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Isis Reports Financial Results and Highlights for Second Quarter 2013
Date:8/6/2013

d timing of payments under agreements with Isis' partners, including license fees, milestone-related payments and other payments. For example, Isis earned nearly $50 million in milestone and licensing payments in the first half of 2013 comprised of:

  • $25 million from Genzyme when the FDA approved the KYNAMRO™ NDA;
  • $10 million when AstraZeneca added a second development candidate, ISIS-ARRx, to its collaboration with Isis;
  • $7.5 million from GlaxoSmithKline when Isis initiated the Phase 2/3 study of ISIS-TTRRx;
  • $3.5 million from Biogen Idec when Isis dosed the first infant in a Phase 2 study of ISIS-SMNRx; and
  • $3.5 million when Xenon licensed a development candidate, XEN701, from Isis.
  • In comparison, Isis earned a $25 million milestone payment in the first half of 2012 from Genzyme when the FDA accepted the NDA for KYNAMRO.  Isis' revenue in the first half of 2013 also included more than $13 million in new revenue Isis earned from its alliances with AstraZeneca, Biogen Idec and Roche.  These increases were offset, in part, by the completion of the amortization of the upfront payments associated with Isis' Genzyme collaboration. 

    Operating Expenses
    On a pro forma basis, Isis' operating expenses of $43.4 million and $82.3 million for the three and six months ended June 30, 2013, respectively, were nearly flat compared to $41.2 million and $80.6 million for the same periods in 2012. 

    On a GAAP basis, Isis' operating expenses for the three and six months ended June 30, 2013 were $46.0 million and $87.8 million, respectively, compared to $43.6 million and $85.3 million for the same periods in 2012. 

    Net Loss
    Isis reported a net loss of $10.1 million and $11.8 million for the three and six months ended June 30, 2013, respectively, compared to $1.2 million and $25.2 million for the same periods in 2012.  Basi
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    SOURCE Isis Pharmaceuticals, Inc.
    Copyright©2012 PR Newswire.
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