Amylin Pharmaceuticals Inc. (AMLN, Financial) filed Quarterly Report for the period ended 2010-03-31.
Amylin Pharmaceuticals Inc. has a market cap of $2.83 billion; its shares were traded at around $19.73 with and P/S ratio of 3.8. AMLN is in the portfolios of Carl Icahn of Icahn Capital Management LP, Edward Owens of Vanguard Health Care Fund, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
We used cash of $38.5 million and $63.9 million for our operating activities in the three months ended March 31, 2010 and 2009, respectively. Our cash used for operating activities in the three months ended March 31, 2010 included uses of cash due to decreases in accrued compensation, accounts payable and accrued liabilities, and payable to collaborative partner of $25.8 million, $9.7 million and $8.6 million, respectively and an increase in other current assets of $9.8 million. The decrease in accrued compensation primarily reflects the payment of annual compensation accruals in the three months ended March 31, 2010. The decrease in accounts payable and accrued liabilities primarily reflects lower expense levels for the three months ended March 31, 2010 compared to the same period of 2009. The decrease in the payable to collaborative partner reflects a reduced net payable to Lilly due to higher cost-sharing payments due from Lilly due to increased development expenses for BYDUREON in the three months ended March 31, 2010. The increase in other current assets is largely due to an increase in receivables from our collaborative partners which are included in other current assets.
Our investing activities provided cash of $53.1 million and $10.3 million for the three months ended March 31, 2010 and 2009, respectively. Investing activities in both quarters consisted primarily of purchases and sales of short-term investments and purchases of property, plant and equipment, net. Purchases of property, plant and equipment, net decreased to $27.5 million for the three months ended March 31, 2010 from $38.8 million for the three months ended March 31, 2009. The decrease in purchases of property reflects a reduction in purchases associated with our BYDUREON manufacturing facility, offset by costs incurred in connection with the BYDUREON pen device. Through March 31, 2010, we had expended $600.9 million associated with the construction of the BYDUREON manufacturing facility, which includes costs associated with the construction of the facility, purchase and installation of equipment and capitalized labor and materials required to validate the facility. The initial capital investment for the pen is expected to be $216.0 million over the next few years, which will be funded 60% by Lilly and 40% by us. Through March 31, 2010 we have incurred $122.4 million in capital expenditures associated with the BYDUREON pen device and incurred total combined capital expenditures for the manufacturing facility and the pen device of $723.3 million. We have billed Lilly $68.4 million for its share of
Financing activities used cash of $0.7 million and $4.0 million for the three months ended March 31, 2010 and 2009, respectively. Financing activities in the three months ended March 31, 2010 include $7.8 million in principal payments of our term loan, partially offset by proceeds of $7.2 million from the exercise of stock options and proceeds from our employee stock purchase plan. Financing activities for the three months ended March 31, 2009 include $7.8 million in principal payments of our term loan, partially offset by proceeds of $3.8 million from the exercise of stock options and proceeds from our employee stock purchase plan.
At March 31, 2010, we had $200 million in aggregate principal amount of convertible senior notes due 2011, or the 2004 Notes, and $575 million of the convertible senior notes due 2014, or the 2007 Notes, outstanding. The 2004 Notes are currently convertible into a total of up to 5.8 million shares of our common stock at approximately $34.35 per share and are not redeemable at our option. The 2007 Notes are currently convertible into a total of up to 9.4 million shares of our common stock at approximately $61.07 per share and are not redeemable at our option.
In December 2007, we entered into a $140 million credit agreement. The credit agreement provides for a $125 million term loan and a $15 million revolving credit facility. The revolving credit facility also provides for the issuance of letters of credit and foreign exchange hedging up to the $15 million borrowing limit. At March 31, 2010 we had an outstanding balance of $85.9 million under the term loan and had issued $8.5 million of standby letters of credit under the revolving credit facility. Both loans have a final maturity date of December 21, 2010. Interest on the term loan is payable quarterly in arrears at a rate equal to 1.75% above the London Interbank Offered Rate, or LIBOR, of either one, two, three or six months LIBOR term at our election. We have entered into an interest rate swap agreement which resulted in a net fixed interest rate of 5.717% under the term loan. The interest rate on the credit facility is LIBOR plus 1.0% or the Bank of America prime rate, at our election.
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Amylin Pharmaceuticals Inc. has a market cap of $2.83 billion; its shares were traded at around $19.73 with and P/S ratio of 3.8. AMLN is in the portfolios of Carl Icahn of Icahn Capital Management LP, Edward Owens of Vanguard Health Care Fund, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Interest and other expense consist primarily of interest expense resulting from our long-term debt obligations, amortization of debt issuance costs, mark-to-market gains and losses on derivative financial instruments and foreign exchanges gains and losses. Interest and other expense in the three months ended March 31, 2010 consists of interest on our $775 million par value of outstanding convertible senior notes and our $85.9 million of outstanding long-term note payable, the amortization of associated debt issuance costs and recognized gains and losses associated with recording economic hedge transactions at fair value. Interest and other expense was $6.1 million and $4.4 million for the three months ended March 31, 2010 and 2009, respectively. The increase in interest and other expense for the three months ended March 31, 2010 primarily reflects a decrease in foreign exchange gains and a decrease in the interest capitalized to our Ohio manufacturing facility.We used cash of $38.5 million and $63.9 million for our operating activities in the three months ended March 31, 2010 and 2009, respectively. Our cash used for operating activities in the three months ended March 31, 2010 included uses of cash due to decreases in accrued compensation, accounts payable and accrued liabilities, and payable to collaborative partner of $25.8 million, $9.7 million and $8.6 million, respectively and an increase in other current assets of $9.8 million. The decrease in accrued compensation primarily reflects the payment of annual compensation accruals in the three months ended March 31, 2010. The decrease in accounts payable and accrued liabilities primarily reflects lower expense levels for the three months ended March 31, 2010 compared to the same period of 2009. The decrease in the payable to collaborative partner reflects a reduced net payable to Lilly due to higher cost-sharing payments due from Lilly due to increased development expenses for BYDUREON in the three months ended March 31, 2010. The increase in other current assets is largely due to an increase in receivables from our collaborative partners which are included in other current assets.
Our investing activities provided cash of $53.1 million and $10.3 million for the three months ended March 31, 2010 and 2009, respectively. Investing activities in both quarters consisted primarily of purchases and sales of short-term investments and purchases of property, plant and equipment, net. Purchases of property, plant and equipment, net decreased to $27.5 million for the three months ended March 31, 2010 from $38.8 million for the three months ended March 31, 2009. The decrease in purchases of property reflects a reduction in purchases associated with our BYDUREON manufacturing facility, offset by costs incurred in connection with the BYDUREON pen device. Through March 31, 2010, we had expended $600.9 million associated with the construction of the BYDUREON manufacturing facility, which includes costs associated with the construction of the facility, purchase and installation of equipment and capitalized labor and materials required to validate the facility. The initial capital investment for the pen is expected to be $216.0 million over the next few years, which will be funded 60% by Lilly and 40% by us. Through March 31, 2010 we have incurred $122.4 million in capital expenditures associated with the BYDUREON pen device and incurred total combined capital expenditures for the manufacturing facility and the pen device of $723.3 million. We have billed Lilly $68.4 million for its share of
Financing activities used cash of $0.7 million and $4.0 million for the three months ended March 31, 2010 and 2009, respectively. Financing activities in the three months ended March 31, 2010 include $7.8 million in principal payments of our term loan, partially offset by proceeds of $7.2 million from the exercise of stock options and proceeds from our employee stock purchase plan. Financing activities for the three months ended March 31, 2009 include $7.8 million in principal payments of our term loan, partially offset by proceeds of $3.8 million from the exercise of stock options and proceeds from our employee stock purchase plan.
At March 31, 2010, we had $200 million in aggregate principal amount of convertible senior notes due 2011, or the 2004 Notes, and $575 million of the convertible senior notes due 2014, or the 2007 Notes, outstanding. The 2004 Notes are currently convertible into a total of up to 5.8 million shares of our common stock at approximately $34.35 per share and are not redeemable at our option. The 2007 Notes are currently convertible into a total of up to 9.4 million shares of our common stock at approximately $61.07 per share and are not redeemable at our option.
In December 2007, we entered into a $140 million credit agreement. The credit agreement provides for a $125 million term loan and a $15 million revolving credit facility. The revolving credit facility also provides for the issuance of letters of credit and foreign exchange hedging up to the $15 million borrowing limit. At March 31, 2010 we had an outstanding balance of $85.9 million under the term loan and had issued $8.5 million of standby letters of credit under the revolving credit facility. Both loans have a final maturity date of December 21, 2010. Interest on the term loan is payable quarterly in arrears at a rate equal to 1.75% above the London Interbank Offered Rate, or LIBOR, of either one, two, three or six months LIBOR term at our election. We have entered into an interest rate swap agreement which resulted in a net fixed interest rate of 5.717% under the term loan. The interest rate on the credit facility is LIBOR plus 1.0% or the Bank of America prime rate, at our election.
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