Amylin Pharmaceuticals Inc.'s (AMLN) first-quarter loss narrowed
as cost-cutting measures helped offset the effect of declining
revenue, but results missed Wall Street estimates.
Amylin, which sells the diabetes drug Byetta with Eli Lilly
& Co. (LLY), hasn't reported a profit since it went public in
1992. The biopharmaceutical company's success likely hinges on a
long-acting version of the drug called Bydureon, which last week
obtained a key European committee recommendation that should lead
to regulatory approval there.
The injectable drug still faces headwinds in the U.S., where the
Food and Drug Administration declined to approve Bydureon twice
last year by asking for more clinical data. The drug partners plan
to resubmit the application some time in the second half.
Amylin reported a first-quarter loss of $37.3 million, or 26
cents a share, compared with a prior-year loss of $38.2 million, or
27 cents a share. Excluding restructuring costs, stock-based
compensation and other items, the operating loss narrowed to $3.2
million from $3.8 million. Revenue declined 12% to $152.7 million.
Analysts were expecting a 23-cent loss on $157 million in
revenue.
Gross margin edged up to 19% from 18.9% as the cost of goods
sold dropped 39%.
Shares closed Friday at $13.09 and were inactive premarket. The
stock has fallen 40% over the past 12 months.
-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com