Amylin Pharmaceuticals Inc. (AMLN): Amylin Shares Rise on Byetta Sales AP,...

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Thursday, 01/26/2006 11:15:46 PM

Thursday, January 26, 2006 11:15:46 PM

Amylin Shares Rise on Byetta Sales
AP, Thursday January 26, 1:09 pm ET

Byetta Sales Push Amylin Pharmaceuticals Shares Higher Despite Wider-Than-Expected 4Q Loss

NEW YORK (AP) -- Amylin Pharmaceuticals Inc. shares edged higher Thursday after Eli Lilly & Co. released particularly strong sales for the diabetes therapy the drug makers developed together.

The Byetta drug, used by Type 2 diabetics to help control their blood sugar levels, was approved by the Food and Drug Administration in June. It posted fourth-quarter sales of $49 million, bringing its total since launch to $74.6 million.

Amylin, which receives 50 percent of the gross profit from Byetta, saw its shares rise 83 cents, or 2 percent, to $43.20 in afternoon trading on the Nasdaq. Lilly shares fell 17 cents to $57 on the New York Stock Exchange.

San Diego-based Amylin said earlier it will post a fourth-quarter loss of $66 million to $69 million, or 60 cents to 63 cents per share, because of higher costs that offset the Byetta revenue. Some of the increased expenses come from investment in a once-weekly formulation of Byetta.

Analysts surveyed by Thomson Financial expect a loss of 59 cents per share.

Amylin plans to release more detailed fourth-quarter results on Feb. 9. The company's third-quarter revenue totaled $25.9 million.

http://biz.yahoo.com/ap/060126/amylin_outlook.html?.v=1

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