Amylin Pharmaceuticals Inc.'s (AMLN) first-quarter loss narrowed
more than analysts expected as cost cutting offset lower revenues
and shrinking gross margins. Still, results fell short of analysts'
expectations.
The biophamaceutical company, which sells diabetes drug Byetta
with Eli Lilly & Co. (LLY), has been streamlining as it
combines sales operations with the partner. A long-acting version
of the drug that's considered vital to Amylin's hopes for
profitability cleared a regulatory hurdle last month when the U.S.
Food and Drug Administration didn't ask for any more clinical data
in response to its application for approval.
Amylin reported a loss of $38.2 million, or 27 cents a share,
compared with a year-earlier loss of $47 million, or 34 cents a
share. Revenue fell 3.5% to $174.1 million, including sales for
Byetta that declined 5% to $149.8 million.
Analysts were expecting a 29-cent loss on $188 million in
revenue.
Gross margin slid to 88.2% from 89.7%. Still, the company's
operating loss excluding compensation, depreciation and
amortization and amortization of deferred revenue narrowed to $3.8
million from $19.9 million.
Shares were inactive in pre-market trading after closing Friday
at $21.75. The stock is up 53% this year.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;
matthew.jarzemsky@dowjones.com