Amylin Pharmaceuticals Reports First Quarter Financial Results
April 28 2004 - 8:30AM
PR Newswire (US)
Amylin Pharmaceuticals Reports First Quarter Financial Results SAN
DIEGO, April 28 /PRNewswire-FirstCall/ -- Amylin Pharmaceuticals,
Inc. today reported a net loss of $37.3 million, or $0.40 per
share, for the first quarter ended March 31, 2004, compared to a
net loss of $30.8 million, or $0.34 per share, for the same period
in 2003. The Company's operating activities used approximately
$49.4 million of cash in the first quarter of 2004, compared to
$46.5 million in the same period in 2003. At March 31, 2004, the
Company held cash, cash equivalents and short-term investments of
approximately $221 million. In April 2004, the Company issued $200
million aggregate principal amount of 2.5% convertible senior notes
in a private offering. "We finished the quarter on plan and
achieved the first three of our corporate goals for 2004," said
Ginger L. Graham, Amylin's President and Chief Executive Officer.
"In addition, we recently completed a $200 million offering of
convertible notes, strengthening our ability to launch our two
late-stage diabetes product candidates following approvals by the
FDA." The Company reported revenues under its collaborative
agreements with Eli Lilly & Co. for exenatide of $6.7 million
for the quarter ended March 31, 2004 compared to $11.9 million for
the same period in 2003. Revenue in the current quarter consists
primarily of cost-sharing amounts payable by Lilly for exenatide
development expenses. Research and development expenses for the
quarter ended March 31, 2004 were $27.5 million, compared to $28.1
million in the same period in 2003. The slight decrease reflects
reduced development expenses for exenatide partially offset by
increased costs associated with the advancement of Amylin's earlier
stage development programs. Selling, general and administrative
expenses for the quarter ended March 31, 2004 were $16.1 million,
compared to $10.5 million in the same period in 2003. The increase
reflects increased pre-launch activities for exenatide and costs
associated with an increased number of employees and associated
infrastructure to support future product launches. The Company
continues to expect to use between $160 and $170 million of cash
for its operating activities during 2004. This assumes net
cost-sharing payments to Amylin from Lilly to equalize exenatide
U.S. development and pre- launch costs. The Company does not expect
significant milestone payments from Lilly in 2004. SYMLIN(R)
(pramlintide acetate) activities planned for 2004 will be focused
primarily on support for ongoing open-label clinical studies and
continued interactions with the FDA to clarify the specific
requirements for SYMLIN approval. The Company also plans to
maintain its commercialization capabilities and continue its
progress with earlier stage development programs. Corporate
milestones achieved by Amylin in the first quarter include
initiation of the first Phase 2 study of AC137 (pramlintide) for
obesity, the first Phase 1 study of AC162352 (PYY 3-36) for
obesity, and a Phase 2 dose- proportionality study of exenatide LAR
for type 2 diabetes. 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 in this press release due to a number of factors,
including risks and uncertainties that the Company may require more
cash for operating activities than anticipated; risks and
uncertainties inherent in our collaboration with and dependence
upon Lilly; risks that the anticipated payments from Lilly will not
be earned; risks and uncertainties in the FDA's review of New Drug
Applications (NDAs) generally; risks and uncertainties in FDA
requirements for SYMLIN and exenatide approval; risks and
uncertainties that FDA approval, if any, may be delayed and/or
limited; risks and uncertainties regarding the drug discovery and
development process; risks and uncertainties regarding the
Company's ongoing clinical studies, including the timing of
results; the Company's ability to commercialize its product
candidates; and the Company's ability to protect its intellectual
property. These and other 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 fiscal year ended
December 31, 2003, under the heading "Risk Factors Related to Our
Business". (financial information to follow) AMYLIN
PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in
thousands) March 31, December 31, 2004 2003 (unaudited) Assets Cash
and cash equivalents $40,336 $76,615 Short-term investments 180,893
193,161 Inventories 13,549 12,574 Other current assets 11,825 6,198
Property and equipment, net 14,270 13,691 Other assets 8,482 8,806
Total assets $269,355 $311,045 Liabilities and stockholders' equity
Accounts payable, accrued expenses and other current liabilities
$34,468 $41,118 Current portion of deferred revenue 4,286 4,286
Other long-term liabilities, net of current portion 2,764 2,196
Deferred revenue, net of current portion 24,158 25,229 Convertible
senior notes 175,000 175,000 Stockholders' equity 28,679 63,216
Total liabilities and stockholders' equity $269,355 $311,045
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per
share data) Quarter Ended March 31, 2004 2003 Revenue under
collaborative agreements $6,689 $11,885 Operating Expenses:
Research and development $27,457 $28,122 Selling, general and
administrative 16,088 10,515 Acquired in-process research and
development -- 3,300 Total operating expenses 43,545 41,937
Operating Loss (36,856) (30,052) Interest expense, net (417) (758)
Net loss $(37,273) $(30,810) Net loss per share - basic and diluted
$(0.40) $(0.34) Shares used in computing net loss per share - basic
and diluted 93,776 90,032 CONSOLIDATED STATEMENTS OF CASH FLOWS (in
thousands) Quarter Ended March 31, 2004 2003 Operating activities:
Net loss $(37,273) $(30,810) Adjustments to reconcile net loss to
cash used for operating activities: Non-cash expenses 1,428 2,277
Working capital changes (13,566) (17,982) Net cash used for
operating activities $(49,411) $(46,515) Investing activities:
Purchases, sales and maturities of short-term investments, net
12,303 (101,770) Purchases of equipment and increase in patents,
net (1,682) (2,177) Net cash provided by (used for) investing
activities 10,621 (103,947) Financing activities: Proceeds from
issuance of common stock, net 2,514 165,712 Principal payments on
notes payable and capital leases (3) (139) Net cash provided by
financing activities 2,511 165,573 Increase (decrease) in cash and
cash equivalents (36,279) 15,111 Cash and cash equivalents at
beginning of period 76,615 69,415 Cash and cash equivalents at end
of period $40,336 $84,526 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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