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Isis Reports Financial Results and Highlights for First Quarter of 2008
Date:5/12/2008

gnificant increase in revenue in 2008 from Isis' corporate partnerships, offset in part, by higher expenses associated with the expansion of the companies' key programs and an increase in non-cash stock compensation expense reflecting the increase in Isis' stock price from the first quarter of 2007 to the first quarter of 2008. The reasons for the decrease in the Company's pro forma loss from operations were the same as those for the decrease in the Company's loss from operations according to GAAP other than the effect of non-cash compensation expense related to stock options. The reconciliation of pro forma and GAAP measures is explained later in this release.

Revenue

Total revenue for the first quarter of 2008 was $21.4 million compared to $2.5 million for the first quarter of 2007. Revenue was significantly higher in the first quarter of 2008 due to the addition of revenue from new collaborations. As part of Isis' new strategic relationship with Genzyme Corporation, Genzyme purchased $150 million of Isis stock at $30 per share. Isis is amortizing the premium on the stock, $100 million calculated using a Black-Scholes option valuation model, over the four-year period of the collaboration beginning in the first quarter of 2008. Also contributing to the increase in Isis' revenue was an increase in Ibis' revenue, which is discussed further in the Ibis Biosciences section below.

Expenses

On a pro forma basis, operating expenses for the quarter ended March 31, 2008 were $26.4 million compared to $21.0 million for the same period in 2007. Isis has expanded its clinical development programs as its drugs advance in development, resulting in an increase in operating expenses of $1.5 million in the first quarter of 2008 compared to the first quarter of 2007. Additionally, Ibis' operating expenses have increased by $2.2 million to support the growth of its commercial business and the cost of activities to achieve milestones as part of Abbott's inv
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SOURCE Isis Pharmaceuticals, Inc.
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