OSI Pharmaceuticals says revenue jumps to $174.2 million in 2005

By Angela McDaniels

Seattle, March 7 - OSI Pharmaceuticals Inc. said its total revenues for 2005 jumped to $174.2 million from $43.8 million for 2004.

Meanwhile, the company's net loss decreased to $157.1 million, or $3.02 per share, for the year ended Dec. 31 from $268.6 million, or $6.36 per share, for the year ended Dec. 31, 2004, according to a company news release.

The 2005 results include the operations of Eyetech Pharmaceuticals Inc., which OSI Pharmaceuticals acquired on Nov. 14 for $690 million in cash and 5.7 million shares of OSI stock. Adjusted for the acquisition, OSI Pharmaceuticals' net loss decreased to $77.1 million, or $1.48 per share, for 2005 from $188 million, or $4.45 per share, for 2004.

The company attributed the revenue increase primarily to new revenue streams in 2005 including $84.7 million from the company's co-promotion arrangement with Genentech Inc. for Tarceva; $34.2 million in royalty revenues from Roche, the company's international partner for Tarceva; $31.5 million in sales of Eyetech's Macugen; $14.2 million in license revenue related to upfront fees and milestone payments for the company's DPIV patent portfolio and $4.1 million of collaborative program revenues from Pfizer for its share of development costs for Macugen.

OSI Pharmaceuticals is based in Melville, N.Y., and discovers, develops and commercializes pharmaceutical products for the treatment of cancer, eye diseases and diabetes.

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