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OSI net losses decrease in fiscal 2005

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MELVILLE, N.Y. — OSI Pharmaceuticals decreased its losses in 2005, to $157.1 million, down from the net loss of $268.6 million the company reported during 2004, according to a press release.

Total revenues for the year increased to $174.2 million, a 298% increase from 2004. The company attributes the massive increase to its purchase of Eyetech and subsequent sales of age-related macular degeneration drug Macugen (pegaptanib). Sales of Macugen were $185 million for the year; OSI co-markets the drug with Pfizer in the United States.

OSI purchased Eyetech Pharmaceuticals for about $690 million in cash and about 5.7 million shares in November 2005.