Amylin Pharmaceuticals Reports Second Quarter Financi...($40.3 million for the same period in 200...),Health

Date:7/21/2009

$40.3 million for the same period in 2008. The Company's results for the quarter ended June 30, 2009 include a charge of $11.4 million associated with the Company's sales force restructuring during the second quarter. This charge consists primarily of employee separation costs. Net loss excluding this charge was $51.0 million, or $0.36 per share. 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.

"In the first half of 2009 we made significant progress regarding the development and potential launch of exenatide once weekly. The FDA accepted the NDA submission for review, and we announced results from three major clinical trials that support the safety and efficacy of the once-weekly therapy," said Daniel M. Bradbury, president and chief executive officer at Amylin Pharmaceuticals. "Additionally, we created a specialty sales organization to better address the needs of the complex diabetes market. We believe all of these activities will help grow BYETTA today, and will position exenatide once weekly for a successful launch."

Second Quarter Highlights

Highlights of Amylin's second quarter and recent activities include:

Corporate

• Improved non-GAAP operating loss by 50% in the first half of 2009 compared to the first half of 2008
• Merged Amylin's existing primary care and specialty sales forces into a single organization that will bring a specialty approach to endocrinologists and diabetes-focused primary care physicians, ultimately improving the quality and frequency of our interactions with core prescribers
• Revised the cost allocation agreement with Lilly regarding development and commercialization expenses for the exenatide franchise. The changes were part of an overall plan to optimize administration across the Amylin/Lilly alli
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SOURCE Amylin Pharmaceuticals, Inc. Copyright©2009 PR Newswire. All rights reserved

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