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Insmed Announces Financial Results for Third Quarter and Nine-Months Ended September 30, 2010
Date:11/3/2010

the corresponding period in 2009.

Total revenues for the nine-months ended September 30, 2010 were $5.6 million, as compared to $7.9 million for the corresponding period in 2009.  The $2.3 million decline in revenue was due to a combination of a $1.7 million decline in EAP cost recovery, the receipt, during the first nine months of 2009, of $0.5 million in grant revenue for our exploratory Phase 2 IPLEX™ trial in patients with myotonic muscular dystrophy and $0.1 million in lower income from an expired TGF-beta royalty.Net loss for the first nine-months of 2010 was $0.6 million, break even on a per share basis, compared with net income of $116.0 million, or $0.92 per share, reported in the same period of 2009.  The $116.6 million change in net loss was primarily due to the $125.0 million after tax gain on sale of our follow on biologics ("FOB") assets to Merck in March 2009, together with the $2.3 million reduction in revenues noted above, which were partially offset by an overall reduction of $9.5 million in operating expenses, a $0.5 million improvement in investment income and a $0.7 million reduction in interest expense.

The $9.5 million decrease in total expenses resulted from a $6.2 million reduction in R&D expenses and a $3.3 million decline in SG&A expenses.  The lower R&D expenses reflected the elimination of manufacturing expenses following the sale of our FOB assets in March 2009, while the reduced SG&A expenses were principally due to lower personnel costs also associated with the asset sale to Merck.  

Investment income for the first nine-months of 2010 was $1.3 million.  This was an increase of $0.5 million over the corresponding period of 2009, and was due to improved investment returns during the period and a significantly higher cash balance invested for the full nine-months of 2010.  The reduction in interest expense for the first nine-months of 2010 as compared the same per
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SOURCE Insmed Inc.
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