Amylin’s Loss Widens on Rising Expenses
Biopharmaceutical company Amylin Pharmaceuticals Inc. said its third-quarter loss more than doubled, falling short of Wall Street estimates, as selling, general and administrative expenses grew nearly fourfold.
Amylin shares rose 44 cents to $37.99, but plunged $3.99, or 10.5%, to $34 in after-hours activity.
The San Diego company’s net loss grew to $69.5 million, or 65 cents a share, from $34.1 million, or 36 cents, a year earlier. Revenue rose 93% to $25.9 million from $13.4 million last year. Revenue from sales with Eli Lilly & Co. of diabetes medications Byetta and Symlin accounted for $18.1 million and $3.8 million, respectively.
Analysts surveyed by Thomson Financial expected a loss per share of 57 cents on revenue of $30.7 million.
Selling, general and administrative expenses rose to $52.1 million, from $15 million a year earlier, from the expansion of the company’s sales staff.
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