Net Product Sales Increased 54% Over Second Quarter 2006 to $167 Million
SAN DIEGO, July 23 /PRNewswire-FirstCall/ -- Amylin Pharmaceuticals,
Inc. (Nasdaq: AMLN) today reported financial results for the quarter ended
June 30, 2007. The Company reported total revenue of $197.0 million for the
second quarter, including net product sales of $167.3 million. Net loss for
the quarter ended June 30, 2007 was $45.0 million, or $0.34 per share. At
June 30, 2007, the Company held cash, cash equivalents and short-term
investments of approximately $1.1 billion.
"BYETTA and SYMLIN showed strong performance, demonstrating the value
that these first-in-class diabetes medicines provide to patients and
healthcare providers," said Daniel M. Bradbury, President and Chief
Executive Officer of Amylin Pharmaceuticals. "We have made important
progress in our exenatide LAR development program and the construction at
our Ohio manufacturing facility remains on track. This solid execution
across our organization positions us well for future sustainable growth."
Quarter ended June 30, 2007
Net product sales of $167.3 million for the second quarter include
$152.1 million for BYETTA(R) (exenatide) injection and $15.2 million for
SYMLIN(R) (pramlintide acetate) injection. This compares to net product
sales of $108.8 million, consisting of $98.6 million for BYETTA and $10.2
million for SYMLIN for the same period in 2006. Cost of goods sold was
$14.4 million for the quarter ended June 30, 2007, compared to $14.7
million for the same period in 2006.
Revenues under collaborative agreements were $29.6 million for the
quarter ended June 30, 2007, compared to $9.4 million for the same period
in 2006. The increase reflects $15 million in milestones, primarily earned
upon Eli Lilly and Company's launch of BYETTA in the European Union during
the second quarter of 2007.
Selling, general and administrative expenses increased to $93.1 million
for the quarter ended June 30, 2007, compared to $63.5 million for the same
period in 2006. The increase reflects expenses associated with the
Company's expanded field force, increased promotional expenses for BYETTA
and SYMLIN and increased business infrastructure to support the Company's
growth.
Research and development expenses increased to $71.7 million for the
quarter ended June 30, 2007, compared to $50.4 million for the same period
in 2006. The increase reflects expenses associated with the Company's
obesity programs, including a development milestone associated with leptin,
and increased development expenses for exenatide long-acting release (LAR).
Collaborative profit sharing, which represents Lilly's share of the
gross margin for BYETTA, was $70.4 million for the quarter ended June 30,
2007, compared to $43.4 million for the same period in 2006.
Net loss for the quarter ended June 30, 2007 was $45.0 million, or
$0.34 per share, compared to $46.4 million, or $0.38 per share, for the
same period in 2006.
Second quarter highlights
Highlights of Amylin's second quarter include:
-- Strengthened financial position by completing offering of convertible
senior notes in June, generating net proceeds of approximately $559
million to support our marketed products, expand the manufacturing
facility in Ohio, and advance the Company's many opportunities for
future growth.
-- Successful scientific presentations and educational events at American
Diabetes Association's annual meeting well received by leaders in the
diabetes community.
-- Expanded planned investment in the manufacturing facility for exenatide
LAR in West Chester, Ohio, with strong support
from the state and local communities.
Six months ended June 30, 2007
Total revenues for the six months ended June 30, 2007 were $368.9
million. This includes net product sales of $329.3 million, including
$298.6 million for BYETTA and $30.7 million for SYMLIN. This compares to
net product sales of $200.5 million, consisting of $166.8 million for
BYETTA and $17.9 million for SYMLIN for the same period in 2006. Cost of
goods sold was $29.6 million for the six months ended June 30, 2007,
compared to $24.4 million for the same period in 2006.
Revenues under collaborative agreements were $39.6 million for the six
months ended June 30, 2007, compared to $15.8 million for the same period
in 2006. The increase reflects $15 million in milestones associated
primarily with the launch of BYETTA in the European Union and higher
cost-sharing payments to equalize development expenses for BYETTA and
exenatide LAR.
Selling, general and administrative expenses increased to $180.9
million for the six months ended June 30, 2007, from $123.4 million for the
same period in 2006. The increase reflects costs associated with the
Company's expanded sales force, increased promotional expenses for BYETTA
and SYMLIN and increased business infrastructure to support the Company's
growth.
Research and development expenses increased to $131.3 million for the
six months ended June 30, 2007, from $102.2 million for the same period in
2006. The increase reflects costs associated with the development of
exenatide LAR, and costs associated with the Company's obesity programs,
including a development milestone associated with leptin.
Collaborative profit sharing was $137.3 million for the six months
ended June 30, 2007, compared to $73.4 million for the same period in 2006.
Net loss was $94.4 million, or $0.72 per share for the six months ended
June 30, 2007, compared to $114.3 million, or $0.97 per share, for the same
period in 2006.
Conference Call
Amylin will webcast its Quarterly Update Conference Call today at 5:00
p.m. ET/2:00 p.m. PT. The call will be webcast live through Amylin's
corporate website, http://www.amylin.com, and a recording will be made
available following the close of the call.
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 second quarter financial results, and information
regarding assumptions for the remainder of 2007 operations. For those
without access to the Internet, the live call may be accessed by phone by
calling (800) 561-2693 (domestic) or (617) 614-3523 (international),
passcode 23581339. A replay of the call will also be available by phone for
24 hours beginning approximately one hour after the close of the call and
can be accessed at (888) 286-8010 (domestic) or (617) 801-6888
(international), passcode 98270256.
About Amylin
Amylin Pharmaceuticals is a biopharmaceutical company committed to
improving lives through the discovery, development and commercialization of
innovative medicines. Amylin has developed and gained approval for two
first-in-class medicines for diabetes, SYMLIN(R) (pramlintide acetate)
injection and BYETTA(R) (exenatide) injection. Amylin's research and
development activities leverage the company's expertise in metabolism to
develop potential therapies to treat diabetes and obesity. Amylin is
located in San Diego, California with over 1,700 employees nationwide.
Further information on Amylin Pharmaceuticals is available at
http://www.amylin.com.
This press release contains forward-looking statements about Amylin,
which involve risks and uncertainties. The Company's actual results could
differ materially from those discussed herein due to a number of risks and
uncertainties, including risks that BYETTA or SYMLIN may be affected by
competition, unexpected new data, technical issues, or manufacturing and
supply issues; risks that our financial results may fluctuate significantly
from period to period and may not meet market expectations; risks that our
clinical trials will not be completed when planned or may not replicate
previous results; risks that our preclinical studies may not be predictive;
risks that the FDA may not approve the Company's sNDAs or product
candidates; risks that we may not be able to complete our manufacturing
facility on a timely basis; and other risks inherent in the drug
development and commercialization process. Commercial and government
reimbursement and pricing decisions and the pace of market acceptance may
also affect the potential for BYETTA or SYMLIN. These and additional risks
and uncertainties are described more fully in the Company's recently filed
Form 10-Q. Amylin disclaims any obligation to update these forward-looking
statements.
AMYLIN PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Quarter ended June 30, Six months ended June 30,
2007 2006 2007 2006
Revenues:
Net product sales $167,337 $108,787 $329,340 $184,659
Revenues under
collaborative agreements 29,616 9,362 39,591 15,836
Total revenues 196,953 118,149 368,931 200,495
Costs and expenses:
Cost of goods sold 14,362 14,685 29,572 24,429
Selling, general and
administrative 93,121 63,488 180,908 123,351
Research and development 71,691 50,409 131,255 102,183
Collaborative profit
sharing 70,355 43,386 137,302 73,356
Total costs and expenses 249,529 171,968 479,037 323,319
Operating loss (52,576) (53,819) (110,106) (122,824)
Interest income (expense),
net 7,553 7,425 15,669 8,529
Net loss $(45,023) $(46,394) $(94,437) $(114,295)
Net loss per share - basic
and diluted $(0.34) $(0.38) $(0.72) $(0.97)
Shares used in computing net
loss per
share - basic and diluted 131,774 122,675 131,416 117,293
AMYLIN PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
June 30, December 31,
2007 2006
Assets
Cash, cash equivalents and short-term
investments $1,140,571 $767,331
Accounts receivable, net 54,280 58,089
Inventories, net 78,176 59,299
Other current assets 33,507 22,098
Property and equipment, net 271,937 146,779
Other assets 35,023 6,790
Total assets $1,613,494 $1,060,386
Liabilities and stockholders' equity
Current liabilities $212,993 $203,887
Other liabilities, net of current portion 25,470 21,208
Convertible senior notes 775,000 200,000
Stockholders' equity 600,031 635,291
Total liabilities and stockholders'
equity $1,613,494 $1,060,386
SOURCE Amylin Pharmaceuticals, Inc.
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Related links:
http://www.amylin.com
CONTACT:
Mark Foletta, Senior Vice President, Finance
and Chief Financial Officer of Amylin Pharmaceuticals, Inc.,
+1-858-552-2200
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