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

ncludes the $171.8 million gain that Isis recognized on the sale net of taxes.

The improvement in the Company's pro forma and GAAP operating results was driven primarily by the increase in revenue in the first quarter of 2009 from Isis' corporate partnerships compared to the first quarter of 2008. This was offset, in part, by higher expenses associated with the expansion of the Company's programs as discussed in more detail in the "Operating Expenses" section below. Please refer to the reconciliation of pro forma and GAAP measures, which is explained later in this release.

Revenue

Revenue for the first quarter of 2009 was $31.6 million compared to $18.4 million in the first quarter of 2008. This substantial increase in Isis' revenue is primarily due to an increase in revenue from the Company's collaboration with Genzyme. As part of Isis' strategic relationship with Genzyme, in the first quarter of 2008 Genzyme purchased Isis stock at a significant premium to the then market price and in the second quarter of 2008 paid Isis a license fee. Isis is amortizing the premium on the stock and the license fee into revenue through June 2012. Revenue from Genzyme was higher in 2009 because the first quarter of 2008 only included revenue from amortization of the stock premium. Also contributing to the increase was the revenue Regulus Therapeutics earned from its strategic alliance with GlaxoSmithKline (GSK), which began in April 2008. Although not a material factor in the quarter to quarter change in revenue, Isis also earned revenue from the research and development it performed for its partners and from ongoing licensing agreements. Isis' satellite companies also continued to contribute to the Company's revenue from sublicensing fees, milestone payments and contract manufacturing. Although less predictable than the previously mentioned revenue sources, revenue from these sources contributes meaningfully
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SOURCE Isis Pharmaceuticals, Inc.
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