SAN DIEGO, Oct. 19, 2011 /PRNewswire/ -- Amylin
Pharmaceuticals, Inc. (Nasdaq: AMLN) today reported financial
results for the quarter ended September 30,
2011.
- Total revenue was $175.0 million,
which included net product sales of $155.1
million and a $15.0 million
milestone payment from Eli Lilly and Company in connection with the
launch of BYDUREON in the European Union
- Non-GAAP operating income was $13.0
million, compared to a non-GAAP operating loss of
$16.1 million for the same period in
2010
- GAAP net loss was $13.2 million,
or $0.09 per share, compared to
$50.7 million, or $0.35 per share, for the same period in 2010
- Cash, cash equivalents, short-term investments and restricted
cash totaled $460.8 million at the
end of the quarter
"We continue to advance our goal of bringing the first ever
once-weekly diabetes therapy to patients in the U.S. We are closely
monitoring BYDUREON launches across Europe and will apply insights from those
launches to our U.S. planning for this important therapy," said
Daniel M. Bradbury, president and
chief executive officer of Amylin Pharmaceuticals. "Additionally,
we look forward to the FDA's anticipated decision on an expanded
label for BYETTA for use with insulin glargine. We believe this
complementary approach to glycemic control will be a smart
partnership that could result in an important new treatment option
for patients. We continue our focus on fiscal discipline as we
execute against our strategic objectives through the end of the
year, and plan for the pivotal year ahead."
Highlights of Amylin's Third Quarter and Recent
Activities
BYDUREON
- Submitted a reply to a complete response letter by the U.S.
Food and Drug Administration (FDA) regarding BYDUREON™ (exenatide
extended-release for injectable suspension), which included results
from a thorough QT study that showed exenatide, at and above
therapeutic levels, did not prolong the corrected QT interval in
healthy individuals
- Announced that the FDA assigned a new Prescription Drug User
Fee Act (PDUFA) action date of January 28,
2012 for BYDUREON
- Presented compelling efficacy and safety data at the European
Association for the Study of Diabetes (EASD) Annual Meeting from
the DURATION-3 and -4 trials. The studies demonstrated that
patients treated with BYDUREON experienced significant improvements
in select cardiovascular risk factors, including improvements in
composite endpoints related to body weight, abnormal blood pressure
and abnormal lipid levels, in comparison to patients who received
commonly prescribed diabetes treatments
Obesity Program
- Announced the discontinuation of the pramlintide/metreleptin
development program for obesity. The joint decision between Amylin
and Takeda Pharmaceuticals Limited was based on a commercial
reassessment of the pramlintide/metreleption program. The companies
continue to evaluate other assets as potential candidates for the
treatment of obesity and related indications under the terms of
their existing collaboration agreement
Quarter Ended September 30,
2011
Net product sales of $155.1
million for the quarter ended September 30, 2011 include $128.1 million for BYETTA® (exenatide) injection
and $27.0 million for SYMLIN®
(pramlintide acetate) injection. This compares to net product sales
of $154.0 million, consisting of
$132.4 million for BYETTA and
$21.6 million for SYMLIN for the same
period in 2010. Revenues under collaborative agreements were
$19.9 million for the quarter ended
September 30, 2011, and included a
$15.0 million milestone payment from
Lilly in connection with the launch of BYDUREON in the European
Union in July, compared to $2.1
million for the same period in 2010.
Selling, general and administrative expenses decreased to
$63.1 million for the quarter ended
September 30, 2011 from $70.0 million for the same period in 2010. The
decrease primarily reflects lower expenses associated with BYDUREON
pre-launch activities and a reduced cost structure associated with
the Company's efforts to drive efficiencies in the business.
Research and development expenses decreased to $46.6 million for the quarter ended September 30, 2011 from $51.2 million for the same period in 2010. The
decrease reflects reduced spending for BYDUREON pre-launch
inventory manufacturing, partially offset by increased spending on
our metreleptin development program.
Collaborative profit sharing, which represents Lilly's share of
the gross margin for BYETTA, was $59.0
million for the quarter ended September 30, 2011, compared to $61.2 million for the same period in 2010.
Non-GAAP operating income was $13.0
million for the quarter ended September 30, 2011 compared to a non-GAAP
operating loss of $16.1 million for
the same period in 2010. Net loss excluding restructuring charges
was $10.7 million, or $0.07 per share, for the quarter ended
September 30, 2011, an improvement of
76% compared to $44.7 million, or
$0.31 per share, for the same period
in 2010. GAAP net loss was $13.2
million, or $0.09 per share,
for the quarter ended September 30,
2011, compared to a GAAP net loss of $50.7 million, or $0.35 per share, for the same period in 2010.
Nine Months Ended September 30,
2011
Total revenues for the nine months ended September 30, 2011 were $485.7 million. This includes net product sales
of $460.7 million, including
$385.1 million for BYETTA and
$75.6 million for SYMLIN. This
compares to net product sales of $488.8
million, consisting of $422.9
million for BYETTA and $65.9
million for SYMLIN for the same period in 2010.
Revenues under collaborative agreements were $25.0 million for the nine months ended
September 30, 2011, and included a
$15.0 million milestone payment from
Lilly in connection with the launch of BYDUREON in the European
Union in July, compared to $5.8
million for the same period in 2010.
Selling, general and administrative expenses decreased to
$192.9 million for the nine months
ended September 30, 2011 from
$214.3 million for the same period in
2010. The 10% decrease primarily reflects decreased expenses
associated with BYDUREON pre-launch activities, and reduced
business infrastructure spending resulting from continued efforts
to drive efficiencies in the business.
Research and development expenses decreased to $133.5 million for the nine months ended
September 30, 2011 from $145.6 million for the same period in 2010. The
8.3% decrease reflects reduced spending for BYDUREON pre-launch
inventory manufacturing and our efforts to manage our expenses,
partially offset by increased spending on our BYDUREON
cardiovascular outcomes study (EXSCEL) and metreleptin development
program.
Collaborative profit sharing was $179.5
million for the nine months ended September 30, 2011, compared to $194.1 million for the same period in 2010.
Non-GAAP operating income was $8.0
million for the nine months ended September 30, 2011 compared to a non-GAAP
operating loss of $27.3 million for
the same period in 2010. Net loss excluding restructuring charges
was $76.4 million, or $0.53 per share, for the nine months ended
September 30, 2011, a 38% improvement
compared to $123.7 million, or
$0.86 per share, for the nine months
ended September 30, 2010. GAAP net
loss for the nine months ended September 30,
2011 was $81.9 million, or
$0.56 per share, compared to GAAP net
loss of $133.1 million, or
$0.93 per share for the same period
in 2010.
Conference Call
Amylin will webcast its Quarterly Update Call today at
5:00 p.m. ET/2:00 p.m. PT. 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 third quarter financial results. A
slide presentation accompanying the conference call is available
through the "Investors" section of Amylin's corporate website at
www.amylin.com.
To access the webcast, please log on to www.amylin.com
approximately fifteen minutes prior to the call to register,
download and install any necessary audio software. For those
without access to the Internet, the live call may be accessed by
phone by calling (800) 857-5738 (U.S./Canada) or (415) 228-4970 (international),
participant passcode number 7156306. A replay of the call will also
be available by phone beginning approximately two hours after the
close of the call and can be accessed at (866) 415-3327
(U.S./Canada) or (203) 369-0696
(international).
Note Regarding Use of Non-GAAP Financial Measures
Amylin reports non-GAAP operating income or loss excluding
non-cash items and other items such as restructuring charges, which
is a non-GAAP financial measure. The Company believes that
investors' understanding of its progress towards its stated goal of
generating sustainable positive non-GAAP operating results is
enhanced by this disclosure. In addition, the Company refers to
this non-GAAP financial information with its analysis of the
Company's financial performance. This non-GAAP financial measure
should be considered in addition to, and not as a substitute for,
or superior to, financial measures calculated in accordance with
GAAP.
About Amylin Pharmaceuticals
Amylin Pharmaceuticals is a biopharmaceutical company dedicated
to improving lives of patients through the discovery, development
and commercialization of innovative medicines. Amylin has developed
and gained approval for two first-in-class medicines for diabetes,
SYMLIN® (pramlintide acetate) injection and BYETTA® (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 headquartered in
San Diego, California, and has a
commercial manufacturing facility in Ohio. Further information on Amylin
Pharmaceuticals is available at www.amylin.com.
This press release contains forward-looking statements about
Amylin, which involve risks and uncertainties. Our actual results
could differ materially from those discussed herein due to a number
of risks and uncertainties, including risks that BYETTA, SYMLIN or
BYDUREON, and the revenues or royalties generated from these
products, may be affected by competition, unexpected new data,
safety and 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
any financial guidance we provide may not be accurate; risks that
our clinical trials will not be completed when planned, may not
replicate previous results, may not be predictive of real world use
or may not achieve desired end-points; risks that the CMC section
of the metreleptin BLA may not be submitted in a timely fashion or
that the BLA will not receive regulatory approval; risks that our
preclinical studies or the data analyses mentioned in this press
release may not be predictive; risks that our NDAs for product
candidates, such as the BYDUREON NDA, or sNDAs for label expansion
requests, may not be submitted timely or receive FDA approval;
risks that the information we provide in our response to the FDA's
BYDUREON complete response letter may not satisfy the FDA; risks
that the FDA may request additional information prior to approving
BYDUREON; risks that the launch of BYDUREON, if approved, will be
delayed; risks that our expense reductions will not be as large as
we expect; 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, SYMLIN or BYDUREON. 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.
(Financial
information to follow)
AMYLIN
PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except per share
data)
(unaudited)
|
|
|
|
|
Quarter
ended
September 30,
|
|
Nine months
ended
September 30,
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Net product
sales
|
$ 155,075
|
|
$ 154,026
|
|
$ 460,703
|
|
$ 488,798
|
|
Revenues under
collaborative agreements
|
19,889
|
|
2,075
|
|
25,040
|
|
5,825
|
|
Total revenues
|
174,964
|
|
156,101
|
|
485,743
|
|
494,623
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
11,671
|
|
12,680
|
|
36,058
|
|
47,644
|
|
Selling, general and
administrative
|
63,059
|
|
70,019
|
|
192,901
|
|
214,331
|
|
Research and
development
|
46,560
|
|
51,155
|
|
133,544
|
|
145,574
|
|
Collaborative profit
sharing
|
58,959
|
|
61,249
|
|
179,462
|
|
194,056
|
|
Restructuring
|
2,499
|
|
6,028
|
|
5,483
|
|
9,452
|
|
Total costs and
expenses
|
182,748
|
|
201,131
|
|
547,448
|
|
611,057
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
(7,784)
|
|
(45,030)
|
|
(61,705)
|
|
(116,434)
|
|
|
|
|
|
|
|
|
|
|
Interest and other income,
net
|
(5,412)
|
|
(5,702)
|
|
(20,223)
|
|
(16,697)
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$ (13,196)
|
|
$ (50,732)
|
|
$ (81,928)
|
|
$ (133,131)
|
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic and
diluted
|
$ (0.09)
|
|
$ (0.35)
|
|
$ (0.56)
|
|
$ (0.93)
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing net
loss per share - basic and diluted
|
145,987
|
|
143,763
|
|
145,545
|
|
143,354
|
|
|
|
|
|
|
|
|
|
|
|
A reconciliation of reported GAAP operating net loss to non-GAAP
operating income (loss) excluding non-cash items is provided in the
table that follows (in thousands, unaudited):
|
|
|
|
|
Quarter
ended
September 30,
|
|
Nine months
ended
September 30,
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
GAAP operating loss
|
$ (7,784)
|
|
$ (45,030)
|
|
$ (61,705)
|
|
$ (116,434)
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
7,409
|
|
7,030
|
|
23,277
|
|
27,234
|
|
Other non-cash
compensation
|
4,333
|
|
4,021
|
|
12,914
|
|
15,631
|
|
Depreciation and
amortization
|
11,602
|
|
13,712
|
|
36,866
|
|
42,443
|
|
Amortization of deferred
revenue
and other
credits
|
(5,039)
|
|
(1,875)
|
|
(8,789)
|
|
(5,625)
|
|
Restructuring
|
2,499
|
|
6,028
|
|
5,483
|
|
9,452
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income
(loss)
|
$ 13,020
|
|
$
(16,114)
|
|
$ 8,046
|
|
$ (27,299)
|
|
|
|
|
|
|
|
|
|
|
|
AMYLIN
PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
|
|
|
|
|
September
30,
|
December
31,
|
|
|
2011
|
2010
|
|
Assets
|
|
|
|
Cash, cash equivalents and
short-term investments
|
$445,826
|
$442,663
|
|
Restricted cash
|
15,000
|
15,000
|
|
Accounts receivable,
net
|
50,853
|
54,645
|
|
Inventories,
net
|
107,345
|
118,629
|
|
Other current
assets
|
39,978
|
45,458
|
|
Property and equipment,
net
|
825,205
|
811,745
|
|
Other assets
|
32,385
|
43,289
|
|
Total
assets
|
$1,516,592
|
$1,531,429
|
|
|
|
|
|
Liabilities
and stockholders' equity
|
|
|
|
Current
liabilities
|
242,285
|
401,595
|
|
Other liabilities, net of
current portion
|
307,867
|
317,654
|
|
Long-term debt
|
653,964
|
468,697
|
|
Stockholders'
equity
|
312,476
|
343,483
|
|
Total liabilities and stockholders' equity
|
$1,516,592
|
$1,531,429
|
|
|
|
|
|
|
SOURCE Amylin Pharmaceuticals, Inc.