Amylin Pharmaceuticals Reports Second Quarter Financi...( ...),Health

SAN DIEGO, July 21 /PRNewswire-FirstCall/ -- Amylin Pharmaceuticals, Inc. (Nasdaq: AMLN) today reported financial results for the quarter ended June 30, 2009. The Company reported total revenue of $209.4 million for the quarter ended June 30, 2009, which includes net product sales of $197.5 million. Net loss, excluding a charge of $11.4 million associated with the Company's sales force reduction in the second quarter, was $51.0 million, or $0.36 per share. Non-GAAP operating loss was $22.4 million for the quarter ended June 30, 2009, compared to $40.3 million for the same period in 2008. GAAP net loss was $62.4 million, or $0.44 per share, for the quarter ended June 30, 2009, compared to $66.6 million, or $0.49 per share, for the same period in 2008. At June 30, 2009 the Company held cash, cash equivalents and short-term investments of $644.4 million.

"We set a goal of becoming operating cash flow positive by the end of 2010, and we have taken considerable steps toward achieving that goal," said Mark G. Foletta, senior vice president of finance and chief financial officer, Amylin Pharmaceuticals. "In the last few quarters, we implemented a strategic restructuring and workforce reduction in order to bring operating expenses more in line with revenue, revised our cost allocation agreement with Lilly to create a more efficient global cost structure for the exenatide franchise and restructured our sales force to more efficiently leverage Lilly's expertise and resources for the primary care market. Within the first half of this year, savings from those activities have resulted in a 50% improvement in non-GAAP operating loss, a measure of operating cash flow, over the same period last year."

Quarter Ended June 30, 2009

Net product sales of $197.5 million for
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