Amylin Pharmaceuticals Reports First Quarter Financial Results
May 04 2005 - 8:30AM
PR Newswire (US)
Amylin Pharmaceuticals Reports First Quarter Financial Results
Company Launching Two First-in-Class Diabetes Medicines in Second
Quarter SAN DIEGO, May 4 /PRNewswire-FirstCall/ -- Amylin
Pharmaceuticals, Inc. (NASDAQ:AMLN) today reported a net loss of
$43.6 million, or $0.43 per share, for the first quarter ended
March 31, 2005, compared to a net loss of $37.3 million, or $0.40
per share, for the same period in 2004. At March 31, 2005, the
Company held cash, cash equivalents and short-term investments of
approximately $440 million. The Company's operating activities used
approximately $45.0 million of cash in the first quarter of 2005,
compared to $49.4 million in the same period in 2004. "With the
recent approvals of two first-in-class diabetes medicines, SYMLIN
and BYETTA, the remainder of 2005 is set up to be a year of
transformation for Amylin Pharmaceuticals," said Ginger L. Graham,
President and Chief Executive Officer, Amylin Pharmaceuticals, Inc.
"Commercial activities are well underway for both products. SYMLIN
is commercially available, and BYETTA will be available to
pharmacies by June 1." The Company reported revenues under
collaborative agreements of $4.3 million for the quarter ended
March 31, 2005 compared to $6.7 million for the same period in
2004. Revenue in the current quarter consists primarily of amounts
earned under the collaboration with Eli Lilly and Company on
BYETTA(TM) (exenatide) injection including cost sharing payments
and the continued amortization of up-front payments. The decrease
in the current period principally reflects lower expense sharing
payments resulting from a reduction in BYETTA development expenses
in the current quarter as compared to 2004. Research and
development expenses were $27.5 million for the quarter ended March
31, 2005, level with the comparable period in 2004. Research and
development activities in the current period reflect increased
expenditures for the Company's Phase 2 programs in obesity,
diabetes and cardiovascular disease offset by reductions in
development expenses for BYETTA and SYMLIN, as compared to the same
period in 2004. Selling, general and administrative expenses for
the quarter ended March 31, 2005 were $20.1 million, compared to
$16.1 million in the same period in 2004. The increase reflects
increased pre-launch costs for both medicines and continued
investments in business infrastructure to support two product
launches. Conference Call Amylin will webcast its Quarterly Update
Conference Call today at 12:00 p.m. Eastern/9:00 a.m. Pacific. The
Company will provide supporting details underlying its first
quarter 2005 operating results and information regarding key trends
and assumptions for operations for the remainder of fiscal 2005.
The call will be webcast live through Amylin's corporate website
and a recording will be made available following the close of the
call. For those without access to the Internet, the live call may
be accessed by phone by calling (888) 396-2298 (domestic) or (617)
847-8708 (international), passcode 24262146. A replay of the
Quarterly Update Conference Call will also be available by phone
for 24 hours beginning approximately one hour after the close of
the call and can be accessed at (888) 286-8010 (domestic) or (617)
801-6888 (international), passcode 40550012. About Amylin Amylin
Pharmaceuticals is a biopharmaceutical company committed to
improving lives through the discovery, development and
commercialization of innovative medicines. This press release
contains forward-looking statements about Amylin, which involve
risks and uncertainties. The Company's actual results could differ
materially from those discussed herein due to a number of risks and
uncertainties, including that BYETTA and/or SYMLIN may not prove to
be important new therapeutic options or may be affected by
unexpected new data or technical issues, BYETTA may not be
available to pharmacies by June 1, or that the Company may not be
able to effectively launch BYETTA and/or SYMLIN. Commercial and
government reimbursement and pricing decisions, the pace of market
acceptance and any issues related to manufacturing and supply may
also affect the potential for BYETTA and/or SYMLIN. These and
additional risks and uncertainties are described more fully in the
Company's most recently filed SEC documents, including its Annual
Report on Form 10-K for the year ending December 31, 2004. Amylin
undertakes no duty to update these forward-looking statements.
(financial information to follow) AMYLIN PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) March 31,
December 31, 2005 2004 Assets Current assets: Cash and cash
equivalents $147,145 $60,583 Short-term investments 292,726 233,173
Receivables from collaborative partners 3,582 5,770 Inventories
16,052 15,676 Other current assets 12,544 9,156 Property and
equipment, net 22,510 20,739 Other assets 12,285 12,703 Total
assets $506,844 $357,800 Liabilities and stockholders' equity
(deficit) Accounts payable, accrued expenses and other current
liabilities $34,664 $37,651 Current portion of deferred revenue
9,286 4,286 Other liabilities, net of current portion 8,672 7,290
Deferred revenue, net of current portion 14,872 20,943 Convertible
senior notes 375,000 375,000 Stockholders' equity (deficit) 64,350
(87,370) Total liabilities and stockholders' equity (deficit)
$506,844 $357,800 CONSOLIDATED STATEMENTS OF OPERATIONS (in
thousands, except per share data) Quarter Ended March 31, 2005 2004
Revenue under collaborative agreements $4,262 $6,689 Operating
expenses: Research and development 27,468 27,457 Selling, general
and administrative 20,071 16,088 Total operating expenses 47,539
43,545 Operating loss (43,277) (36,856) Interest expense, net (327)
(417) Net loss $(43,604) $(37,273) Net loss per share - basic and
diluted $(0.43) $(0.40) Shares used in computing net loss per share
- basic and diluted 101,332 93,776 CONSOLIDATED STATEMENTS OF CASH
FLOWS (in thousands) Quarter Ended March 31, 2005 2004 Operating
activities: Net loss $(43,604) $(37,273) Adjustments to reconcile
net loss to cash used for operating activities: Non-cash expenses
3,004 1,428 Working capital changes (4,432) (13,566) Net cash used
for operating activities (45,032) (49,411) Investing activities:
Purchases, sales and maturities of short-term investments, net
(59,829) 12,303 Purchases of equipment and increase in patents, net
(3,640) (1,682) Net cash provided by (used for) investing
activities (63,469) 10,621 Financing activities: Proceeds from
issuance of common stock, net 195,067 2,514 Principal payments on
notes payable and capital leases (4) (3) Net cash provided by
financing activities 195,063 2,511 Increase (decrease) in cash and
cash equivalents 86,562 (36,279) Cash and cash equivalents at
beginning of period 60,583 76,615 Cash and cash equivalents at end
of period $147,145 $40,336 DATASOURCE: Amylin Pharmaceuticals, Inc.
CONTACT: Mark G. Foletta, Vice President Finance and Chief
Financial Officer of Amylin Pharmaceuticals, Inc., +1-858-552-2200
Web site: http://www.amylin.com/
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