OSI Pharmaceuticals provides update to ODAC meeting

OSI Pharmaceuticals, Inc. (NASDAQ: OSIP) today provided an update to the preliminary revenue and adjusted earnings per share growth rate guidance provided to investors at the Company’s recent analyst R&D day meeting on December 3, 2009. The Company now believes that the 2010 overall revenue percentage growth rate will be in the mid-teens and re-affirms that adjusted earnings per share will grow at 10% or more.

“We believe it is important for us to provide investors with some preliminary quantification of the relatively limited potential financial impact of last week’s surprising ODAC meeting”

“We believe it is important for us to provide investors with some preliminary quantification of the relatively limited potential financial impact of last week’s surprising ODAC meeting,” stated Colin Goddard, Chief Executive Officer of OSI Pharmaceuticals. “Even assuming a scenario where we are unable to secure any label expansion from the ongoing sNDA application for Tarceva based on the SATURN study, we believe the business will continue to exhibit solid growth in 2010 with an overall revenue growth rate in the mid-teens (percentage wise) – broadly in-line with the ranges communicated to investors at our recent research analyst meeting in early December.”

The Company also provided investors with an update on the re-purchase of a portion of its outstanding convertible debt bonds. As of December 22, 2009, the Company had purchased $39.5 million face value of the 2023 convertible bonds for $37.6 million and $40.0 million face value of the 2038 convertible bonds for $37.4 million. The aggregate amount of the Company’s outstanding 2038 Notes, 2023 Notes and 2025 Notes at face value is now equal to $335.5 million. The Company may, from time-to-time, continue to selectively re-purchase convertible debt bonds and common stock throughout 2010.