Net Product Sales Increased 54% Over Second Quarter 2006 to $167
Million SAN DIEGO, July 23 /PRNewswire-FirstCall/ -- Amylin
Pharmaceuticals, Inc. (NASDAQ:AMLN) today reported financial
results for the quarter ended June 30, 2007. The Company reported
total revenue of $197.0 million for the second quarter, including
net product sales of $167.3 million. Net loss for the quarter ended
June 30, 2007 was $45.0 million, or $0.34 per share. At June 30,
2007, the Company held cash, cash equivalents and short-term
investments of approximately $1.1 billion. "BYETTA and SYMLIN
showed strong performance, demonstrating the value that these
first-in-class diabetes medicines provide to patients and
healthcare providers," said Daniel M. Bradbury, President and Chief
Executive Officer of Amylin Pharmaceuticals. "We have made
important progress in our exenatide LAR development program and the
construction at our Ohio manufacturing facility remains on track.
This solid execution across our organization positions us well for
future sustainable growth." Quarter ended June 30, 2007 Net product
sales of $167.3 million for the second quarter include $152.1
million for BYETTA(R) (exenatide) injection and $15.2 million for
SYMLIN(R) (pramlintide acetate) injection. This compares to net
product sales of $108.8 million, consisting of $98.6 million for
BYETTA and $10.2 million for SYMLIN for the same period in 2006.
Cost of goods sold was $14.4 million for the quarter ended June 30,
2007, compared to $14.7 million for the same period in 2006.
Revenues under collaborative agreements were $29.6 million for the
quarter ended June 30, 2007, compared to $9.4 million for the same
period in 2006. The increase reflects $15 million in milestones,
primarily earned upon Eli Lilly and Company's launch of BYETTA in
the European Union during the second quarter of 2007. Selling,
general and administrative expenses increased to $93.1 million for
the quarter ended June 30, 2007, compared to $63.5 million for the
same period in 2006. The increase reflects expenses associated with
the Company's expanded field force, increased promotional expenses
for BYETTA and SYMLIN and increased business infrastructure to
support the Company's growth. Research and development expenses
increased to $71.7 million for the quarter ended June 30, 2007,
compared to $50.4 million for the same period in 2006. The increase
reflects expenses associated with the Company's obesity programs,
including a development milestone associated with leptin, and
increased development expenses for exenatide long-acting release
(LAR). Collaborative profit sharing, which represents Lilly's share
of the gross margin for BYETTA, was $70.4 million for the quarter
ended June 30, 2007, compared to $43.4 million for the same period
in 2006. Net loss for the quarter ended June 30, 2007 was $45.0
million, or $0.34 per share, compared to $46.4 million, or $0.38
per share, for the same period in 2006. Second quarter highlights
Highlights of Amylin's second quarter include: -- Strengthened
financial position by completing offering of convertible senior
notes in June, generating net proceeds of approximately $559
million to support our marketed products, expand the manufacturing
facility in Ohio, and advance the Company's many opportunities for
future growth. -- Successful scientific presentations and
educational events at American Diabetes Association's annual
meeting well received by leaders in the diabetes community. --
Expanded planned investment in the manufacturing facility for
exenatide LAR in West Chester, Ohio, with strong support from the
state and local communities. Six months ended June 30, 2007 Total
revenues for the six months ended June 30, 2007 were $368.9
million. This includes net product sales of $329.3 million,
including $298.6 million for BYETTA and $30.7 million for SYMLIN.
This compares to net product sales of $200.5 million, consisting of
$166.8 million for BYETTA and $17.9 million for SYMLIN for the same
period in 2006. Cost of goods sold was $29.6 million for the six
months ended June 30, 2007, compared to $24.4 million for the same
period in 2006. Revenues under collaborative agreements were $39.6
million for the six months ended June 30, 2007, compared to $15.8
million for the same period in 2006. The increase reflects $15
million in milestones associated primarily with the launch of
BYETTA in the European Union and higher cost-sharing payments to
equalize development expenses for BYETTA and exenatide LAR.
Selling, general and administrative expenses increased to $180.9
million for the six months ended June 30, 2007, from $123.4 million
for the same period in 2006. The increase reflects costs associated
with the Company's expanded 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 $131.3 million for the six months
ended June 30, 2007, from $102.2 million for the same period in
2006. The increase reflects costs associated with the development
of exenatide LAR, and costs associated with the Company's obesity
programs, including a development milestone associated with leptin.
Collaborative profit sharing was $137.3 million for the six months
ended June 30, 2007, compared to $73.4 million for the same period
in 2006. Net loss was $94.4 million, or $0.72 per share for the six
months ended June 30, 2007, compared to $114.3 million, or $0.97
per share, for the same period in 2006. Conference Call Amylin will
webcast its Quarterly Update Conference Call today at 5:00 p.m.
ET/2:00 p.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 further details
underlying its second 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 (800) 561-2693 (domestic) or (617) 614-3523
(international), passcode 23581339. 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 98270256.
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 1,700 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-Q. 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 June 30, Six months ended June 30, 2007 2006 2007
2006 Revenues: Net product sales $167,337 $108,787 $329,340
$184,659 Revenues under collaborative agreements 29,616 9,362
39,591 15,836 Total revenues 196,953 118,149 368,931 200,495 Costs
and expenses: Cost of goods sold 14,362 14,685 29,572 24,429
Selling, general and administrative 93,121 63,488 180,908 123,351
Research and development 71,691 50,409 131,255 102,183
Collaborative profit sharing 70,355 43,386 137,302 73,356 Total
costs and expenses 249,529 171,968 479,037 323,319 Operating loss
(52,576) (53,819) (110,106) (122,824) Interest income (expense),
net 7,553 7,425 15,669 8,529 Net loss $(45,023) $(46,394) $(94,437)
$(114,295) Net loss per share - basic and diluted $(0.34) $(0.38)
$(0.72) $(0.97) Shares used in computing net loss per share - basic
and diluted 131,774 122,675 131,416 117,293 AMYLIN PHARMACEUTICALS,
INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
(unaudited) June 30, December 31, 2007 2006 Assets Cash, cash
equivalents and short-term investments $1,140,571 $767,331 Accounts
receivable, net 54,280 58,089 Inventories, net 78,176 59,299 Other
current assets 33,507 22,098 Property and equipment, net 271,937
146,779 Other assets 35,023 6,790 Total assets $1,613,494
$1,060,386 Liabilities and stockholders' equity Current liabilities
$212,993 $203,887 Other liabilities, net of current portion 25,470
21,208 Convertible senior notes 775,000 200,000 Stockholders'
equity 600,031 635,291 Total liabilities and stockholders' equity
$1,613,494 $1,060,386 DATASOURCE: Amylin Pharmaceuticals, Inc.
CONTACT: Mark Foletta, Senior 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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