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Amylin Pharmaceuticals Reports 2008 Financial Results
Date:1/27/2009

nts and our shareholders by capitalizing on key market drivers, such as the American Diabetes Association's inclusion of BYETTA as the only new addition to their treatment guidelines. Our focus remains on increasing BYETTA revenue, submitting the New Drug Application (NDA) for exenatide once weekly, significantly improving operating results and progressing toward positive operating cash flow by the end of 2010."

Quarter ended December 31, 2008

Net product sales of $184.9 million for the quarter include sales of $162.7 million for BYETTA(R) (exenatide) injection and $22.2 million for SYMLIN(R) (pramlintide acetate) injection. This compares to net product sales of $194.7 million, consisting of $176.3 million for BYETTA and $18.4 million for SYMLIN for the same period in 2007.

Revenue under collaborative agreements was $17.6 million for the quarter ended December 31, 2008, compared to $27.3 million for the same period in 2007. The decrease reflects lower cost-sharing payments from Eli Lilly and Company for BYETTA and exenatide once weekly development expenses.

Selling, general and administrative expenses decreased to $86.1 million for the quarter ended December 31, 2008 from $122.4 million for the same period in 2007. The decrease primarily reflects lower promotional spending for BYETTA and the Company's reduced cost structure following its restructuring.

Research and development expenses decreased to $67.0 million for the quarter ended December 31, 2008 from $83.9 million for the same period in 2007. The decrease primarily reflects lower development expenses for exenatide once weekly and the Company's reduced cost structure following its restructuring.

Collaborative profit sharing, which represents Lilly's share of the gross margin for BYETTA, was $73.2 million for the quarter ended December 31, 2008, compared to $78.6 million for the same period in 2007.


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SOURCE Amylin Pharmaceuticals, Inc.
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