Isis Pharma Swings To Profit

(RTTNews) - Isis Pharmaceuticals Inc. (ISIS) on Tuesday reported net income of $35.6 million or $0.29 per share for the second quarter, compared to a net loss of $12.1 million or $0.10 per share last year.

Excluding compensation expense related to equity awards, adjusted income for the quarter was $49.3 million.

Revenue for the quarter was sharply up at $120.4 million, compared to $57.1 million a year ago.

Analysts polled by Thomson Reuters estimated earnings of $0.29 per share on revenues of $112.4 million for the quarter. Analysts' estimates typically exclude special items.

The improved financial results were driven primarily by the more than $90 million of revenue related to the upfront payment from Bayer to license ISIS-FXIRx, the company said.

"We believe that the second half of the year will be equally productive with a number of pipeline activities that should continue to provide value to Isis and its shareholders," the company said.