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Isis Reports Strong Financial Results and Highlights for Fiscal Year 2008
Date:2/25/2009

- Exceeds 2008 Projections for Net Operating Income and Year-End Cash

- Achieves 2008 Positive Pro Forma Net Operating Income and Net Income

- Conference Call Webcast Wednesday, February 25, 8:30 a.m. EST at www.isispharm.com

CARLSBAD, Calif., Feb. 25 /PRNewswire-FirstCall/ -- Isis Pharmaceuticals, Inc. (Nasdaq: ISIS) today announced its 2008 financial results and business highlights. Isis exceeded its 2008 financial guidance by ending 2008 with positive pro forma net income of $3.1 million and positive pro forma net operating income of $226,000. The considerable improvement in Isis' financial results from 2007 was due to a significant increase in revenue that Isis generated in 2008 from its corporate partnerships. On a GAAP basis, Isis' loss from operations of $13.1 million and net loss of $12.0 million also improved significantly from its 2007 loss from operations and net loss. In addition to creating a continuing revenue base, Isis' corporate partnerships have considerably improved its cash position allowing Isis to finish 2008 with $491 million of cash, which does not include the $175 million that Isis received in January 2009 when it completed the sale of its Ibis Biosciences subsidiary to Abbott Molecular Inc (AMI).

"We believe that we are now at the beginning phase of sustained financial strength as evidenced by our 2008 financial results. With the sale of Ibis at the beginning of 2009, we started the year with more than $650 million in cash. In addition, we ended the year with positive pro forma net operating income and net income, further demonstrating our move toward continued financial strength. We expect to continue to benefit financially from the successful execution of our business strategy in 2009 and to move closer
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SOURCE Isis Pharmaceuticals, Inc.
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