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Savient Pharmaceuticals, Inc. Corrects Method of Recognizing Revenue from Certain Product Sales and Will Amend and Restate Previously Reported Unaudited Interim Results.

Publication: Business Wire
Publication Date: 06-JAN-05 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
EAST BRUNSWICK, N.J. -- No Effect Expected on 2004 Full-Year or Previously Reported 2003 Full-Year Results

Savient Pharmaceuticals, Inc. (NASDAQ: SVNT) announced today that it has corrected the method by which it recognizes revenue for certain of its product sales. As a result of this correction, the Company expects to amend and restate previously reported unaudited interim results for the third quarter of 2004. The Company is currently examining records for shipments in prior quarters in 2003 and 2004 to determine whether restatement of any other quarterly periods is required. However, the Company does not expect that this change will have any effect on the full-year reported revenues, earnings or cash flows for 2003 and 2004 or any periods prior to 2003.

The Company has historically recognized product revenues when product was shipped and collectability was probable, net of discounts, sales incentives, sales allowances and reserves for sales returns. However, the Company has determined that its contracts with its most significant U.S.-based customers have included terms that transfer title to...

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