8-K

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

January 12, 2010

Date of Report (Date of earliest event reported)

OSI PHARMACEUTICALS, INC.

(Exact name of registrant as specified in its charter)

Delaware	0-15190	13-3159796
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

41 Pinelawn Road

Melville, NY  11747

(Address of principal executive offices)

(631) 962-2000

(Registrant's telephone number, including area code)

N/A

(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 filing obligation of the registrant under any of the following provisions:

¨ Written communications 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 2.02.  Results of Operations and Financial Condition

On January 12, 2010, OSI Pharmaceuticals, Inc. issued a press release announcing that it will present today, at the 28th Annual JP Morgan Healthcare Conference in San Francisco, California, worldwide net sales of Tarceva® (erlotinib) for the three and twelve months ending December 31, 2009.  A copy of this release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information in this Item 2.02 (including Exhibit 99.1) is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this report, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

Exhibit No.	Description
99.1	Press Release dated January 12, 2010.

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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:  January 12, 2010	OSI PHARMACEUTICALS, INC.
	By:	/s/ Barbara A. Wood
		Barbara A. Wood
		Senior Vice President, General Counsel and Secretary

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EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release dated January 12, 2010.

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EX-99.1

Exhibit 99.1

NEWS RELEASE

Contacts:
OSI Pharmaceuticals, Inc.	Burns McClellan, Inc. (representing OSI)
Kathy Galante (investors/media)	Justin Jackson/Kathy Nugent (media)
Señor Director	(212) 213-0006
631-962-2043
Kim Wittig (media)
Director
631-962-2135

OSI Pharmaceuticals, Inc. Announces Fourth Quarter and 2009 Full Year Tarceva Sales

at JP Morgan Healthcare Conference

-   Fourth Quarter U.S. Tarceva Sales Increased 17% on Prior Year to $137 Million –

-  Total Global Tarceva Sales for 2009 Top $1.2 Billion  -

MELVILLE, NEW YORK – January 12, 2010 – OSI Pharmaceuticals, Inc. (NASDAQ: OSIP) will present fourth quarter and year end Tarceva® (erlotinib)  sales today during the Company’s presentation at the 28th Annual JP Morgan Healthcare Conference in San Francisco, CA.  For the three months ended December 31, 2009, Tarceva U.S. net sales, as communicated to the Company by its collaborator Roche, were approximately $137 million.  U.S. sales increased approximately $20 million (or 17%) over the same period last year and were up approximately $19 million over third quarter sales of approximately $118 million.  Fourth quarter net sales outside the U.S. were approximately $196 million, also representing a 17% increase over the same period last year and an increase of approximately $13 million over third quarter sales.

Total worldwide net sales of Tarceva for 2009, were approximately $1.2 billion, representing a 7% growth in global sales compared to 2008.  Full year net sales of Tarceva in the U.S. totaled approximately $479 million with full year net sales outside of the U.S. totaling approximately $724 million.  The Company expects to present full fourth quarter and year end financial results in its year end earnings call.

About OSI Pharmaceuticals

OSI Pharmaceuticals is committed to "shaping medicine and changing lives" by discovering, developing and commercializing high-quality, novel and differentiated targeted medicines designed to extend life and improve the quality of life for patients with cancer and diabetes/obesity.

This news release contains forward-looking statements. These statements are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made.  Factors that might cause such a difference include, among others, OSI's and its collaborators' abilities to effectively market and sell Tarceva and to expand the approved indications for Tarceva, OSI’s ability to protect its intellectual property rights, safety concerns regarding Tarceva,  competition to Tarceva and OSI’s drug candidates  from other biotechnology and  pharmaceutical companies, the completion of clinical trials, the effects of FDA and other governmental regulation, including pricing controls,  OSI's ability to successfully develop and commercialize drug candidates, and other factors described in OSI Pharmaceuticals' filings with the Securities and Exchange Commission.