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

to sustainable profitability, an important goal for us," said B. Lynne Parshall, COO and CFO of Isis.

"We are projecting pro forma net income in 2009 of more than $145 million. The gain we realized from our sale of Ibis is a significant contributor to our projected net income. As we move the Phase 3 program forward for mipomersen, as Regulus continues to grow, and as we expand our research and development efforts into new therapeutic areas, we expect our pro forma net operating loss in 2009 will be slightly higher than our 2008 guidance, and in the low to mid $20 million range, excluding non-cash stock compensation. Additionally, based on our cash and committed cash, we expect to end 2009 with more than $550 million in cash," continued Ms. Parshall. "Our financial performance is evidence of the value we have created in our technology and our pipeline. We are able to maximize this value through our innovative business model, which provides us with a continuing stream of revenue that we believe will continue to drive our financial success as our pipeline matures and our partnerships continue to succeed."

Upcoming Key Milestones

  • Report data from a Phase 3 study evaluating mipomersen in homozygous Familial Hypercholesterolemia (FH) patients and from additional mipomersen studies in other patient populations
  • Report data from a Phase 2 study evaluating ISIS 113715 in combination with sulfonylureas in patients with type 2 diabetes
  • Begin clinical trials on three to five drugs per year
  • Expand pipeline by moving three to five new drugs into the development pipeline per year in a diverse set of new diseases

Financial Results

As a result of selling Ibis to AMI, Ibis' financial results are considered discontinued operations. Accordingly, the operating results of Ibis for 2008 and
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SOURCE Isis Pharmaceuticals, Inc.
Copyright©2009 PR Newswire.
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