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Prepared and filed by St Ives Financial
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<p align="center"><font size="2" face="serif">UNITED STATES<br> SECURITIES AND
    EXCHANGE COMMISSION<br>
WASHINGTON, D.C. 20549</font></p>
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<p align="center"><font size="2" face="serif">FORM 8-K</font></p>
<p align="center"><font size="2" face="serif">CURRENT REPORT<br>PURSUANT TO SECTION 13 OR 15(d) OF<br>THE SECURITIES EXCHANGE ACT OF 1934</font></p>
<p align="center"><font size="2" face="serif">Date of Report (Date of earliest event reported):  October 20, 2005</font></p>
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<td align="center"><font size="2" face="serif">Savient Pharmaceuticals, Inc.</font></td>
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  <td align="center"><font size="2" face="serif">(Exact name of registrant as
    specified in charter)</font></td>
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  <td>&nbsp;</td>
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<td width="33%"><font size="2" face="serif">Delaware</font></td>
<td width="33%"><font size="2" face="serif">0-15313                </font></td>
<td width="30%"><font size="2" face="serif">13-3033811</font></td>
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<td><font size="2" face="serif">(State or other juris-<br>diction of incorporation</font></td>
<td><font size="2" face="serif">(Commission<br>File Number)</font></td>
<td><font size="2" face="serif">(IRS Employer<br>Identification No.)</font></td>
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  <td align="center">&nbsp;</td>
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<td align="center"><font size="2" face="serif">One Tower Center, 14th Floor</font><br><font size="2" face="serif">East Brunswick, New Jersey 08816</font></td>
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<td align="center"><font size="2" face="serif">(Address of principal executive offices) (Zip Code)</font></td>
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<p align="center"><font size="2" face="serif">Registrant&#8217;s telephone number, including area code:  (732) 418-9300</font></p>
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<td align="center"><font size="2" face="serif">Not applicable</font></td>
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<td align="center"><font size="2" face="serif">(Former name or former address, if changed since last report)</font></td>
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<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the obligation of the registrant under any of the following provisions:</font></p>
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<td align="left"><font size="2" face="serif">Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></td>
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  <td>&nbsp;</td>
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<td align="left"><font size="2" face="serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td>
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<td align="left"><font size="2" face="serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2{b))</font></td>
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<td width="3%"><font size="2" face="serif">&nbsp;<img src="emptybox.gif"></font></td>
<td align="left"><font size="2" face="serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></td>
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<p align="left"><font size="2" face="serif"><b>Item 4.02.</b> <b>Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.</b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As
    previously announced, in connection with the Company's announcement of its
    financial results for the quarter ended June 30, 2005, the Company determined
    that it had made an error in recording its reserve for product returns in
    the first quarter of 2005. At that time, the Company determined its reserves
    for product returns based, in part, on notifications received from customers
    advising the Company, through its third-party fulfillment center, of their
    intent to return product. The Company subsequently determined that certain
    of those reported returns were in error in that actual units of product returned
    were significantly less than the amounts originally expected to be returned.
The Company also has determined that in recording its reserves for product returns
    and inventory it had failed to properly evaluate this data and the resulting
    impact on such reserves.</font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
    October 20, 2005, as a result of the Company&#8217;s review and investigation
    of the facts and circumstances that contributed to this error, the Audit
    Committee of the Company's Board of Directors concluded, in consultation
    with and upon the recommendation of the Company's management, that investors
    should not rely upon the financial statements in the Company's Annual Reports
    on Form 10-K for the fiscal years ended December 31, 2003 and 2002. The Company's
    Audit Committee and management have discussed these matters with the Company's
    independent registered public accounting firm.</font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">The Company previously disclosed that the Audit Committee
of the Company&#146;s Board of Directors concluded, in consultation with and upon the
recommendation of the Company&#146;s management, that investors should not rely upon
the financial statements in the Company&#146;s Current Report on Form 8-K dated July
22, 2005, Quarterly Report on Form 10-Q for the three months ended March 31,
2005 and Annual Report on Form 10-K for the fiscal year ended December 31, 2004,
nor on management's assertions on internal controls in such Quarterly and Annual
Reports.</font></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">The Company is in the
process of preparing restated financial statements for the fiscal years ended December 31, 2002, 2003 and 2004, and the quarter
ended March 31, 2005, as well as its Quarterly Report on Form 10-Q for the three months ended June 30, 2005.  It will then need
to allow adequate time for its independent auditors to review such financial statements and periodic reports prior to their filing
with the Securities and Exchange Commission.</font></font></p>

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<p align="center"><font size="2" face="serif">SIGNATURE</font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
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  <td align="left"><font size="2" face="serif">Date: October 26, 2005</font></td>
  <td colspan="2" align="left"><font size="2" face="serif">SAVIENT PHARMACEUTICALS, INC.</font></td>
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  <td align="left"><font size="2" face="serif">By:</font></td>
  <td align="left"><font size="2" face="serif">/s/ Philip K. Yachmetz</font></td>
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<td align="left"><font size="2" face="serif">Philip K. Yachmetz</font><br><font size="2" face="serif">Senior Vice President &#150; Corporate</font><br><font size="2" face="serif">   Strategy, General Counsel and Secretary</font></td>
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{"company-data": {"conformed-name": "SAVIENT PHARMACEUTICALS INC", "cik": "0000722104", "assigned-sic": "2833", "irs-number": "133033811", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-15313", "film-number": "051157879"}, "business-address": {"street1": "ONE TOWER CENTER", "city": "EAST BRUNSWICK", "state": "NJ", "zip": "08816", "phone": "7324189300"}, "mail-address": {"street1": "ONE TOWER CENTER", "city": "EAST BRUNSWICK", "state": "NJ", "zip": "08816"}, "former-company": {"former-conformed-name": "BIO TECHNOLOGY GENERAL CORP", "date-changed": "19920703"}}
Prepared and filed by St Ives Financial
UNITED STATES
SECURITIES AND
    EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):  October 20, 2005
Savient Pharmaceuticals, Inc.
(Exact name of registrant as
    specified in charter)
Delaware
0-15313
13-3033811
(State or other juris-
diction of incorporation
(Commission
File Number)
(IRS Employer
Identification No.)
One Tower Center, 14th Floor
East Brunswick, New Jersey 08816
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:  (732) 418-9300
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the obligation of the registrant under any of the following provisions:
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2{b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 4.02.
Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
(a)      As
    previously announced, in connection with the Company's announcement of its
    financial results for the quarter ended June 30, 2005, the Company determined
    that it had made an error in recording its reserve for product returns in
    the first quarter of 2005. At that time, the Company determined its reserves
    for product returns based, in part, on notifications received from customers
    advising the Company, through its third-party fulfillment center, of their
    intent to return product. The Company subsequently determined that certain
    of those reported returns were in error in that actual units of product returned
    were significantly less than the amounts originally expected to be returned.
The Company also has determined that in recording its reserves for product returns
    and inventory it had failed to properly evaluate this data and the resulting
    impact on such reserves.
On
    October 20, 2005, as a result of the Company's review and investigation
    of the facts and circumstances that contributed to this error, the Audit
    Committee of the Company's Board of Directors concluded, in consultation
    with and upon the recommendation of the Company's management, that investors
    should not rely upon the financial statements in the Company's Annual Reports
    on Form 10-K for the fiscal years ended December 31, 2003 and 2002. The Company's
    Audit Committee and management have discussed these matters with the Company's
    independent registered public accounting firm.
The Company previously disclosed that the Audit Committee
of the Company's Board of Directors concluded, in consultation with and upon the
recommendation of the Company's management, that investors should not rely upon
the financial statements in the Company's Current Report on Form 8-K dated July
22, 2005, Quarterly Report on Form 10-Q for the three months ended March 31,
2005 and Annual Report on Form 10-K for the fiscal year ended December 31, 2004,
nor on management's assertions on internal controls in such Quarterly and Annual
Reports.
The Company is in the
process of preparing restated financial statements for the fiscal years ended December 31, 2002, 2003 and 2004, and the quarter
ended March 31, 2005, as well as its Quarterly Report on Form 10-Q for the three months ended June 30, 2005.  It will then need
to allow adequate time for its independent auditors to review such financial statements and periodic reports prior to their filing
with the Securities and Exchange Commission.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: October 26, 2005
SAVIENT PHARMACEUTICALS, INC.
By:
/s/ Philip K. Yachmetz
Philip K. Yachmetz
Senior Vice President – Corporate
Strategy, General Counsel and Secretary