Amylin Pharmaceuticals Reports Net Loss of $122.8 Million for Fiscal Year 2003

Strategic Insights -

Amylin Pharmaceuticals reported a net loss of $122.8 million for the fiscal year ended December 31, 2003, compared to a net loss of $109.8 million for the year ended December 31, 2002. The company's net loss for the fourth quarter of 2003 was $17.3 million, compared to a net loss of $29.2 million for the same period in 2002.

Key Takeaways:

  • The company's revenue under its collaborative agreement with Eli Lilly & Company for exenatide increased to $85.7 million in 2003, compared to $13.4 million in 2002.
  • Research and development expenses for 2003 increased to $149.4 million, compared to $94.5 million in 2002, primarily due to costs for the completion of exenatide phase III clinical trials and ongoing open-label clinical trials for Symlin.
  • Selling, general and administrative expenses for 2003 increased to $56.8 million, compared to $25.3 million in 2002, due to an increased number of employees, including a 50-person sales force established in 2003.
  • The company held cash, cash equivalents and short-term investments of approximately $270 million at December 31, 2003, and used approximately $143 million for its operating activities in 2003.
  • Amylin Pharmaceuticals' president and CEO, Ginger L. Graham, stated that the company made significant progress in 2003, including the successful completion of the exenatide phase III development program and the enhancement of its financial position.
  • The company expects to use between $160 million and $170 million for its operating activities in 2004, and does not expect significant milestone payments from Lilly in 2004, with a focus on Symlin activities and continued development programs.

Statistics:

  • Net loss: $122.8 million (2003) vs. $109.8 million (2002)
  • Research and development expenses: $149.4 million (2003) vs. $94.5 million (2002)
  • Selling, general and administrative expenses: $56.8 million (2003) vs. $25.3 million (2002)
  • Cash and cash equivalents: $270 million at December 31, 2003
  • Operating activities: $143 million in 2003
  • Expected operating activities for 2004: $160-$170 million

Sources:

  • NewsRx.com & NewsRx.net
  • Amylin Pharmaceuticals, Inc.
  • Eli Lilly & Company
  • Johnson & Johnson