Byetta sales have dropped.
Amylin Q4 loss widens on charges, falling Byetta sales
reuters.com
* Q4 net loss of 76 cents a share, including charges
* Q4 adj net loss 36 cents a share
* Byetta sales fall 7.7 pct (Adds details from conference call)
BANGALORE, Jan 27 (Reuters) - Amylin Pharmaceuticals Inc (AMLN.O: Quote, Profile, Research, Stock Buzz) posted a wider net loss, hurt by falling sales of its diabetes drug Byetta and restructuring charges, and said it will not provide a revenue outlook for 2009.
Reports of pancreatitis tied to Byetta have hurt the drug, but in a conference call with analysts, the company said that no causal relationship between Byetta and pancreatitis has been proved to date.
The company is developing a new version of Byetta with partner Eli Lilly (LLY.N: Quote, Profile, Research, Stock Buzz), and Amylin said it expects receiving monotherapy indication approval and updated safety labelling language later this quarter.
"There is potential upside for the company if the new pancreatitis warning is less severe than the Street is currently anticipating," said Rodman & Renshaw analyst Jason Butler.
For the fourth quarter, the biopharmaceutical company posted a loss of $104.1 million, compared with a net loss of $76.9 million in the year-ago quarter. [nWNAB4326]
Total revenue for the quarter ended Dec. 31 fell 9 percent to $202.5 million. Byetta sales fell about 7.7 percent to $162.7 million during the quarter.
"Byetta sales continue to suffer from the ongoing uncertainty related to the FDA's concerns of the risk of serious pancreatitis with the drug," said analyst Butler.
Shares of Amylin closed at $11.69 Tuesday on Nasdaq. They were trading down 5 percent at $11 after the bell.
Q4 2008 Earnings Call Transcript:
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