Diabetes Drug Company losing less

Tue, 24 Jul 2007
Diabetes drug and biotechnology firm Amylin Pharmaceuticals Inc. claimed that their second-quarter losses have now narrowed. This is largely due to sales of the diabetes drug Byetta.

The figures are improving for the company, but a substantial loss is still being made. The company lost $45 million, approximately 34 cents per share . Revenue climbed to $197 million, largely aided by diabetic medication Byetta. Another drug for diabetics, Symlin, generated revenue of $15.2 million.

Revenue from collaborative agreements was also found to surge. Eli Lilly and Co are co-releasing Byetta in the European Union, and milestone payments between the two companies are aiding Amylin fortunes.

Byetta faces stiff resistance from a Merck rival drug, Januvia.
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