OSI reports lower profits in 2009

OSI Pharmaceuticals Inc., MelvilleMaker of drugs for cancer

and diabetes

Net income: Profit for year ended Dec. 31 of $76 million, compared with $437 million in 2008. Profit in 2008 was affected by a fourth-quarter, $319-million noncash gain related to deferred tax assets.

Net revenue: $428

million, compared with

$379 million in 2008.

Company statement: Most revenues were from the lung and pancreatic cancer drug Tarceva, which brought in $359 million, up from $335 million in 2008. Much of that amount arose from OSI's royalties from and co-promotion arrangement with Genentech, a wholly owned member of the Roche Group. OSI also recognized restructuring costs of $4.5 million in 2009 related to its previously announced plans to consolidate U.S. operations at a single campus at a recently acquired site in Ardsley, in Westchester County.

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