<PAGE>


________________________________________________________________________________


________________________________________________________________________________


                      SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C.   20549
                            ______________________

                                  FORM 10-Q

     ( X )      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                SECURITIES EXCHANGE ACT OF 1934 

                FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1999.

     (    )     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                SECURITIES EXCHANGE ACT OF 1934

           FOR THE TRANSITION PERIOD FROM __________ TO __________
                       COMMISSION FILE NUMBER: 0-21643
                        ______________________________

                            CV THERAPEUTICS, INC.
            (Exact name of Registrant as specified in its charter)

             DELAWARE                            43-1570294
     (State of Incorporation)       (I.R.S. Employer Identification No.)

               3172 PORTER DRIVE, PALO ALTO, CALIFORNIA  94304
         (Address of principal executive offices, including zip code)

      Registrant's telephone number, including area code: (650) 812-0585

   Indicate by check whether the Registrant (1) has filed all reports to be
filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.  Yes   X     No        

   The number of shares of Common Stock, $0.001 par value, outstanding as of
April 30, 1999 was 11,248,255.


________________________________________________________________________________


________________________________________________________________________________

<PAGE>

                        PART I.  FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

                                         CV THERAPEUTICS, INC.
                                      CONSOLIDATED BALANCE SHEETS
                          (in thousands, except share and per share amounts)
                                              (unaudited)
<TABLE>
<CAPTION>
                                                                              March 31,     December 31,
                                                                                 1999            1998
                                                                              ---------       ---------
                                                                              (unaudited)        (1)
<S>                                                                          <C>             <C>
                                               ASSETS
Current assets:
  Cash and cash equivalents                                                   $  7,068        $ 11,954
  Marketable securities                                                         32,358          32,850
  Other current assets                                                           1,048           1,236
                                                                              ---------       ---------
Total current assets                                                            40,474          46,040
Notes receivable from related parties                                              450             450
Property and equipment, net                                                      2,767           2,664
Intangible and other assets                                                        144             176
                                                                              ---------       ---------

Total Assets                                                                  $ 43,835        $ 49,330
                                                                              =========       =========

                                LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Accounts payable                                                            $  1,030        $  1,001
  Accrued liabilities                                                            2,581           2,761
  Current portion of long-term debt                                              1,000           1,500
  Current portion of capital lease obligation                                       82              80
                                                                              ---------       ---------
Total current liabilities                                                        4,693           5,342
Long-term debt                                                                   7,500           7,500
Capital lease obligation                                                           316             338
Deferred revenue                                                                 1,000           1,000
Other liabilities                                                                  369             412
                                                                              ---------       ---------
Total liabilities                                                               13,878          14,592
Commitments
Stockholders' equity:
  Preferred stock, $0.001 par value, 5,000,000 shares authorized, none
       issued and outstanding                                                        -               -
  Common stock, $0.001 par value, 30,000,000 shares authorized, 11,246,044
       and 11,209,078 shares issued and outstanding at March 31, 1999 and
       December 31, 1998, respectively; at amounts paid in                     104,316         104,211
  Warrants to purchase common stock                                              1,225           1,225
  Notes receivable issued for stock                                                (87)           (108)
  Deferred compensation                                                           (876)         (1,049)
  Accumulated deficit                                                          (74,606)        (69,553)
  Cumulative other comprehensive income                                            (15)             12
                                                                              ---------       ---------
Total stockholders' equity                                                      29,957          34,738
                                                                              ---------       ---------

Total Liabilities and Stockholders' Equity                                    $ 43,835        $ 49,330
                                                                              =========       =========

</TABLE>

(1) Derived from the audited financial statements included in the Company's
    Annual Report on Form 10-K for 1998


                                       See accompanying notes


<PAGE>

                                         CV THERAPEUTICS, INC.
                                 CONSOLIDATED STATEMENTS OF OPERATIONS
                               (in thousands, except per share amounts)
                                              (unaudited)
<TABLE>
<CAPTION>
                                                                Three months ended March 31,
                                                                 -------------------------
                                                                    1999            1998
                                                                 ---------       ---------
<S>                                                             <C>             <C>
Revenues:
  Collaborative research                                         $      -        $  4,183
Operating expenses:
  Research and development                                          4,199           3,336
  General and administrative                                        1,184           1,008
                                                                 ---------       ---------
Total operating expenses                                            5,383           4,344
                                                                 ---------       ---------
Loss from operations                                               (5,383)           (161)
Interest income                                                       575             717
Interest and other expense                                           (245)           (611)
                                                                 ---------       ---------
Net loss                                                         $ (5,053)       $    (55)
                                                                 =========       =========
Basic and diluted net loss per share                             $  (0.45)       $  (0.01)
                                                                 =========       =========
Shares used in computing basic and diluted
  net loss per share                                               11,232          10,221
                                                                 =========       =========

</TABLE>
                                        See accompanying notes


<PAGE>

                                            CV THERAPEUTICS, INC.
                                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                                               (in thousands)
                                                 (unaudited)
<TABLE>
<CAPTION>
                                                                       Three months ended March 31,
                                                                        -------------------------
                                                                           1999            1998
                                                                        ---------       ---------
<S>                                                                     <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                                                $ (5,053)       $    (55)
Adjustments to reconcile net loss to net cash used in
  operating activities:
  Amortization of deferred compensation                                      170             163
  Depreciation and amortization                                              382             257
  Change in assets and liabilities:
    Other current assets                                                     188            (128)
    Intangible and other assets                                               32             347
    Accounts payable                                                          29            (278)
    Accrued and other liabilities                                           (223)             38
    Deferred revenue                                                           -          (4,108)
                                                                        ---------       ---------
Net cash used in operating activities                                     (4,475)         (3,764)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investments                                                  (5,643)        (13,860)
Maturities of investments                                                  6,000           6,000
Capital expenditures                                                        (377)           (107)
Notes receivable from officers and employees                                  21               -
                                                                        ---------       ---------
Net cash used in investing activities                                          1          (7,967)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on capital lease obligations                                        (20)         (1,232)
Repayments of long-term debt                                                (500)              -
Net proceeds from issuance of common stock, net of repurchases               108          19,717
                                                                        ---------       ---------
Net cash provided by financing activities                                   (412)         18,485
                                                                        ---------       ---------
Net increase (decrease) in cash and cash equivalents                      (4,886)          6,754
Cash and cash equivalents at beginning of period                          11,954           6,286
                                                                        ---------       ---------
Cash and cash equivalents at end of period                              $  7,068        $ 13,040
                                                                        =========       =========

</TABLE>
                                            See accompanying notes

<PAGE>

                            CV THERAPEUTICS, INC.
                 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

1.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

   Basis of Presentation

   The accompanying consolidated financial statements of CV Therapeutics,
Inc. have been prepared in accordance with generally accepted accounting
principles, are unaudited and reflect all adjustments (consisting solely of
normal recurring adjustments) which are, in the opinion of management,
necessary to present fairly the financial position at, and the results of
operations for, the interim periods presented.  The results of operations
for the three-month period ended March 31, 1999 are not necessarily
indicative of the results to be expected for the entire year ending December
31, 1999 or future operating results.  The financial information included
herein should be read in conjunction with the Company's Annual Report on
Form 10-K which includes the audited consolidated financial statements and
the notes thereto for the year ended December 31, 1998.

   Revenue Recognition 

   Revenue under the Company's collaborative research arrangements is
recognized based on the performance requirements of the contract. Payments
received, which are still subject to future performance requirements, are
recorded as deferred revenue until earned.

   Net Loss Per Share

   Net loss per share is computed using the weighted average number of
common shares outstanding.  Common equivalent shares have been excluded from
the computation as their effect is antidilutive.

2.       COMPREHENSIVE LOSS

   The components of comprehensive loss for the three months ended March 31,
1999 and 1998 are as follows:

        <TABLE>
        <CAPTION>
                                                                1999            1998
                                                             ---------       ---------
        <S>                                                 <C>             <C>
        (in thousands)
        Net loss                                             $ (5,053)       $    (55)
        Unrealized losses on marketable securities                (27)            (26)
                                                             ---------       ---------
        Comprehensive loss                                   $ (5,080)       $    (81)
                                                             =========       =========

        </TABLE>


<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

   This Management's Discussion and Analysis of Financial Condition and
Results of Operations and other parts of this Quarterly Report on Form 10-Q
contain forward-looking statements which involve risks and uncertainties.
The Company's actual results may differ materially from the results
discussed in the forward-looking statements. Factors that might cause such a
difference include, but are not limited to, those listed below and those
listed in "Risk Factors" in the Company's Annual Report on Form 10-K for the
year ended December 31, 1998.

OVERVIEW

   CVT is an early stage biopharmaceutical company focused on the
application of molecular cardiology to the discovery, development and
commercialization of novel small molecule drugs for the treatment of
cardiovascular disease. Since its inception in December 1990, substantially
all of the Company's resources have been dedicated to research and
development. To date, CVT has not generated any product revenue and does not
expect to generate any such revenues for at least several years. As of March
31, 1999, the Company had an accumulated deficit of $74.6 million. The
Company expects its sources of revenue, if any, for the next several years
to consist of payments under corporate partnerships and interest income. The
process of developing the Company's products will require significant
additional research and development, preclinical testing and clinical
trials, as well as regulatory approval. These activities, together with the
Company's general and administrative expenses, are expected to result in
operating losses for the foreseeable future. The Company will not receive
product revenue unless it or its collaborative partners complete clinical
trials and successfully commercialize one or more of its products.

   CVT is subject to risks common to biopharmaceutical companies, including
risks inherent in its research and development efforts and clinical trials,
reliance on collaborative partners, enforcement of patent and proprietary
rights, the need for future capital, potential competition and uncertainty
of regulatory approval. In order for a product to be commercialized, it will
be necessary for CVT and, in some cases, its collaborators, to conduct
preclinical tests and clinical trials, demonstrate efficacy and safety of
the Company's product candidates, obtain regulatory clearances and enter
into manufacturing, distribution and marketing arrangements, as well as
obtain market acceptance. There can be no assurance that the Company will
generate revenues or achieve and sustain profitability in the future.

RESULTS OF OPERATIONS

   Collaborative Research Revenues.  There were no collaborative research
revenues for the quarter ended March 31, 1999, compared to $4.2 million for
the quarter ended March 31, 1998. The collaborative research revenue for the
quarter ended March 31, 1998 was the result of the Company's completion of
the research component of its collaboration with Biogen during the first
quarter of 1998.

   Research and Development Expenses.  The Company's research and
development expenses increased to $4.2 million for the quarter ended March
31, 1999, compared to $3.3 million for the quarter ended March 31, 1998. The
increase for the quarter ended March 31, 1999, compared to the same period
in 1998, was primarily due to hiring additional employees to provide support
for an increased level of activity in the research, development and clinical
programs. The Company expects research and development expenses to continue
to increase over the next several years as the Company further expands
product development efforts and clinical trials.

   General and Administrative Expenses.  General and administrative expenses
were $1.2 million for the quarter ended March 31, 1999, compared to $1.0
million for the quarter ended March 31, 1998. The increase for the quarter
ended March 31, 1999, compared to the same period in 1998, was primarily due
to an increase in outside legal expenses for a variety of administrative and
corporate issues. The Company expects general and administrative expenses to
increase in the future in line with the Company's research and development 
activities.

   Interest Income/Interest and Other Expense.  Interest income was $575,000
for the quarter ended March 31, 1999, compared to $717,000 for the quarter
ended March 31, 1998. The decrease for the quarter ended March 31, 1999,
compared to the same period in 1998, was due to lower average investment
balances. Interest and other expense was $245,000 for the quarter ended
March 31, 1999 compared to $611,000 for the quarter ended March 31, 1998.


<PAGE>

The decrease for the quarter ended March 31, 1999, compared to the same
period in 1998, was due to a charge of $371,000 recognized during the first
quarter of 1998 related to the early retirement of a capital lease
obligation. The Company expects that interest income/interest and other
expense will fluctuate with average investment and loan balances.

LIQUIDITY AND CAPITAL RESOURCES

   The Company has financed its operations since inception primarily through
private placements of preferred and common stock, public offerings of common
stock, equipment and leasehold improvement financing, other debt financing
and payments under corporate collaborations. In November 1996, the Company
completed an initial public offering and raised net proceeds of
approximately $12.0 million. In March 1997, the Company entered into two
research collaboration and license agreements with Biogen that together
resulted in cash receipts of $16.0 million. In October 1997, the Company
raised net proceeds of $12.3 million in a private placement of equity
securities with BB Biotech. In January 1998, the Company completed a
follow-on public offering and raised net proceeds of approximately $19.6
million. In September 1998, the Company arranged equipment financing in the
amount of $443,000 resulting in the establishment of a new capital lease. As
of March 31, 1999 the outstanding balance for this capital lease was
$398,000. In December 1998, the Company drew down an additional $4.5 million
under a general purpose loan facility with Biogen. As of March 31, 1999 the
outstanding balance for this note was $7,500,000. Interest on this note is
at prime plus one percent (1%) (8.75% at March 31, 1999) payable annually,
in arrears, each March 10th.

   Cash, cash equivalents and marketable securities at March 31, 1999
totaled $39.4 million compared to $44.8 million at December 31, 1998. The
decrease in the first three months of 1999 was due to the funding of ongoing 
operations.

   Net cash used in operations for the quarter ended March 31, 1999 was $4.5
million compared to $3.8 million for the quarter ended March 31, 1998. The
increase in cash used in operations for the first three months of 1999,
compared to the first three months of 1998, was due to increased research
and development efforts.

   As of March 31, 1999, the Company has invested $7.7 million in property
and equipment with the rate of investment having increased last year in line
with increased research and development efforts. This trend should continue
for the foreseeable future.

   The Company will require substantial additional funding in order to
complete its research and development activities and commercialize any
potential products.  The Company currently estimates that its existing
resources and projected interest income will enable the Company to maintain
its current and planned operations through the first half of 2000. However,
there can be no assurance that the Company will not require additional
funding prior to such time or that additional financing will be available on
acceptable terms or at all.

   The Company's forecast of the period of time through which its financial
resources will be adequate to support its operations is a forward-looking
statement that involves risks and uncertainties, and actual results could
vary as a result of a number of factors. The Company's future capital
requirements will depend on many factors, including scientific progress in
its research and development programs, the size and complexity of such
programs, the scope and results of preclinical studies and clinical trials,
the ability of the Company to establish and maintain corporate partnerships,
the time and costs involved in obtaining regulatory approvals, the costs
involved in filing, prosecuting and enforcing patent claims, competing
technological and market developments, the  cost of manufacturing
preclinical and clinical material and other factors not within the Company's
control. There can be no assurance that such additional financing to meet
the Company's capital requirements will be available on acceptable terms or
at all. Insufficient funds may require the Company to delay, scale back or
eliminate some or all of its research or development programs, to lose
rights under existing licenses or to relinquish greater or all rights to
product candidates at an earlier stage of development or on less favorable
terms than the Company would otherwise choose or may adversely affect the
Company's ability to operate as a going concern. If additional funds are
raised by issuing equity securities, substantial dilution to existing
stockholders may result.

<PAGE>

YEAR 2000

   Many computer systems, applications, information technologies and
equipment containing computer related components (generally "computer
systems and equipment") are unable to differentiate between the year 2000
and the year 1900 because they were programmed with two-digit, rather than
four-digit, date fields. Accordingly, older computer systems that have
time-sensitive applications may not properly recognize the year 2000 and
beyond ("Year 2000 issue"). This could cause system or equipment shut downs,
failures or miscalculations resulting in inaccuracies in computer output or
disruptions of operations, including, among other things, inaccurate
processing of financial information and/or temporary inabilities to process
transactions, manufacture products, or engage in similar normal business 
activities.

   The Company has formed a committee to assess the impact of the problem on
the Company's operations; however, the committee's assessment of the Year
2000 issue is not yet complete. The Company has tested its key computer
systems and equipment (including financial, informational and operational
systems) and determined that these systems are largely Year 2000 compliant.
The Company expects to complete upgrades to its systems which are not Year
2000 compliant by the end of 1999. The Company believes that with these
upgrades, the Year 2000 issue will not pose significant operational problems
for its computer systems and equipment. However, if such upgrades are not
made or are not completed in a timely fashion, the Year 2000 issue might
have an adverse impact on the operations of the Company, the precise degree
of which cannot be known at this time. The Company currently has no
contingency plans to deal with major Year 2000 failures.

   In addition to risks associated with the Company's own computer systems
and equipment, the Company has relationships with, and is to varying degrees
dependent upon, a large number of third parties that provide information,
goods and services to the Company. These include financial institutions,
suppliers, vendors, research partners and governmental entities. If
significant numbers of these third parties experience failures in their
computer systems, or equipment due to the Year 2000 issue, these failures
could affect the Company's ability to process transactions, manufacture
products, or engage in similar normal business activities. While some of
these risks are outside of the Company's control, the Company has instituted
programs, including internal records review and use of external
questionnaires, to identify key third parties, assess their level of Year
2000 compliance, update contracts and address any non-compliance issues.

   The total cost of the Year 2000 systems assessment and upgrades is funded
through operating cash flows and the Company is expensing these costs. The
Company has created a mechanism to trace certain of the costs related to the
Year 2000 issue and budgeted funds to address the issues of assessment
conversion. The financial impact of making the required systems changes
cannot be known precisely at this time, but it is currently expected to be
less than $100,000. The actual financial impact could, however, exceed this
estimate. These costs are not expected to be material to the Company's
financial position, results of operations or cash flows.

ADDITIONAL FACTORS THAT MAY AFFECT FUTURE RESULTS

   The Company's business, financial condition and results of operations are
subject to various risks, including those described below and elsewhere in
this Quarterly Report on Form 10-Q.

   The Company is an early stage company and must be evaluated in light of
the uncertainties and complications present in an early stage
biopharmaceutical company.  All of the Company's products are at an early
stage of development, and the Company has not generated any product revenue.
 In addition, the Company has only three products in clinical development,
ranolazine (phase III), CVT-124 (phase II) and CVT-510 (phase I).  There can
be no assurance that clinical trials conducted by the Company or its
collaborators will demonstrate sufficient safety and efficacy to obtain the
requisite approvals or that marketable products will result.  In addition,
the rate of completion of clinical trials may be delayed by many factors. 
The Company's product candidates will require significant additional
development, preclinical studies, clinical trials and regulatory approval
prior to commercialization.  These activities may take several years and
require the expenditure of substantial resources.  In addition, these
activities, together with the Company's general and administrative expense,
are expected to result in operation losses for the foreseeable future.

<PAGE>

   The Company's strategy for the research, development and
commercialization of its product candidates has required, and will continue
to require, the Company to enter into various arrangements with corporate
and academic collaborators, licensors, licensees and others, and the Company
is dependent upon the success of these parties in performing their
responsibilities.  There can be no assurance that the Company will be able
to enter into additional collaborative arrangements or license agreements on
acceptable terms, or at all, or that the contemplated benefits from any of
these agreements will be realized.

   The Company's business is affected by other factors, including:
uncertainty of market acceptance, intense competition and rapid
technological change, uncertainty of patent position and proprietary rights,
dependence on key personnel and the need to attract and retain key employees
and consultants, limited manufacturing, marketing and sales experience,
significant government regulation, uncertainty of product pricing and
reimbursement, product liability exposure and the availability of insurance.

<PAGE>

                         PART II.  OTHER INFORMATION
                                       
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS 

   On January 4, 1998 the Company filed a registration statement with the
Securities and Exchange Commission for a follow-on public offering. The
follow-on public offering closed on January 27, 1998 and the Company
received net proceeds of approximately $19,624,000. As of March 31, 1999,
the Company has used all of the net proceeds from the follow-on public
offering for temporary investments, including cash equivalents and
marketable securities.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

   (a)   Exhibits required by Item 601 of Regulation S-K

    EXHIBIT NUMBER                            DESCRIPTION

             10.57                  Executive Severance Benefits Agreement
                                    between Registrant and Louis G. Lange,
                                    M.D., Ph.D., dated February 2, 1999.

             10.58                  Executive Severance Benefits Agreement
                                    between Registrant and Daniel K.
                                    Spiegelman, dated February 2, 1999.

             10.59                  Executive Severance Benefits Agreement
                                    between Registrant and Andrew A. Wolff,
                                    M.D., dated February 2, 1999.

             10.60                  Executive Severance Benefits Agreement
                                    between Registrant and Cynthia L. Clark,
                                    Esq., dated February 2, 1999.

             10.61                  Executive Severance Benefits Agreement
                                    between Registrant and Brent K.
                                    Blackburn, Ph.D., dated February 2, 1999.

             10.62                  Executive Severance Benefits Agreement
                                    between Registrant and Richard M. Lawn,
                                    Ph.D., dated February 2, 1999.

             10.63                  Executive Severance Benefits Agreement
                                    between Registrant and Luiz

                                    Belardinelli, M.D., dated February 2, 1999.

             10.64                  Executive Severance Benefits Agreement
                                    between Registrant and Stephen J. Grana,
                                    dated February 2, 1999.

             27.1                   Financial Data Schedule

   (b)   Reports on Form 8-K

         The Company filed a current report on Form 8-K with the Commission
         on February 5, 1999, with respect to the adoption of a Rights Plan.

<PAGE>

                                  SIGNATURES

   Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf, by the undersigned, thereunto duly authorized.

                                              CV THERAPEUTICS, INC.

Date: May 12, 1999               By: /s/ LOUIS G.LANGE, M.D., PH.D.
                                        Louis G. Lange, M.D., Ph.D.
                                 Chairman of the Board & Chief Executive Officer
                                       (Principal Executive Officer)
                                              

Date: May 12, 1999               By:      /s/ DANIEL K. SPIEGELMAN
                                              Daniel K. Spiegelman
                                             Chief Financial Officer
                                    (Principal Financial and Accounting Officer)