3Q Financial Report: Enzon

Enzon

3Q Revenues: $45.9 million (+4%)

3Q Earnings: $2.2 million (loss of $5.8 million 3Q2005)*

Comments: Sales from the products segment were flat at $25.3 million. Sales of Oncaspar were up 28% to $7.4 million and sales of Adagen were up 16% to $6.9 million. Sales of Abelcet in the U.S. and Canada were $9 million, down 19% and sales of Depocytwere down 14% to $2 million. Contract manufacturing revenues were $1.9 million for the quarter as compared to $3.4 million 3Q2005. R&D expenses were $10.6 million in the quarter, as compared to $5.3 million 3Q2005. The increase was attributable to initiation of programs in 2006.

*Amortization expense decreased by $3.1 million to $184 thousand in the quarter. The decrease is related to Abelcet intangible assets.