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Isis Reports Financial Results and Highlights for Fiscal year 2007
Date:3/13/2008

* 2007 Net Operating Loss 54% Lower than 2006 * Successful Execution of Partnership Strategy Provides Nearly $450 Million

in Cash and Committed Cash

* 2008 Projected Net Operating Loss Less than $15 Million

* 2008 Projected Year-End Cash Greater than $450 Million

* Conference Call Webcast Thursday, March 13, 08:30 a.m. EDT at

http://www.isispharm.com

CARLSBAD, Calif., March 13 /PRNewswire-FirstCall/ -- Isis Pharmaceuticals, Inc. (Nasdaq: ISIS) today announced its 2007 financial results and business highlights. The Company finished a very successful year by meeting its 2007 pro forma net operating loss (NOL) guidance with an NOL of $29.0 million. The 2007 NOL was 54% lower than the Company's 2006 NOL. Due to its strong financial performance during 2007, Isis reduced its 2007 NOL guidance from the mid to high $60 million range down to the mid to high $20 million range. Isis' 2007 loss from operations of $38.9 million also decreased significantly (43%) from its 2006 loss from operations of $68.1 million, according to GAAP.

"2007 was a transformational year for Isis. The execution of our business strategy is tangibly visible in our 2007 results of operations and our year end balance sheet," said B. Lynne Parshall, COO and CFO of Isis. "Financial rewards from our existing partnership with Alnylam, as well as new partnerships with Bristol-Myers Squibb, Ortho-McNeil, Abbott and Genzyme have resulted in additional cash of nearly $450 million, of which approximately $270 million has been received to date. The breadth of Isis innovation has also enhanced our financial strength, including
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SOURCE Isis Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
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