Item 2.02. Results of Operations and Financial Condition
CV Therapeutics, Inc. ("CV Therapeutics" or the "Company") retired over $100 million in outstanding convertible debt in the fiscal year ended December 31, 2008, through debt repurchases and exchanges. CV Therapeutics currently expects to record over $100 million of net product revenues for 2008 from sales of Ranexa(R) (ranolazine extended-release tablets). CV Therapeutics currently expects to record over $200 million of total revenues for 2009, including but not limited to net product revenues from sales of Ranexa(R) (ranolazine extended-release tablets). CV Therapeutics currently expects total costs and expenses, not including cost of sales, to be approximately $220 million for 2008, which is consistent with the Company's previously disclosed guidance. CV Therapeutics currently expects total costs and expenses, not including cost of sales, to be approximately $35 million to $45 million higher for 2009, compared to the prior fiscal year, which is consistent with the Company's previously disclosed guidance. Product and collaboration revenues, which are not reflected in this operating expense figure, will offset a portion of operating expenses. Net of product and collaboration revenues, CV Therapeutics currently expects to achieve a net loss of less than $75 million for 2009, not including the financial statement impact of further debt retirements, if any. |
