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Amylin Pharmaceuticals Reports First Quarter Financial Results
Date:4/21/2008

eriod in 2007.

Revenues under collaborative agreements were $18.5 million for the quarter ended March 31, 2008, which includes cost-sharing payments of $17.4 million, compared to $10.0 million, which includes cost-sharing payments of $8.9 million for the same period in 2007. The increase primarily reflects higher cost-sharing payments from Eli Lilly and Company to equalize development expenses for exenatide once weekly and BYETTA.

Selling, general and administrative expenses were $98.2 million for the quarter ended March 31, 2008, compared to $87.8 million for the same period in 2007. The increase primarily reflects promotional expenses for BYETTA, SYMLIN, exenatide once weekly market development and increases in infrastructure to support the Company's growth.

Research and development expenses increased to $77.2 million for the quarter ended March 31, 2008, compared to $59.6 million for the same period in 2007. The increase primarily reflects increased expenses for once weekly exenatide, and investment in the Company's early-stage obesity programs and drug delivery capabilities. Non-GAAP, net research and development expenses net of cost-sharing payments increased to $59.8 million for the quarter ended March 31, 2008, compared to $50.7 million for the same period in 2007.

Collaborative profit sharing, which represents Lilly's share of the gross margin for BYETTA, was $69.9 million for the quarter ended March 31, 2008, compared to $66.9 million for the same period in 2007.

Interest and other income, net decreased to $1.3 million for the quarter ended March 31, 2008, compared to $8.1 million for the same period in 2007. The decrease primarily reflects higher interest expense due to the Company's $575 million convertible debt issuance in June 2007 and the Company's $125 million term loan entered into in December 2007.

Net loss for the quarter ended March 31, 2008 was $68.8 million, or $0.51 per share, compared to $49.4 million,
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SOURCE Amylin Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
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