Product sales increased 20% over second quarter 2007 to $200 million
SAN DIEGO, July 21 /PRNewswire-FirstCall/ -- Amylin Pharmaceuticals, Inc.
(Nasdaq: AMLN) today reported financial results for the quarter ended June 30,
2008. The Company reported total revenue of $222.0 million for the second
quarter, including net product sales of $200.3 million. Net loss for the
quarter ended June 30, 2008 was $64.8 million, or $0.47 per share. At June
30, 2008, the Company held cash, cash equivalents and short-term investments
of approximately $891.0 million.
'In the second quarter we continued to make substantial progress against
our goals, with a focus on improving BYETTA and SYMLIN sales and supporting
the exenatide once weekly regulatory submission,' said Daniel M. Bradbury,
President and Chief Executive Officer of Amylin Pharmaceuticals. 'SYMLIN
sales continued to increase steadily and we implemented a number of important
changes in our sales and marketing approach for BYETTA to drive growth in
prescriptions with primary care physicians.'
Bradbury continued, 'We are encouraged by the scientific community's
strong interest in BYETTA and exenatide once weekly (investigational therapy),
as demonstrated by the many prominent discussions that centered on both
therapies at the American Diabetes Association's 2008 annual meeting. It was
apparent that not only is glucose control important in managing diabetes; but
how glucose control is achieved is being recognized as an important
consideration. A medicine such as BYETTA, which provides powerful, durable
glucose control with progressive weight loss and other potential benefits, is
uniquely poised to take advantage of the market's growing appreciation for the
benefits of our novel therapies.'
Quarter ended June 30, 2008
Net product sales of $200.3 million for the quarter ended June 30, 2008
include $177.5 million for BYETTA(R) (exenatide) injection and $22.8 million
for SYMLIN(R) (pramlintide acetate) injection. This compares to net product
sales of $167.3 million, consisting of $152.1 million for BYETTA and $15.2
million for SYMLIN for the same period in 2007.
Revenues under collaborative agreements were $21.7 million for the quarter
ended June 30, 2008, compared to $29.6 million for the same period in 2007.
Collaborative revenues for the quarter ended June 30, 2008 consist primarily
of cost sharing payments from Eli Lilly and Company, or Lilly, for development
expenses associated with exenatide once weekly and BYETTA. Collaborative
revenues for the quarter ended June 30, 2007 included $15.0 million in
milestones, earned upon Lilly's launch of BYETTA in the European Union.
Selling, general and administrative expenses were $111.1 million for the
quarter ended June 30, 2008, compared to $93.1 million for the same period in
2007. The increase reflects expenses associated with the recent expansion of
the Company's field force, increased promotional expenses for BYETTA and
SYMLIN, expenses associated with exenatide once weekly market development and
increases in business infrastructure to support the Company's growth.
Research and development expenses were $75.4 million for the quarter ended
June 30, 2008, compared to $71.7 million for the same period in 2007. The
increase primarily reflects development expenses for exenatide once weekly and
growth in the Company's research capabilities. Research and development
expenses for the quarter ended June 30, 2007 included a development milestone
associated with leptin.
