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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


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