Isis Pharma Posts Wider Q1 Loss, Revenue Drops - Quick Facts

(RTTNews) - Isis Pharmaceuticals, Inc. (ISIS) reported first-quarter net loss of $31.3 million or $0.27 per share that widened from last year's loss of $1.7 million or $0.02 per share, primarily due to variations in the timing of revenue from milestone payments and an increase in operating expenses associated with the company's maturing pipeline of drugs.

On average, 10 analysts polled by Thomson Reuters expected a loss of $0.23 per share. Analysts' estimates typically exclude special items.

Pro forma net loss was $24.21 million in comparison with net income of $1.2 million last year. Revenue dropped to $28.2 million from $43.4 million, as the company's revenue fluctuates based on the nature and timing of payments under agreements with its partners, including license fees, milestone-related payments and other payments. Analysts expected revenues of $35.12 million.

"In the first quarter we have accomplished a number of significant milestones, setting the stage for a year of continuing growth...We are on track to meet our projection to end the year with more than $160 million in revenue, including more than $110 million in milestone payments as our partnered drugs achieve key development milestones,'' Elizabeth Hougen, chief financial officer of Isis said.