Diabetes drug maker Amylin Pharmaceuticals Inc. reported a slightly narrower first-quarter loss on Monday as the company cut back on costs, offsetting a drop in revenue.
Amylin posted a loss of $37.3 million, or 26 cents per share, for the quarter ended March 31. In the first quarter of 2010 Amylin lost $38.2 million, or 27 cents per share. Excluding restructuring charges, the company's loss would have totaled 24 cents per share in the 2011 period.
Revenue fell 12 percent to $152.7 million from $174.1 million as revenue from Byetta sales fell 15 percent to $149.8 million. Amylin developed the twice-daily diabetes drug, which is marketed by Eli Lilly & Co. Sales of its other diabetes drug Symlin were about flat at $22.8 million versus $22.5 million in the prior quarter. But the decline in revenue was offset by lower costs related to pre-launch activities for prospective diabetes drug Bydureon. Business and research and development costs also decreased after the company restructured some of its operations.
Amylin is developing Bydureon, designed to be taken once a week, with Eli Lilly & Co. and Alkermes Inc. The Food and Drug Administration declined to approve the drug in October, and the companies plan to provide the agency with more data later this year. But on Friday a European Union regulatory panel recommended that Bydureon be approved for sale, moving the product closer to market there.
Analysts had expected a slightly smaller loss of 23 cents per share, excluding one-time items, and higher revenue of $156.6 million, according to estimates compiled by FactSet. The results sent Amylin shares down 55 cents, or 4.2 percent, to $12.54 in midday trading.