Amylin Pharmaceuticals’ 1st-quarter loss narrows on lower sales force, research costs

Amylin 1Q loss narrows on lower costs

NEW YORK — Amylin Pharmaceuticals reported that its first-quarter loss narrowed as it spent less on both its sales force and on research and development.

The company said Monday it lost $38.2 million, or 27 cents per share, compared with a loss of $47 million, or 34 cents per share, during the year-earlier period. Revenue fell 3 percent to $174.1 million from $180.4 million.

Analysts polled by Thomson Reuters expected a loss of 29 cents per share.

Sales of the twice-daily injectable diabetes treatment Byetta fell 5 percent to $149.8 million while Symlin sales accounted for $22.5 million in revenue.

During the quarter, the company said selling, general and administrative expenses fell 12 percent to $76.7 million while research and development costs fell 10 percent to $41.8 million.

The company’s partner on the diabetes treatment Byetta is Eli Lilly & Co. Sales of the treatment have lagged since it was linked to cases of acute pancreatitis in 2008.

The Food and Drug Administration is currently reviewing exenatide LAR, or Bydureon. It is a once-weekly version of the twice-daily Byetta injection and the FDA has asked for more information on the company’s application. Amylin plans to send a response to the FDA this week. Amylin, Eli Lilly and Alkermes Inc. are partners on Bydureon.

“With the submission of our Bydureon response this week, we are preparing to make this revolutionary treatment option available this year to the millions of patients living with type 2 diabetes,” said Daniel M. Bradbury, president and CEO. “We remain focused on driving revenue from our currently marketed products, Byetta and Symlin, and continue to exercise financial discipline so that we remain on track to generate sustainable positive operating cash flow by year end.”

Shares of Amylin Pharmaceuticals Inc. fell 26 cents to $21.49 in afternoon trading.