By Julie Steenhuysen and Ransdell Pierson
NEW YORK (Reuters) - Amylin Pharmaceuticals Inc.'s (AMLN.O: Quote, Profile, Research, Stock Buzz) chief operating officer said on Tuesday that Wall Street is underestimating the potential of the company's experimental obesity drugs and predicted strong near-term growth for its diabetes medicines, even as competition looms.
Daniel Bradbury, who is slated to become chief executive by next summer, offered the bullish outlook at the Reuters Health Summit.
Bradbury stressed the promise of a longer-acting form of the company's flagship diabetes drug, Byetta, which is known by the chemical name exenatide.
The new product, known as exenatide LAR, would only be injected once a week rather than twice daily for Byetta. Like Byetta, it would be sold in partnership with Indianapolis drugmaker Eli Lilly and Co. (LLY.N: Quote, Profile, Research, Stock Buzz). Analysts expect it to reach the market by 2010.
Bradbury stressed that Byetta had weight-loss benefits that could help it withstand competition from a new class of oral diabetes drugs coming on the market, notably Merck & Co. Inc.'s (MRK.N: Quote, Profile, Research, Stock Buzz) recently approved drug Januvia, and Novartis AG's (NOVN.VX: Quote, Profile, Research, Stock Buzz) similar experimental drug, Galvus.
Many analysts have fretted that Byetta sales, $126 million in the third quarter, could suffer because of Januvia, which also can be used to avoid or delay the need for insulin injections.
Asked if Januvia posed a major competitive threat to Byetta sales and its extended-release version, Bradbury replied: "I really do not see it like that."
He said the midterm future of the company could hinge on LAR. "Many people have estimated that the LAR will be a multibillion dollar product," he said, declining to give his own forecast. Continued...
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