RevenueRevenue for the three and nine months ended September 30, 2010 was $28.6 million and $82.1 million, respectively, compared to $26.8 million and $89.3 million for the same periods in 2009. Isis' revenue fluctuates based on the nature and timing of payments under agreements with the Company's partners, including license fees, milestone-related payments and other payments. Isis recognized new revenue in the first nine months of 2010 in the form of an upfront fee from the Company's new partnership with GlaxoSmithKline (GSK), which is amortized through the first quarter of 2015, milestone payments from GSK, Bristol-Myers Squibb and Achaogen and sublicensing income from Regulus' collaboration with sanofi-aventis. Although Isis recognized this new revenue, its revenue for 2010 decreased compared to 2009 because the amortization of the upfront fee from the Company's Ortho-McNeil collaboration ended in the third quarter of 2009. Additionally, revenue for the first nine months of 2010 decreased by $2.4 million because Isis is no longer including Regulus' revenue in its 2010 revenue.
Operating ExpensesOn a pro forma basis, operating expenses for the three and nine months ended September 30, 2010 were $34.6 million and $105.1 million, respectively, compared to $33.6 million and $95.4 million for the same periods in 2009. The higher expenses in 2010 were primarily due to an increase in costs associated with advancing mipomersen toward its initial regulatory filings for marketing approval planned for the first half of next year and offset in part by an $8.3 million decrease because Isis is no longer including Regulus' operating expenses in its 2010 operating expenses. On a GAAP basis, Isis' operating expenses from continuing operations for the three and nine m
|SOURCE Isis Pharmaceuticals, Inc.|
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