Amylin posts smaller 2nd-qtr 2011 loss despite lower Byetta sales
US biotech Amylin Pharmaceuticals (Nasdaq: AMLN) saw its shares all 4.9% to $12.65 after it reported financial results for the quarter ended June 30, 2011 showing that GAAP net loss was $31.4 million, or $0.22 per share, compared to $44.2 million, or $0.31 per share, for the same period in 2010.
Total revenue was $158.1 million for the quarter ended June 30, 2011, which included net product sales of $154.8 million. Non-GAAP operating loss was $1.7 million, compared to $7.4 million for the same period in 2010, and the company said it is approaching break-even. Analysts surveyed by FactSet, on average, expected a loss of $0.20 per share on revenues of $156.8 million.
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