FREMONT, Calif.—July 26, 2005—Abgenix, Inc. (Nasdaq: ABGX) today reported financial results for the second quarter ended June 30, 2005. In light of the special charges resulting from the completion of a strategic review and restructuring during the second quarter, the company is presenting financial results under generally accepted accounting principles (GAAP) and non-GAAP for the period. A reconciliation of the GAAP and non-GAAP financial results is set forth at the end of this press release.

Financial Results

The company reported a net loss on a GAAP basis of $84.1 million, or $0.94 per share, for the second quarter of 2005, compared to $60.6 million, or $0.68 per share, for the same period in 2004. The financial results for the second quarter of 2005 include restructuring charges of $14.7 million and a charge for impairment of intangible assets of $25.0 million. For the second quarter of 2004, financial results included a charge for impairment of intangible assets of $17.2 million. Excluding charges for restructuring and impairments, the loss on a non-GAAP basis for the second quarter of 2005 was $44.4 million, or $0.49 per share, compared to $43.4 million, or $0.49 per share, for the same period in 2004.

Net cash used in operating activities in the second quarter of 2005 was $24.3 million, compared to $37.3 million in the same quarter of 2004. Cash, cash equivalents and marketable securities totaled approximately $378.0 million as of June 30, 2005.

“During the second quarter, we concluded our strategic review of programs and resources and now we are executing on the resulting strategy,” said Bill Ringo, president and chief executive officer of Abgenix. “Considerable progress has

The following information was filed by Abgenix Inc on Tuesday, July 26, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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CIK: 1052837
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-05-037807
Submitted to the SEC: Tue Aug 09 2005 2:58:51 PM EST
Accepted by the SEC: Tue Aug 09 2005
Period: Thursday, June 30, 2005
Industry: Biological Products No Disgnostic Substances