Isis Pharma Q3 Loss Widens, Miss Estimates - Update

(RTTNews) - Isis Pharmaceuticals Inc (ISIS) on Friday reported a wider loss for the third quarter, hurt by increased expenses, even as research and development revenue under collaborative agreements gained momentum. Loss for the quarter was more than Wall Street estimates, with revenues also coming in short of expectations.

Following the announcement, Isis shares slid about 4 percent in morning trade on the Nasdaq.

Isis, based in Carlsbad, California, posted a quarterly net loss of $26.7 million or $0.23 per share, compared with a loss of $24.6 million or $0.21 per share last year.

On average, 10 analysts polled by Thomson Reuters expected a loss of $0.20 per share for the quarter. Analysts' estimates typically exclude special items.

Pro forma loss for the quarter narrowed to $18.6 million from $21.8 million in the prior year.

Revenues for the third quarter rose to $44 million from $23.6 million a year ago. Analysts expected revenues of $45.8 million for the quarter.

The bottom line was hurt by operating expenses that increased to to $65.6 million from $49 million last year, mainly on higher research expenses.

ISIS is trading at $43.56, down $1.69 or 3.73%, on a volume of 1.4 million shares.