MELVILLE, N.Y.--(BUSINESS WIRE)--OSI Pharmaceuticals, Inc. (NASDAQ: OSIP) announced today its financial results for the year ended December 31, 2008. The Company reported net income from continuing operations of $467 million (or $7.19 per share) in 2008, which includes a $337 million (or $5.05 per share) non-cash gain recorded in the fourth quarter based primarily on the expected utilization of the Company’s net operating loss carryforwards (NOL’s). Excluding this gain, net income from continuing operations was $130 million (or $2.14 per share) for the year ended December 31, 2008, compared with $103 million (or $1.70 per share) for the same period last year. For the quarter ended December 31, 2008, net income from continuing operations was $363 million (or $5.50 per share). Excluding the non-cash gain recorded in the fourth quarter, net income from continuing operations was $27 million (or $0.44 per share) for the three months ended December 31, 2008, compared with $18 million (or $0.29 per share) for the same period last year.
