Amylin Pharmaceuticals Inc. (AMLN) Wednesday reported a fourth quarter loss that narrowed from a year ago, reflecting a significant decline in restructuring expenses. Revenues for the quarter declined from a year ago and came in short of estimates.
Amylin's fourth-quarter GAAP net loss narrowed to $50.27 million or $0.35 per share from $105.23 million or $0.76 per share in the same period last year. Net loss for the fourth quarter, excluding restructuring charges, was $44.7 million or $0.32 per share, compared with $50.3 million or $0.37 per share a year-ago.
On average, 15 analysts polled by Thomson Reuters expected the company to report a loss of $0.30 per share for the quarter. Analysts' estimates typically exclude special items.
Results for the quarter ended December 31, 2009 include a charge of $5.6 million related to a revision to its estimated losses associated with facilities vacated as part of its strategic restructuring in the fourth quarter of 2008. This compares to a restructuring charge of $54.9 million in the year ago period of 2008.
The year ago earlier results have been adjusted to reflect an accounting change whereby research and development costs that were reimbursed by the company's collaborative partners were recorded as a reduction of research and development expense. The company noted that these costs were previously recorded as "Revenues under collaborative agreements."
GAAP operating loss for the quarter narrowed to $47.25 million from $100.24 million a year earlier and non-GAAP operating loss narrowed to $17.02 million from $20.21 million for the same period a year-ago.
Total revenues declined slightly to $185.53 million from $185.99 million in the corresponding quarter a year ago.
Thirteen analysts had a revenue estimate of $219.38 million for the fourth quarter.
Commenting on the results, Daniel Bradbury, chief executive officer said, "Amylin had a year of strong execution in 2009, achieving significant milestones across research and development, commercial and operations. The actions we undertook during the past year have laid the groundwork for a value-inflection year in 2010, in which we are poised to help even more of the millions of patients struggling to manage their diabetes, and create significant value for shareholders."
In the sequentially preceding third quarter, the Amylin's net loss 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. Revenue for the quarter decreased to $211.24 million from $218.36 million in the year-ago quarter.
For the fourth quarter under review, restructuring expenses decreased significantly to $5.60 million from $54.93 million in the year earlier period. Total costs and expenses dropped to $232.77 million from $286.23 million a year-ago.
The company's fourth quarter Byetta sales rose slightly to $163.7 million from $162.7 million last year. Symlin sales dropped to $20.6 million from $22.2 million in the same period last year. Byetta and Symlin injections are the company's two first-in-class medicines for diabetes.
Amongst others in the industry, Swiss drug-maker Novartis AG (NVS), Tuesday reported an increase in fourth-quarter profit, reflecting an operational progress in all of its divisions and more favorable currency conditions. Net income for the fourth quarter attributable to shareholders of Novartis AG increased to US$2.3 billion or US$1.01 per share from US$1.54 billion or US$0.67 per share in the previous year. Novartis' net sales for the fourth quarter grew 28% to US$12.93 billion from US$10.08 billion in the year earlier.
For the full year, Amylin's net loss narrowed to $186.26 million or $1.32 per share from $321.94 million or $2.35 per share last year. GAAP operating loss for the full year narrowed to $173.347 million from $297.22 million in the same period last year. Non-GAAP operating loss narrowed to $58.67 million from $137.22 million a year-ago.
Analysts expected the company to report loss per share of $1.25 for the full year.
Revenues for the fiscal year declined to $758.42 million from $769.63 million last year. Analysts expected the company to report revenues of $833.61 million for the full year.
AMLN closed Wednesday's trading at $18.77, down $0.24 or 1.26%, on a volume of 6.02 million shares on the Nasdaq. In after hours, the stock further lost $0.57 or 3.04, trading at $18.20. In the past 52 weeks, the stock trended in a broad range of $7.89 - $19.99, with a three-month average volume of 4.11 million shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.