared to last quarter.

We also added 143 new accounts in the quarter, bringing the total number of accounts that have bought KRYSTEXXA to 677. Shortly after the quarter ended, we announced a companywide reorganization plan that will reduce our workforce by approximately 35% effective in early September of this year.

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