Diabetes drug maker Amylin posts wider second-quarter loss

Via Acquire Media NewsEdge) Jul. 22--The expense of developing a once-weekly version of its diabetes drug, Byetta, led to a wider second-quarter loss, Amylin Pharmaceuticals reported yesterday. The San Diego-based company reported a loss of $64.8 million for the quarter ending June 30, or 47 cents a share, compared with a loss of $45 million, or 34 cents a share, in the same quarter of 2007. Analysts had expected a loss of about 49 cents a share. Revenue rose about 13 percent to $222 million. Sales of Byetta, which is administered twice daily, were $177.5 million, up about 17 percent. The company reported its results after the market closed. Its shares rose 85 cents, or 3.3 percent, to close at $26.60. In after-hours trading, they were down 30 cents. Byetta, which helps control blood sugar in type 2 diabetics while also... [read full story]