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Isis Reports Strong Financial Results and Highlights for Second Quarter of 2009
Date:8/6/2009

r patient populations
  • Report data from a Phase 2 study evaluating ISIS 113715 in combination with sulfonylureas in patients with type 2 diabetes
  • Begin clinical trials on at least one additional drug in 2009; clinical trials already initiated on three drugs this year
  • Expand pipeline by moving at least two additional drugs into development in 2009; one new drug has already moved into development this year
  • Financial Results

    On a GAAP basis, Isis reported a loss from operations of $4.8 million and $5.5 million for the three and six months ended June 30, 2009, respectively, compared to income from operations of $1.1 million and a loss from operations of $5.2 million for the three and six months ended June 30, 2008, respectively. Additionally, Isis reported a net loss of $2.9 million and net income of $168.9 million for the three and six months ended June 30, 2009, respectively, compared to its net loss of $3.7 million and $9.5 million for the same periods in 2008. Isis' financial results in 2009 reflect higher expenses associated with the expansion of the Company's programs as discussed in more detail in the "Operating Expenses" section below, offset in part, by an increase in revenue recognized in 2009 from Isis' corporate partnerships compared to 2008. Also, Ibis' revenue and expense are included in Isis' 2008 financial results as discontinued operations and are not included in Isis' 2009 financial results. In addition, Isis' 2009 financial results reflect the sale of Ibis. Please refer to the reconciliation of pro forma and GAAP measures, which is explained later in this release.

    As a result of selling Isis' diagnostic subsidiary, Ibis Biosciences, to Abbott Molecular Inc. (AMI) in the first quarter of 2009, Isis is reporting Ibis' financial results as discontinued operations. Accordingly, Isis has presented all periods of Ibis' operat
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    SOURCE Isis Pharmaceuticals, Inc.
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