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ViroPharma Incorporated Reports Fourth Quarter and Full Year 2008 Financial Results
Date:2/24/2009

d increased personal and personal related costs for our technical operations. For the year ended December 31, 2008, increased expenses resulted from investments in our development programs, increased medical education activities and increased marketing activities.

Our effective income tax rate was a benefit of 76.3 percent and an expense of 18.0 percent for the quarters ended December 31, 2008 and 2007, respectively and an expense of 22.4 percent and 29.7 percent for the year ended December 31, 2008 and 2007, respectively. Our income tax expense includes federal, state and foreign income taxes at statutory rates and the effects of various permanent differences. The decrease in the 2008 rate as compared to 2007 is primarily due to the impact of the orphan drug credit for maribavir and the decreased level of income before taxes.

Working Capital Highlights

As of December 31, 2008, ViroPharma's working capital was approximately $305.4 million, which represents a $289.0 million decrease from December 31, 2007, caused by a $366.4 million decrease in the fourth quarter of 2008 mainly related to the acquisition of Lev ($380.2 million), offset slightly by operating cash flows. Cash flow from operating activities for the three months and year ended December 31, 2008 was $0.6 million and $91.4 million, respectively.

Business Development Highlights

In October 2008, we completed our acquisition of Lev. Lev was a biopharmaceutical company focused on developing and commercializing therapeutic products for the treatment of inflammatory diseases. The terms of the merger agreement provided for the conversion of each share of Lev common stock into upfront consideration in the aggregate amount of $442.9 million, or $2.75 per Lev share, comprised of $2.25 per share in cash and $0.50 per share in ViroPharma common stock, and contingent consideration (CVRs) of up
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SOURCE ViroPharma, Inc.
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