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Amylin Pharmaceuticals Reports First Quarter Financial Results
Date:4/18/2011

SAN DIEGO, April 18, 2011 /PRNewswire/ -- Amylin Pharmaceuticals, Inc. (Nasdaq: AMLN) today reported financial results for the quarter ended March 31, 2011. The Company reported total revenue of $152.7 million for the quarter ended March 31, 2011, which includes net product sales of $150.8 million and revenues under collaborative agreements of $1.9 million. Non-GAAP operating loss was $3.2 million for the quarter ended March 31, 2011, compared to $3.8 million for the same period in 2010. GAAP net loss was $37.3 million, or $0.26 per share, for the quarter ended March 31, 2011, compared to $38.2 million, or $0.27 per share, for the same period in 2010. Net loss excluding restructuring charges was $34.5 million, or $0.24 per share for the quarter ended March 31, 2011, compared to $38.2 million, or $0.27 per share for the same period in 2010.  

At March 31, 2011 the Company held cash, cash equivalents, short-term investments and restricted cash of $475.2 million. The Company’s $200 million of 2.5% convertible senior notes were repaid subsequent to the end of the quarter on April 15, 2011. During the first quarter, the Company also notified its partner Eli Lilly and Company of its intent to draw a $165 million line of credit available from Lilly. These funds may be drawn in May of 2011, and, if drawn, the loan would be due in May 2014.

"We continue to manage the business with operational discipline and ended the quarter in a strong financial position that led to reduced expenses and improved gross margins," said Mark G. Foletta, senior vice president of finance and chief financial officer at Amylin Pharmaceuticals. "We remain focused on our longer-term target of generating sustainable positive operating cash flow and, we believe, that the significant cost-savings we have realized over the past two years reflect our ability to efficiently manage our business and
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SOURCE Amylin Pharmaceuticals, Inc.
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