SAN DIEGO (AP) — Diabetes drug maker Amylin Pharmaceuticals Inc. said Thursday that sales of its new drug Bydureon totaled $6.9 million in the first quarter, missing analysts' estimates.
Amylin took a larger quarterly loss because of the end of its development and marketing partnership with Eli Lilly and Co. The company reported greater marketing and research and development costs, and sales of its older drug Byetta also decreased.
Bydureon is a once-per-week injection intended to treat Type 2 diabetes. It contains the same ingredient as Byetta, which is taken twice a day. European Union regulators approved Bydureon in June, and the Food and Drug Administration cleared it in late January after several years of delays. Amylin developed and marketed the drugs with Lilly, but the companies agreed to end their partnership in November.
Analysts expected Bydureon sales to reach $9.5 million during the quarter, according to a FactSet survey of five analysts.
Amylin agreed to pay Lilly $250 million and it is taking full responsibility for marketing Byetta and Bydureon. The company said its sales and administrative expenses jumped 71 percent to $110.3 million in the first quarter as it hired more sales staff and launched Bydureon. Research and development costs grew 22 percent to $51.2 million.
Also, in the first quarter of 2011 the company received $59.9 million in profit-sharing from Eli Lilly.
Amylin said it lost $99 million, or 66 cents per share, for the period, missing the average Street estimate of 30 cents per share, according to FactSet. In the first quarter of 2011 it lost $37.3 million, or 26 cents per share. Total revenue edged up to $153.7 million from $152.7 million but also fell short of the consensus estimate of $162.2 million. Sales of Byetta fell 6 percent to $120.6 million, and sales of the company's other diabetes treatment, Symlin, rose to $23.1 million from $22.8 million.
Shares of Amylin Pharmaceuticals dipped 42 cents to $25.78 in midday trading. The stock has more than doubled in the year to date.