Amylin Pharmaceuticals Reports First Quarter Financial Results
April 16 2007 - 7:00AM
PR Newswire (US)
Net product sales increase to $162 million SAN DIEGO, April 16
/PRNewswire-FirstCall/ -- Amylin Pharmaceuticals, Inc.
(NASDAQ:AMLN) today reported financial results for the quarter
ended March 31, 2007. The Company reported total revenue of $172.0
million for the first quarter, including net product sales of
$162.0 million. Net loss for the quarter ended March 31, 2007 was
$49.4 million, or $0.38 per share. At March 31, 2007, the Company
held cash, cash equivalents and short-term investments of
approximately $634.5 million. "This has been a quarter of strong
execution in all aspects of our business," said Daniel M. Bradbury,
President and Chief Executive Officer of Amylin Pharmaceuticals.
"BYETTA and SYMLIN, our two first-in-class medicines for diabetes,
continue to grow in an expanding market. Exenatide LAR and our
other pipeline programs are on track, positioning us well for
future sustainable growth." Net product sales of $162.0 million for
the first quarter include $146.5 million for BYETTA(R) (exenatide)
injection and $15.5 million for SYMLIN(R) (pramlintide acetate)
injection. This compares to net product sales of $75.9 million,
consisting of $68.3 million for BYETTA and $7.6 million for SYMLIN
for the same period in 2006. Cost of goods sold was $15.2 million
for the quarter ended March 31, 2007, compared to $9.7 million for
the same period in 2006. Revenues under collaborative agreements
were $10.0 million for the quarter ended March 31, 2007, compared
to $6.5 million for the same period in 2006 and consists primarily
of cost-sharing payments from Eli Lilly and Company to equalize
development expenses for exenatide LAR and BYETTA. Selling, general
and administrative expenses increased to $87.8 million for the
quarter ended March 31, 2007, compared to $59.9 million for the
same period in 2006. The increase primarily reflects expenses
associated with the recent expansion of the Company's sales force,
increased promotional expenses for BYETTA and SYMLIN and increased
business infrastructure to support the Company's growth. Research
and development expenses increased to $59.6 million for the quarter
ended March 31, 2007, compared to $51.8 million for the same period
in 2006. The increase primarily reflects increased expenses for
exenatide LAR and continued investment in the Company's early stage
obesity programs. Collaborative profit sharing, which represents
Lilly's share of the gross margin for BYETTA, was $66.9 million for
the quarter ended March 31, 2007, compared to $30.0 million for the
same period in 2006. Net loss for the quarter ended March 31, 2007
was $49.4 million, or $0.38 per share, compared to $67.9 million,
or $0.61 per share, for the same period in 2006. First quarter
highlights Highlights of Amylin's first quarter activities include:
* Completed transition of Daniel M. Bradbury to President and Chief
Executive Officer. * Received U.S. Food and Drug Administration
(FDA) approval for more convenient patient storage instructions for
BYETTA(R) (exenatide) injection. BYETTA pens can now be kept at a
room temperature not to exceed 77 degrees F (25 degrees C) after
first use. * Completed enrollment in the ongoing long-term
comparator study of once- weekly exenatide long-acting release
(LAR) in patients with type 2 diabetes and remain on track for
study results in the fourth quarter of 2007. * Completed enrollment
in ongoing BYETTA monotherapy clinical study assessing BYETTA use
as standalone therapy in type 2 diabetes, and remain on track for
study results in the second half of 2007. Conference Call Amylin
will webcast its Quarterly Update Conference Call today at 8:30
a.m. ET/5:30 a.m. PT. The call will be webcast live through
Amylin's corporate website, http://www.amylin.com/, and a recording
will be made available following the close of the call. Daniel M.
Bradbury, Amylin's President and Chief Executive Officer will lead
the call. During the call, the Company plans to provide supporting
details underlying its first quarter financial results, and
information regarding assumptions for the remainder of 2007
operations. For those without access to the Internet, the live call
may be accessed by phone by calling (866) 362-4832 (domestic) or
(617) 597-5364 (international), passcode 71295475. A replay of the
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 81236977. About Amylin Amylin
Pharmaceuticals is a biopharmaceutical company committed to
improving lives through the discovery, development and
commercialization of innovative medicines. Amylin has developed and
gained approval for two first- in-class medicines for diabetes,
SYMLIN(R) (pramlintide acetate) injection and BYETTA(R) (exenatide)
injection. Amylin's research and development activities leverage
the company's expertise in metabolism to develop potential
therapies to treat diabetes and obesity. Amylin is located in San
Diego, California with over 1600 employees nationwide. Further
information on Amylin Pharmaceuticals is available at
http://www.amylin.com/. 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 risks that BYETTA or SYMLIN may be affected by
competition, unexpected new data, technical issues, or
manufacturing and supply issues; risks that our financial results
may fluctuate significantly from period to period and may not meet
market expectations; risks that our clinical trials will not be
completed when planned or may not replicate previous results; risks
that our preclinical studies may not be predictive; risks that the
FDA may not approve the Company's sNDAs or product candidates;
risks that we may not be able to complete our manufacturing
facility on a timely basis; and other risks inherent in the drug
development and commercialization process. Commercial and
government reimbursement and pricing decisions and the pace of
market acceptance may also affect the potential for BYETTA or
SYMLIN. These and additional risks and uncertainties are described
more fully in the Company's recently filed Form 10-K. Amylin
disclaims any obligation to update these forward-looking
statements. AMYLIN PHARMACEUTICALS, INC. CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share data) (unaudited)
Quarter Ended March 31, 2007 2006 Revenues: Net product sales
$162,003 $75,872 Revenues under collaborative agreements 9,975
6,474 Total revenues 171,978 82,346 Costs and expenses: Cost of
goods sold 15,210 9,744 Selling, general and administrative 87,787
59,863 Research and development 59,564 51,774 Collaborative profit
sharing 66,947 29,970 Total costs and expenses 229,508 151,351
Operating loss (57,530) (69,005) Interest income, net 8,116 1,104
Net loss $(49,414) $(67,901) Net loss per share - basic and diluted
$(0.38) $(0.61) Shares used in computing net loss per share - basic
and diluted 131,054 111,285 AMYLIN PHARMACEUTICALS, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) March 31,
December 31, 2007 2006 Assets Cash, cash equivalents and short-term
investments $634,523 $767,331 Accounts receivable, net 83,672
58,089 Inventories 65,843 59,299 Other current assets 26,826 22,098
Property and equipment, net 215,363 146,779 Other assets 9,428
6,790 Total assets $ 1,035,655 $1,060,386 Liabilities and
stockholders' equity Current liabilities $195,111 $203,887 Other
liabilities, net of current portion 22,348 21,208 Convertible
senior notes 200,000 200,000 Stockholders' equity 618,196 635,291
Total liabilities and stockholders' equity $ 1,035,655 $1,060,386
DATASOURCE: Amylin Pharmaceuticals, Inc. CONTACT: Mark Foletta,
Senior Vice President, Finance and Chief Financial Officer, Amylin
Pharmaceuticals, Inc., +1-858-552-2200 Web site:
http://www.amylin.com/
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