Amylin Posts Smaller 4Q Loss as Charges Decrease
From Associated Press (January 27, 2010)
SAN DIEGO--Diabetes drug maker Amylin Pharmaceuticals Inc. said its
fourth-quarter loss narrowed Wednesday, as sales of its drugs held
steady and restructuring costs were sharply lower.
Amylin said it lost $50.3 million, or 35 cents per share, compared
with a loss of $105.2 million, or 76 cents per share, a year ago.
It said it spent $5.6 million on restructuring in the most recent
quarter, down from $54.9 million in 2008. Thomson Reuters says
analysts were expecting a loss of 30 cents per share on
average.
Amylin said revenue slipped to $185.5 million from $186 million.
Sales of Byetta edged higher and Symlin revenue slipped, but a
change in accounting cut its revenue by $27.7 million. The company
said it no longer counts reimbursement from its partners as
revenue, and instead considers it a reduction in spending.
Analysts were expecting $219.4 million in revenue.
Sales of Byetta rose to $163.7 million from $162.7 million, the
company said. Byetta gained a new marketing approval during the
quarter, as the Food and Drug Administration allowed Amylin to
market it as a stand-alone treatment for diabetes. Previously
Amylin could only sell Byetta for use by patients who were taking
other diabetes drugs but were not getting sufficient blood sugar
control.
Symlin revenue slipped to $20.6 million from $22.2 million.
Byetta is marketed by Amylin and Eli Lilly & Co. The companies
are also seeking FDA approval for a longer-lasting version of the
drug which would be injected once a week instead of twice per
day.
For the year, the company lost $186.3 million, or $1.32 per share,
down from to $321.9 million, or $2.35 per share, in 2008. Revenue
fell 1 percent, to $758.4 million from $769.6 million. The
accounting change reduced its revenue by $69.1 million.
In aftermarket trading, Amylin shares fell 25 cents to $18.52.
Posted: January 2010
