AMLN announced today that the company earned total revenue of $174.1M for the quarter ended Mar. 31, 2010, while accumulating non-GAAP operating loss of $3.8M (an 81% improvement from the same period in 2009), beating analysts' expectation of -$0.29 by 2 cents per share. Prepared to hand in their Bydureon (Byetta once-weekly) response to the FDA this week, the San Diego-base biotech is in line with the hope to launch the new diabetes drug by the end of this year - a catalyst for shareholders and cheerful news for patients.
AMLN's shares slid 61 cents or 2.80% today, closing at $21.14 as investors remain on the sidelines after hearing the company's first quarter financial updates. Amylin's president and CEO, Daniel M. Bradbury, reassures the shareholders that "with the submission of [the] BYDUREON response this week, [AMLN] is preparing to make this revolutionary treatment option available this year to the millions of patients living with type 2 diabetes." Mr. Bradbury emphasized that "[his company] remains focused on driving revenue from their currently marketed products, BYETTA and SYMLIN, and continues to exercise financial discipline so that the firm remains on track to generate sustainable positive operating cash flow by year end."
AMLN's shares slid 61 cents or 2.80% today, closing at $21.14 as investors remain on the sidelines after hearing the company's first quarter financial updates. Amylin's president and CEO, Daniel M. Bradbury, reassures the shareholders that "with the submission of [the] BYDUREON response this week, [AMLN] is preparing to make this revolutionary treatment option available this year to the millions of patients living with type 2 diabetes." Mr. Bradbury emphasized that "[his company] remains focused on driving revenue from their currently marketed products, BYETTA and SYMLIN, and continues to exercise financial discipline so that the firm remains on track to generate sustainable positive operating cash flow by year end."
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