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

rations for the three and six months ended June 30, 2009 increased by $1.7 million and $3.3 million compared to an increase of $1.5 million and $3.0 million for the same periods in 2008. This new standard did not impact Isis' cash, cash equivalents and short-term investments but decreased the carrying value of Isis' $162.5 million convertible notes to $121.5 million and $118.0 million at June 30, 2009 and December 31, 2008, respectively, with corresponding increases to shareholders' equity. A reconciliation summarizing the adjustments made to reflect the changes to Isis' 2008 historical statement of operations appears later in this release.

Net Income (Loss) from Continuing Operations, Net of Income Tax Benefit

Net loss from continuing operations for the second quarter of 2009 was $3.8 million compared to net income from continuing operations of $463,000 for the same period in 2008. For the six months ended June 30, 2009 and 2008, net loss from continuing operations was $4.6 million and $5.6 million, respectively.

Even though Isis finished the first six months of 2009 with a net loss from continuing operations, Isis had taxable income, which is primarily a result of the significant upfront payments that the Company received from its strategic alliance with Genzyme in 2008 and the gain it recognized on the sale of Ibis to AMI earlier this year. Accounting rules require Isis to record an income tax benefit of $656,000 on a line called "Income Tax Benefit" as part of its financial results from continuing operations because it will be using the tax benefits generated from its current year loss from continuing operations to offset a portion of its taxable income.

Isis' net loss from continuing operations also included a $2.5 million gain on investments that Isis recognized in the second quarter of 2009 when it sold the stock it held in OncoGenex. OncoGenex' stock price i
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SOURCE Isis Pharmaceuticals, Inc.
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