DOW JONES NEWSWIRES
Amylin Pharmaceuticals Inc. (AMLN) reported a narrower
first-quarter loss and reiterated that diabetes-drug Byetta remains
a key focus for the company.
Amylin, which sells the drug with Eli Lilly & Co. (LLY), has
been trying to fend off Eastbourne Capital Management and
billionaire Carl Icahn, with a combined stake of almost 22% of the
company, from taking over the board. The company has faced pressure
in recent days, with Icahn demanding Chairman Joseph Cook step down
from the board and company co-founder and former Chief Executive
Howard Greene already resigning from his board seat.
Icahn has protested the steep drop in share price that began
when news of patient deaths led the U.S. Food and Drug
Administration to start working with Amylin and Eli Lilly to add
stronger warnings about severe pancreatitis to Byetta's label.
Amylin shares have lost two-thirds of their value in the past 12
months. They were flat at $10.38 in after-hours trading.
Late Thursday, Amylin reported a net loss of $47 million, or 34
cents a share, compared with a year-earlier loss of $71.1 million,
or 52 cents a share.
The company's operating loss, excluding items, narrowed to $19.9
million from $44 million.
Revenue slid 1.8% to $193.7 million.
Analysts polled by Thomson Reuters projected a per-share loss of
35 cents on revenue of $205 million.
Net product sales rose to $179.3 million from $178.7
million.
The company also said it restructured its exenatide, or Byetta,
operations with Lilly and amended their collaboration agreement to
require one year's notice for termination without cause, up from
the previous six-month notice.
The company said a meta-analysis during the quarter showed no
increase of cardiovascular events associated with exenatide use. It
also said it continued to educate health-care providers and
patients and provided the FDA with data regarding Byetta use and
pancreatitis.
-By Shara Tibken, Dow Jones Newswires; 201-938-2168;
shara.tibken@dowjones.com