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For the third quarter, net loss of Amylin was $26.7 million or $0.19 per share, compared to a loss of $79.0 million or $0.58 per share in the prior year quarter. Quarterly results included a loss on impairment of investments of $14.9 million or $0.11 per share.
On average, fourteen analysts' polled by Thomson Reuters expected a loss of $0.29 per share for the quarter. Analysts' estimates typically exclude one-time items.
Amylin's revenue for the quarter decreased to $211.24 million from $218.36 million in the prior-year quarter, while the Street expected revenues of $219.00 million for the quarter.
Sequentially, in the second quarter, Amylin reported narrower second-quarter loss helped by lower costs and expenses stemming from its cost saving measures. Net loss for the second quarter was $62.37 million or $0.44 per share, while revenues decreased to $209.37 million from $222.02 million.
For the quarter under review, net product sales of Amylin decreased to $192.89 million from $201.36 million, while revenues under collaborative agreements increased to $18.35 million from $17.00 million in the year-earlier quarter.
Net product sales include $171.1 million for Byetta injection and $21.8 million for Symlin injection, compared to $179.9 million for Byetta and $21.5 million for Symlin for the same period in 2008. The increase in collaborative agreements reflects higher cost-sharing payments from Lilly for development expenses for Byetta and exenatide once weekly.
Total costs and expenses decreased to $233.64 million from $277.10 million in the year-ago quarter. Selling, general and administrative expenses decreased to $80.1 million from $99.7 million, primarily reflecting lower sales force and business infrastructure expenses driven by the company's reduced cost structure.
Research and development expenses decreased to $52.6 million from $73.5 million, primarily reflects decreased development expenses for exenatide once weekly and the company's obesity development programs following recently completed clinical trials and efficiencies driven by the company's reduced cost structure.
Operating loss for the quarter narrowed to $22.40 million from $58.74 million in the same quarter a year ago.
Amongst others in the industry, drug major Pfizer Inc. (PFE | Quote | Chart | News | PowerRating), in its third quarter, reported a 26% rise in profit, driven by sharply lower one-time charges as well as cost-reduction initiatives. Revenues dropped 3% on poor segmental performance as well as unfavorable foreign currency impact. Net income was $2.88 billion or $0.43 per share. Revenues were down 3% at $11.62 billion.
Another player, Merck & Co. Inc. (MRK | Quote | Chart | News | PowerRating), in its second quarter, reported a 12% decline in profit, hurt mainly by lower revenues as well as merger and restructuring costs. GAAP net income attributable to company was $1.56 billion or $0.74 per share. Total sales dropped 18% at $268 million. For the nine-month period, net loss of Amylin narrowed to $135.99 million or $0.97 per share from $216.71 million or $1.58 per share in the year-earlier period. Results included a loss on impairment of investments of $14.9 million or $0.11 per share. Total revenues were $614.28 million, compared to $637.62 million in the same period a year ago.
On April 28, 2009, brokerage FTN Equity Capital initiated a 'Neutral,'rating on Amylin shares,with a mean target of $16.43.
AMLN closed Tuesday's regular trading at $13.14, down $0.35 or 2.59%, on a volume of 2.59 million shares. In after-hours, the stock further dropped $0.03 or 0.23%, to trade at $13.14. In after-trading, the stock traded in the range $5.50 to $15.69, with a three-month average volume of 2.59 million shares.
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