Amylin Pharmaceuticals Reports First Quarter Financi...( SAN DIEGO April 21 /- Amylin Phar...),Health

SAN DIEGO, April 21 /PRNewswire-FirstCall/ -- Amylin Pharmaceuticals, Inc. (Nasdaq: AMLN) today reported financial results for the quarter ended March 31, 2008. The Company reported total revenue of $197.2 million for the first quarter, which includes net product sales of $178.7 million. Net loss for the quarter ended March 31, 2008 was $68.8 million, or $0.51 per share. At March 31, 2008, the Company held cash, cash equivalents and short-term investments of approximately $1,033.9 million.

"We have made steady progress in the first quarter of 2008 across near-, mid- and long-term opportunities, executing against the strategy detailed earlier this year to build Amylin's diabetes portfolio and establish our presence in the obesity field," said Daniel M. Bradbury, President and Chief Executive Officer of Amylin Pharmaceuticals. "BYETTA sales were lower than expected this quarter in part due to wholesaler buying patterns. We remain confident that we are taking the right steps to build sustainable BYETTA growth over time."

Bradbury continued, "Importantly, we achieved a significant milestone towards our efforts to submit the NDA for exenatide once weekly. We have manufactured exenatide once weekly product at commercial scale in our facility in Ohio and will begin supplying material from the facility to support ongoing and planned clinical programs by the third quarter."

Financial results

Net product sales of $178.7 million for the quarter ended March 31, 2008 include $158.5 million for BYETTA(R) (exenatide) injection and $20.2 million for SYMLIN(R) (pramlintide acetate) injection. This compares to net product sales of $162.0 million, consisting of $146.5 million for BYETTA and $15.5 million for SYMLIN for the same p
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