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Isis Reports Strong Financial Results and Highlights for First Quarter of 2009
Date:5/7/2009

- Conference Call Webcast Thursday, May 7, 08:30 a.m. EDT at www.isispharm.com

CARLSBAD, Calif., May 7 /PRNewswire-FirstCall/ -- Isis Pharmaceuticals, Inc. (Nasdaq: ISIS) today announced its financial results for the quarter ended March 31, 2009. Primarily as a result of the $171.8 million gain that Isis recognized from selling its Ibis Biosciences subsidiary to Abbott Molecular Inc. (AMI), Isis finished the first quarter of 2009 with pro forma net income of $173.0 million. Isis also reported pro forma net operating income of $2.1 million for the first quarter of 2009 compared to a net operating loss (NOL) of $3.0 million in the first quarter of 2008. The improvement in Isis' operating results from the first quarter of 2008 was primarily due to an increase in revenue from its strategic alliance with Genzyme, which was completed in the second quarter of 2008. On a GAAP basis, Isis' net income of $171.8 million and loss from operations of $642,000 for the first quarter of 2009 also improved significantly from its net loss and loss from operations in the first quarter of 2008. The sale of Isis' diagnostic subsidiary, Ibis, not only was a substantial contributor to Isis' first quarter net income, but the $175 million Isis received from completing the transaction also considerably increased Isis' cash position. Isis ended the quarter with $652 million in cash, cash equivalents and short-term investments.

"We ended 2008 in the strongest financial position in our history, and our financial strength continued to improve this quarter. Already this year, we have received over $200 million in cash, including the $175 million we received at the beginning of the year from our sale of Ibis," said B. Lynne Parshall, COO and CFO of Isis. "Our strong financial position is a result of t
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SOURCE Isis Pharmaceuticals, Inc.
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