(RTTNews) -  Thursday, biopharmaceutical company Amylin Pharmaceuticals Inc. (AMLN: News ) reported a first-quarter net loss that narrowed from the year-ago period primarily due to lower expenses.

The San Diego, California-based company reported a first-quarter net loss of $46.95 million or $0.34 per share that narrowed from $71.10 million or $0.52 per share in the corresponding quarter last year. On average, fourteen analysts polled by Thomson Reuters estimated a net loss of $0.35 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter declined marginally to $193.67 million from $197.24 million in the prior-year similar period. Analysts estimated revenues of $204.94 million for the quarter.

Segment wise, net product sales for the quarter increased to $179.33 million from $178.72 million in the similar period last year. Net product sales for the quarter included a $5.8 million reserve related to the U.S. Department of Defense's Tricare Retail Pharmacy program retroactive to January 28, 2008 pursuant to the issuance of a final rule implementing this program in the quarter ended March 31, 2009.

Net product sales of $179.3 million for the quarter include $157.7 million for Byetta or exenatide injection and $21.6 million for Symlin or pramlintide acetate injection.

Revenues under collaborative agreements for the first-quarter of fiscal 2009 decreased to $14.34 million from $18.52 million in the corresponding period last year. The decrease reflects lower cost-sharing payments from Eli Lilly and company for Byetta and exenatide once weekly development expenses.
Mark Foletta, Chief Financial Officer, Amylin Pharma said, "At the end of 2008, we announced that we would manage operating expenses more in line with revenue as part of the business plan to achieve positive operating cash flow by the end of 2010. This quarter's reduction of non-GAAP operating loss by more than half compared to the same quarter last year demonstrates steady progress toward that goal."

GAAP operating loss for the first-quarter of fiscal year 2009 narrowed to $45.55 million from $70.14 million in the first-quarter last year. Non-GAAP operating loss for the quarter narrowed to $19.86 million from $44.02 million in the year-ago similar period.

Total costs and expenses for the quarter fell to $239.22 million from $267.37 million in the first-quarter of fiscal 2008.

Selling, general and administrative expenses for the quarter decreased to $87.56 million from $98.24 million in the comparable period of fiscal 2008.

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