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Isis Reports Financial Results and Highlights for First Quarter 2013
Date:5/7/2013

CARLSBAD, Calif., May 7, 2013 /PRNewswire/ -- Isis Pharmaceuticals, Inc. (Nasdaq: ISIS) today reported pro forma operating income of $4.5 million and pro forma net income of $1.2 million for the three months ended March 31, 2013 compared to a pro forma net operating loss of $16.2 million and a pro forma net loss of $21.7 million for the same period in 2012.  The significant improvement in the Company's financial results was driven primarily by milestone payments Isis earned in the first quarter, including a $25 million milestone payment from Genzyme and a $7.5 million milestone payment from GlaxoSmithKline (GSK).  In addition, Isis maintained its cash position by ending the first quarter of 2013 with approximately $372 million compared to approximately $374 million at December 31, 2012. On a GAAP basis, Isis reported income from operations of $1.6 million and a net loss of $1.7 million for the three months ended March 31, 2013 compared to a loss from operations of $18.5 million and a net loss of $24.0 million for the same period in 2012.

"The most significant event for Isis this quarter was the approval and launch of KYNAMRO™ in the United States to treat patients with homozygous familial hypercholesterolemia.  The approval of KYNAMRO is an important event for these patients who have a severe disease and who struggle daily to control their LDL-C levels.  Genzyme has commercially launched KYNAMRO and has physicians qualified under the REMS program.  KYNAMRO approval is also an important milestone for Isis and our antisense technology.  KYNAMRO is the first systemically delivered antisense drug to be sold commercially and is the culmination of many years of hard work and scientific achievements.  We are looking forward to updating you on KYNAMRO's commercial progress later in the year," said B. Lynne Parshall, chief operating officer of
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SOURCE Isis Pharmaceuticals, Inc.
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