HGS is a commercially focused biopharmaceutical company with a broad pipeline of novel drugs that includes three promising products in late-stage development, moving toward commercialization:

• Albuferon® has completed Phase 3 development in chronic hepatitis C, and the filing of global marketing applications for Albuferon is expected in fall 2009.
• Two Phase 3 trials of BENLYSTA™ (formerly LymphoStat-B®) in systemic lupus erythematosus are nearing completion, with results expected in July and November 2009.
• HGS achieved its first product sales with the delivery of 20,000 doses of raxibacumab (ABthrax™) to the U.S. Strategic National Stockpile, and in May 2009 filed a Biologics License Application (BLA) with the FDA for raxibacumab for use in the treatment of inhalation anthrax.

Both Albuferon and BENLYSTA are partnered with world leaders in the pharmaceutical industry – Novartis for Albuferon, and GlaxoSmithKline for BENLYSTA. We are developing raxibacumab under a contract with the U.S. Government. Right behind these three late-stage products is a high-potential mid-stage pipeline led by our HGS-ETR1 TRAIL receptor 1 antibody for cancer – and including a number of products to which HGS has substantial financial rights in the GSK pipeline.

Our priority financial goal is to manage cash to take Albuferon and BENLYSTA to launch without the need to raise additional funds. We also plan to continue development of the next wave of product candidates in our pipeline, as well as the infrastructure required to complete our transformation into a commercial enterprise.

We are committed to excellence in our financial performance. Our cash position remains strong, with more than $397 million in cash and investments as of the end of the first quarter of 2009.