Amylin's loss deeper on Byetta worries
Amylin Pharmaceuticals has reported a deepened loss for the year ended December 31, 2008, as sales of Byetta (exenatide) fell 8% in the fourth quarter, amidst links between the drug and cases of pancreatitis, and writedowns on restructuring charges.
Total revenue jumped 8% to $840.1 million. This included product turnover of $765.3 million, consisting of full-year Byetta (exenatide) sales, which increased 7% to $678.5 million, and Symlin (pramlintide acetate), up 33% to $86.8 million.
R&D expenses rose 6% to $293.1 million. The firm says the increase primarily reflects continued investments in exenatide once weekly and the company's obesity development programs.
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