OSI Pharmaceuticals second-quarter total revenues up 194% at $102 million

By Lisa Kerner

Charlotte, N.C., Aug. 7 - OSI Pharmaceuticals, Inc. reported total revenues for the second quarter ended June 30 of $102 million, an increase of $67.3 million or 194% from revenues of $34.6 million for the same period last year.

The company had a net loss of $319.9 million, or $5.62 per share, for the quarter, compared with a net loss of $24.5 million, or $0.48 per share, for the comparable prior-year period.

On an adjusted basis, OSI had a net loss of $10.1 million, or $0.18 per share, for the second-quarter 2006, better than the net loss of $19.6 million, or $0.38 per share, reported for the year-ago period.

Total revenues for the six-month period ended June 30 increased $164.7 million, or 307%, to $218.4 million from revenues of $53.7 million for the same period last year.

OSI reported a net loss of $337.7 million for the first half of 2006, down from the net loss of $57,042 reported for the first half of 2005.

On an adjusted basis, the company reported a net loss of $7.2 million, or $0.13 per share, for the six-month period, compared with a net loss of $50.3 million, or $0.98 per share, for the comparable prior-year period.

OSI develops pharmaceutical products for the treatment of cancer, eye diseases and diabetes.

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