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

etreleptin for the treatment of obesity to investigate an antibody-related laboratory finding with metreleptin treatment in two patients who participated in a previously completed clinical study of obesity. The Company, with partner Takeda Pharmaceutical Company Limited, is committed to working closely with clinical investigators, regulators and outside experts to determine the best path forward.

"We are pleased with the CHMP's recent recommendation to approve BYDUREON in Europe. This therapy could offer millions of people living with diabetes the benefits of a GLP-1 receptor agonist in just one dose per week," said Daniel M. Bradbury, president and chief executive officer at Amylin Pharmaceuticals. "In the coming quarters, we will continue to advance other key development programs to address the needs of the patients we serve. This includes submitting our reply to the BYDUREON complete response letter, as well as completing our regulatory application for the use of metreleptin in patients with lipodystrophy."

Financial ResultsNet product sales of $150.8 million for the quarter ended March 31, 2011 include net sales of $128.0 million for BYETTA and $22.8 million for SYMLIN® (pramlintide acetate) injection. This compares to net product sales of $172.3 million, consisting of $149.8 million for BYETTA and $22.5 million for SYMLIN for the same period in 2010.

Revenues under collaborative agreements were $1.9 million for the quarter ended March 31, 2011, unchanged from the same period in 2010, and consist of the amortization of upfront fees received under the Company's collaboration agreement with Takeda.  

Selling, general and administrative expenses decreased to $64.6 million for the quarter ended March 31, 2011 from $73.3 million for the same period in 2010. The decrease reflects reduced expenses associated with BYDUREON pre-launch activities and lower business infrastructure spending resulting from continued efforts to
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SOURCE Amylin Pharmaceuticals, Inc.
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