Enzon Pharmaceuticals, Inc. Reports Third Quarter 2009 Results

BRIDGEWATER, N.J.--(BUSINESS WIRE)--Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN) today announced its third quarter 2009 financial results. For the three months ended September 30, 2009, Enzon reported a net income of $0.1 million or break-even on a diluted per-share basis, as compared to a net loss of $2.0 million or $0.05 on a diluted per-share basis for the third quarter of 2008. In the third quarter of 2009, the Products segment profitability grew 55% as compared to the third quarter of 2008. This was offset by a decline in revenues and profitability in the contract manufacturing segment. The Company also experienced a reduction of general and administrative costs from the third quarter of 2008. In 2008, the Company incurred expenses in connection with considered strategic initiatives.