Amylin clears regulator hurdle and reports much better than expected earnings |
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By Staff and Wire Reports | |
Friday, 21 October 2011 04:38 | |
![]() Shares of the stock continued slightly higher after hours following a decision from Food and Drug Administration regulators to clear the injectable medicine, first approved in April 2005, to be used by patients taking insulin glargine, a long-acting insulin marketed by French drugmaker Sanofi as Lantus, Amylin and Lilly said yesterday in a statement.The move would “make Byetta available to millions of insulin-using Type 2 diabetes patients in the United States,” Vincent Mihalik, senior vice president of sales and marketing at Amylin, said in an April earnings call. The drug brought in $559 million for San Diego-based Amylin last year, almost 85 percent of the company’s revenue, according to data Bloomberg compiled. The drug accounted for $151 million in sales for Indianapolis-based Lilly last year. Amylin sued Lilly in federal court alleging anticompetitive activity and breach of a strategic alliance agreement, the company said in a statement in May. Amylin wants to stop Lilly from using the same sales force to promote linagliptin, a product Lilly is developing with German drugmaker Boehringer Ingelheim GmbH to complete with Byetta and a once-weekly version called Bydureon under review by the FDA. Amylin has been struggling to win FDA approval for Bydureon, a once-weekly version of Byetta, which the agency has rejected twice. The FDA has set Jan. 28 as the review date for that drug. "Featured Content" profiles are meant to provide awareness of these companies to investors in the small-cap and growth equity community and should not in any way come across as a recommendation to buy, sell or hold these securities. BiomedReports is not paid or compensated by newswires to disseminate or report news and developments about publicly traded companies, but may from time to time receive compensation for advertising, data, analytics and investor relation services from various entities and firms. Full disclosures should be read in the 'About Us Section'. Add this page to your favorite Social Bookmarking websites ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() |