Amlyin's Q3 product sales up 534% year over year, cash hits $832.55 million

By Angela McDaniels

Seattle, Oct. 18 - Amylin Pharmaceuticals, Inc. said it had cash, cash equivalents and short-term investments of $832.55 million at Sept. 30, compared with $443.42 million at Dec. 31, 2005.

Total revenue for the third quarter ended Sept. 30 increased by 467% to $147.02 million from $25.91 million for the third quarter of 2005.

The company's total revenue was boosted by a 534% increase in net product sales to $138.80 million for the third quarter from $21.87 million for the third quarter of 2005. Sales of Byetta (exenatide) injection grew to $125.4 million from $18.1 million and sales of Symlin (pramlintide acetate) injection increased to $12.4 million from $3.8 million.

The net loss shrank to $46.14 million, or $0.36 per share, for the third quarter from $69.48 million, or $0.65, for the third quarter of 2005.

Amylin said the net loss for the most recent quarter included $14.6 million, or $0.12 per share, of stock-based compensation expense and a non-operating charge of $7.9 million, or $0.06 per share, recorded in connection with the early retirement of the company's $175 million 2.25% convertible senior notes due 2008.

For the nine months ended Sept. 30, revenue more than tripled to $347.51 million from $76.94 million for the same period of 2005.

Net product sales for the period grew by 960% to $323.46 million - including sales of $293.2 million for Byetta and $30.3 million for Symlin - from $30.52 million for the first nine months of 2005.

The net loss was $160.44 million, or $1.33 per share, for the nine months ended Sept. 30, compared with a net loss of $139.67 million, or $1.34 per share, for the same period in 2005.

Amylin Pharmaceuticals is a biopharmaceutical company based in San Diego that develops therapies for the treatment of diabetes, obesity and cardiovascular disease.

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