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

e increase in net loss from discontinued operations from $6.0 million for the year ended December 31, 2007 to $8.4 million in 2008 reflected an increase in expenses to support the growth of Ibis' commercial business including selling and support costs for the Ibis T5000(TM) Biosensor System and the cost to achieve milestones as part of the AMI transaction partly offset by the gain recognized for the revaluation of the subscription right and call option granted to AMI.

Net Loss and Net Loss Applicable to Common Stock

Isis' net loss applicable to common stock for the year ended December 31, 2008 and 2007 was $12.0 million, or $0.13 per share, and $136.3 million, or $1.63 per share, respectively. Isis' net loss in 2008 was significantly lower than 2007 primarily due to the $125.3 million that Isis recognized when it acquired Symphony GenIsis in 2007. Also contributing to the decrease was the improvement in the net loss from continuing operations offset by the increase in net loss from discontinued operations.

Balance Sheet

As of December 31, 2008, Isis had cash, cash equivalents and short-term investments of $491.0 million compared to $193.7 million at December 31, 2007. In 2008 and early 2009, Isis received a significant amount of cash from its partners including:

  • $325 million from Genzyme
  • $20 million from GSK (for its transaction with Regulus)
  • $215 million from AMI (for its transaction with Ibis)

As of December 31, 2008, Isis had consolidated working capital of $393.7 million compared to $147.7 million at December 31, 2007. The cash Isis received in 2008 primarily led to the increase in Isis' consolidated working capital, offset by $68.9 million of deferred revenue from Genzyme and GSK that is included in current liabilities.

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SOURCE Isis Pharmaceuticals, Inc.
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