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

ing results in Isis' financial statements separately as discontinued operations. The discontinued operations line in the first six months of 2009 also includes the $171.8 million gain that Isis recognized on the sale net of taxes. A reconciliation summarizing the adjustments made to reflect the changes to Isis' 2008 historical statement of operations appears later in this release.

Revenue

Revenue for the three and six months ended June 30, 2009 was $31.0 million and $62.6 million compared to $29.7 million and $48.1 million in the same periods of 2008. The substantial increase in Isis' revenue is primarily due to an increase in revenue from the Company's collaboration with Genzyme because the three and six months ended June 30, 2008 only included one month of amortization of the $175 million license fee that Isis received in June 2008.

Isis' satellite companies also contributed to the increase in the Company's revenue:

  • Regulus Therapeutics earned revenue from its strategic alliance with GlaxoSmithKline (GSK), including a $500,000 discovery milestone payment.
  • Isis entered into a license agreement with Alnylam, which provided an $11 million license fee plus research funding. Isis began amortizing the license fee into revenue in the second quarter.
  • Isis received a $375,000 milestone payment from Alnylam for initiation of clinical trials on ALN-VSP.
  • Isis earned $1.4 million of revenue when Isis sold drug to OncoGenex Pharmaceuticals, Inc.

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, such as the bulleted items above. Assuming no new transactions, the Company's revenue will decrease when the $50 million upfront payment Isis re
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SOURCE Isis Pharmaceuticals, Inc.
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