Amylin Pharmaceuticals Reports 2008 Financi... ( Net Product Sales Increased 9% Over 2...)

Amylin Pharmaceuticals Reports 2008 Financial Results

Date:1/27/2009

Net Product Sales Increased 9% Over 2007 to $765.3 Million; Positive Operating Cash Flow Targeted By End of 2010

SAN DIEGO, Calif., Jan. 27 /PRNewswire-FirstCall/ -- Amylin Pharmaceuticals, Inc. (Nasdaq: AMLN) today reported financial results for the quarter and year ended December 31, 2008. The Company reported total revenue of $202.5 million for the quarter ended December 31, 2008, which includes net product sales of $184.9 million. Net loss, excluding a charge of $54.9 million associated with the Company's strategic restructuring and workforce reduction in the fourth quarter, was $49.1 million, or $0.36 per share. Non-GAAP operating loss, excluding non-cash items and the restructuring charge, was $20.2 million for the quarter ended December 31, 2008, compared to $47.0 million for the same period in 2007. GAAP net loss including the restructuring charge was $104.1 million, or $0.76 per share for the quarter ended December 31, 2008.

For the year ended December 31, 2008, the Company reported total revenue of $840.1 million, which includes net product sales of $765.3 million, a 9% increase over 2007. Net loss, excluding the restructuring charge of $54.9 million, was $260.5 million, or $1.90 per share. For the year ended December 31, 2008 non-GAAP operating loss, excluding non-cash items and the restructuring charge, was $137.2 million compared to $147.2 million for the same period in 2007. GAAP net loss for the year ended December 31, 2008 was $315.4 million, or $2.30 per share. At December 31, 2008 the Company held cash, cash equivalents and short-term investments of $816.8 million.

"In 2008, we continued to deliver year over year revenue growth in a challenging market environment," said Daniel M. Bradbury, president and chief executive officer, Amylin Pharmaceuticals. "In 2009, we will create value for patie
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SOURCE Amylin Pharmaceuticals, Inc.
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