Net Loss from Continuing Operations, Net of Income Tax Benefit
Net loss from continuing operations, net of income tax benefit, for the first quarter of 2009 was $814,000 compared to $6.1 million in the first quarter of 2008. The improvement in Isis' net loss from continuing operations was primarily driven by the improvement in the Company's net operating results. Even though Isis finished the first quarter of 2009 with a net loss from continuing operations, Isis had taxable income, which is primarily a result of the significant upfront payments that the Company received from its strategic alliance with Genzyme in 2008 and the gain it recognized on the sale of Ibis to AMI earlier this year. Accounting rules require Isis to record an income tax benefit of $717,000 on a line called "Income Tax Benefit" as part of its financial results from continuing operations because it will be using the tax benefits generated from its current year loss from continuing operations to offset a portion of its taxable income.
Net Income (Loss) from Discontinued Operations
The net income (loss) from discontinued operations represents
|SOURCE Isis Pharmaceuticals, Inc.|
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