Amylin 4th-qtr loss widens on charges

7 February 2012

US biotech firm Amylin Pharmaceuticals (Nasdaq: AMLN) reported that in loss for the fourth quarter of 2011 leapt to $461.5 million, or $3.15 a share on a GAAP basis, up from $19.2 million, or $0.13 per share in the like year ago quarter.

The was the result of $431.6 million in charges to re-acquire rights for its exenatide diabetes products Byetta and Bydureon from former partner Eli Lilly. Bydureon (exenatide extended release) only gained US marketing approval last month (The Pharma Letter January 30). Non-GAAP net income declined to $13.42 million or $0.09 per share, from $18.71 million or $0.13 per share in the same quarter last year.

Total revenues for the quarter fell 5.3% to $164.94 million. Analysts polled by Thomson Reuters expected Amylin to post a loss of $0.08 per share on revenues of $163.64 million for the quarter.

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