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

the operating results of Ibis that are presented separately in Isis' financial statements as a result of the sale of Ibis to AMI in January 2009. Net income from discontinued operations in the first quarter of 2009 primarily consists of the $202.5 million gain less income taxes. Accounting rules require Isis to allocate its 2009 tax expense between discontinued operations and continuing operations in its Consolidated Statement of Operations. Since the sale of Ibis to AMI was a discrete event that occurred in the first quarter of 2009, the accounting rules require Isis to record the total amount of its estimated income tax expense for discontinued operations in the first quarter of this year. Further, Isis is required to gross up this amount by the projected annual tax benefit it expects to record as part of its loss from continuing operations in 2009, which is described above. This means that in addition to the tax expense for the gain on the sale of Ibis, discontinued operations also includes the tax expense for other timing differences, which principally consists of the timing difference associated with the upfront funding Isis received from Genzyme. Accordingly, Isis has recorded tax expense of $30.7 million in discontinued operations in the first quarter of 2009.

Net Income (Loss)

Isis' net income for the first quarter of 2009 was $171.8 million, compared to a net loss of $5.8 million in the first quarter of 2008. Basic and diluted net income per share for the first quarter of 2009 was $1.76 per share and $1.57 per share, respectively. Basic and diluted net loss per share for the first quarter of 2008 was $0.06 per share. Isis' net income and net income per share in the first quarter of 2009 was significantly improved over Isis' net loss and net loss per share for the same period of 2008 primarily due to the gain Isis recognized when it sold Ibis to AMI.

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SOURCE Isis Pharmaceuticals, Inc.
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