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Amylin Pharmaceuticals Reports First Quarter Financial Results
Date:4/16/2009

Non-GAAP Operating Loss Improves by 55% to $19.9 Million Compared to the First Quarter of 2008

Amylin/Lilly Alliance Restructures Exenatide Operations: Team to Co-locate in San Diego

SAN DIEGO, April 16 /PRNewswire-FirstCall/ -- Amylin Pharmaceuticals, Inc. (Nasdaq: AMLN) today reported financial results for the quarter ended March 31, 2009. The Company reported total revenue of $193.7 million for the quarter ended March 31, 2009, which includes net product sales of $179.3 million, including a $5.8 million reserve related to the U.S. Department of Defense's Tricare Retail Pharmacy program described below. Non-GAAP operating loss was $19.9 million for the quarter ended March 31, 2009, compared to $44.0 million for the same period in 2008. GAAP net loss was $47.0 million, or $0.34 per share, for the quarter ended March 31, 2009, compared to $71.1 million, or $0.52 per share, for the same period in 2008. At March 31, 2009 the Company held cash, cash equivalents and short-term investments of $711.4 million.

"At the end of 2008, we announced that we would manage operating expenses more in line with revenue as part of the business plan to achieve positive operating cash flow by the end of 2010," said Mark Foletta, senior vice president of finance and chief financial officer, Amylin Pharmaceuticals. "This quarter's reduction of non-GAAP operating loss by more than half compared to the same quarter last year demonstrates steady progress toward that goal."

Financial Results

Net product sales of $179.3 million for the quarter ended March 31, 2009 include $157.7 million for BYETTA(R) (exenatide) injection and $21.6 million for SYMLIN(R) (pramlintide acetate) injection. This compares to net product sales of $178.7 million, consisting of $158.5 million for BYETTA and $20.2 million for SYMLIN
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SOURCE Amylin Pharmaceuticals, Inc.
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