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Amylin Pharmaceuticals Reports Third Quarter Financial Results
Date:10/19/2011

with the launch of BYDUREON in the European Union in July, compared to $5.8 million for the same period in 2010.

Selling, general and administrative expenses decreased to $192.9 million for the nine months ended September 30, 2011 from $214.3 million for the same period in 2010. The 10% decrease primarily reflects decreased expenses associated with BYDUREON pre-launch activities, and reduced business infrastructure spending resulting from continued efforts to drive efficiencies in the business.  

Research and development expenses decreased to $133.5 million for the nine months ended September 30, 2011 from $145.6 million for the same period in 2010. The 8.3% decrease reflects reduced spending for BYDUREON pre-launch inventory manufacturing and our efforts to manage our expenses, partially offset by increased spending on our BYDUREON cardiovascular outcomes study (EXSCEL) and metreleptin development program.  

Collaborative profit sharing was $179.5 million for the nine months ended September 30, 2011, compared to $194.1 million for the same period in 2010.

Non-GAAP operating income was $8.0 million for the nine months ended September 30, 2011 compared to a non-GAAP operating loss of $27.3 million for the same period in 2010. Net loss excluding restructuring charges was $76.4 million, or $0.53 per share, for the nine months ended September 30, 2011, a 38% improvement compared to $123.7 million, or $0.86 per share, for the nine months ended September 30, 2010. GAAP net loss for the nine months ended September 30, 2011 was $81.9 million, or $0.56 per share, compared to GAAP net loss of $133.1 million, or $0.93 per share for the same period in 2010.

Conference Call Amylin will webcast its Quarterly Update Call today at 5:00 p.m. ET/2:00 p.m. PT. Daniel M. Bradbury, Amylin's president and chief executive officer, will lead the call. During the call, the Company plans to provide further details underlying its third quarter
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SOURCE Amylin Pharmaceuticals, Inc.
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