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Isis Reports Financial Results and Highlights for Second Quarter of 2008

r expenses associated with the expansion of the companies' programs and, for Isis' GAAP results, an increase in non-cash stock compensation expense reflecting the increase in Isis' stock price over the same periods. The reconciliation of pro forma and GAAP measures is explained later in this release.


Total revenue for the three and six months ended June 30, 2008 of $33.0 million and $54.3 million, respectively, was significantly higher than the revenue from the same periods in 2007 of $3.8 million and $6.3 million as a result of Isis' new collaborations. As part of Isis' strategic relationship with Genzyme Corporation, in the first quarter of 2008 Genzyme purchased $150 million of Isis stock at $30 per share and in the second quarter paid Isis a licensing fee of $175 million. Isis is amortizing the premium on the stock and the license fee into revenue through June 2012. Additionally, in the second quarter of 2008, Isis continued to recognize significant value from its partnerships, satellite companies and subsidiaries including:
-- $2.0 million milestone payment from Bristol-Myers Squibb for a PCSK9

development candidate

-- $4.6 million from Alnylam Pharmaceuticals, Inc.

-- $1.4 million from Antisense Therapeutics Limited

-- $3.3 million from Ibis representing a 72% increase from second half of


-- $656,000 of revenue from Regulus primarily from its GlaxoSmithKline

(GSK) alliance

Operating Expenses

On a pro forma basis, operating expenses for the three and six months ended June 30, 2008 were $32.1 million and $58.5 million, respectively, compared to $21.1 million and $42.1 million for the same periods in 2007. The increase in operating expenses year over year is due to Isis' expanded clinical development programs as its drugs advance in development, an increase in Ibis' operating expenses to support the growth of its commercial business and the activities to

SOURCE Isis Pharmaceuticals, Inc.
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