Loss Widens at Amylin Pharma

Amylin Pharmaceuticals ( AMLN) posted a wider first-quarter loss and missed analysts' consensus estimate by a penny due in part to higher expenses.

In the quarter ended March 31, the company lost $30.8 million, or 34 cents a share, compared with a loss of $22.1 million, or 30 cents a share, in the previous-year quarter. Analysts were expecting the company to lose 33 cents a share.

Revenue under the company's collaborative agreement with Eli Lilly ( LLY) was $11.9 million, compared with nothing in the same period in 2002. The revenue recorded in 2003 consists mostly of the amortization of a portion of the $80 million nonrefundable up-front payment made by Eli Lilly in September 2002 in connection with the global development and commercialization agreement for Exenatide, a diabetes drug.

General expenses increased to $10.5 million, compared with $4.7 million in the same period in 2002, the company said. Research and development expenses for the quarter were $28.1 million, up from last year's $16.5 million. And the company expects its research and development expenses to increase from current levels during the next few quarters.

Looking to 2003, the company hopes to submit Symlin for a New Drug Application amendment to the Food and Drug Administration in the second quarter. In mid-2003, the company expects to initiate additional phase II studies for Exenatide LAR. In the second half of 2003, Amylin expects to complete three phase III pivotal trials for Exenatide, initiate additional phase II studies for Exenatide LAR, and get FDA approval for Symlin, another diabetes treatment.

Amylin is a biopharmaceutical company that develops metabolic diseases medicine. Shares of the company closed at $19.65 Tuesday on the Nasdaq.

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