Amylin Pharmaceuticals Reports Second Quarter Financi...(the quarter ended June 30 2009 include $...),Health

Date:7/21/2009

the quarter ended June 30, 2009 include $175.1 million for BYETTA(R) (exenatide) injection and $22.4 million for SYMLIN(R) (pramlintide acetate) injection. This compares to net product sales of $200.3 million, consisting of $177.5 million for BYETTA and $22.8 million for SYMLIN for the same period in 2008. Revenues under collaborative agreements were $11.9 million for the quarter ended June 30, 2009, compared to $21.7 million for the same period in 2008. The decrease reflects lower cost-sharing payments from our collaboration partner Eli Lilly and Company (Lilly) due to decreased spending associated with the BYETTA and exenatide once weekly development programs.

Selling, general and administrative expenses decreased to $92.1 million for the quarter ended June 30, 2009 from $111.1 million for the same period in 2008. The decrease primarily reflects efficiencies driven by the Company's reduced cost structure, partially offset by costs associated with the Company's recent proxy contest in connection with its 2009 annual meeting of stockholders held in May 2009.

Research and development expenses decreased to $63.6 million for the quarter ended June 30, 2009 from $75.4 million for the same period in 2008. The decrease primarily reflects lower development expenses for exenatide once weekly and BYETTA, and reduced expenses for the Company's obesity programs, driven by the Company's reduced cost structure. Non-GAAP research and development expenses net of Lilly cost-sharing payments decreased to $52.8 million for the quarter ended June 30, 2009, compared to $54.8 million for the same period in 2008.

Collaborative profit sharing, which represents Lilly's share of the gross margin for BYETTA, was $76.2 million for the quarter ended June 30, 2009, compared to $79.0 million for the same period in 2008.

Non-GAAP operating loss was $22.4 million for the quarter ended June 30, 2009 compared to
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SOURCE Amylin Pharmaceuticals, Inc. Copyright©2009 PR Newswire. All rights reserved

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