Press Releases
Isis Reports Financial Results and Highlights for First Quarter 2013
"The most significant event for Isis this quarter was the approval and launch of KYNAMRO™ in
"In addition to ending the quarter with both pro forma operating and net income, we maintained our cash position by using only
Upcoming Key Milestones
- Report clinical data on ISIS-CRPRx in patients with rheumatoid arthritis
- Report clinical data on ISIS-APOCIIIRx in patients with high triglycerides
Financial Results
All pro forma amounts referred to in this press release exclude non-cash compensation expense related to equity awards. Please refer to the reconciliation of pro forma and GAAP measures, which is provided later in this release.
Revenue
Revenue for the three months ended
Operating Expenses
On a pro forma basis, Isis' operating expenses for the three months ended
On a GAAP basis, Isis' operating expenses for the three months ended
Gain on Investments
Isis' gain on investments for the three months ended
Net Loss
Isis reported a net loss of
Balance Sheet
As of
Business Highlights
"We have had a number of important accomplishments already this year. Together with Genzyme we brought KYNAMRO to the market in
"We continue to be successful in implementing our business strategy and establishing strategic partnerships that provide us with significant value. The performance of our drugs in the clinic and the broad applicability of our antisense technology have generated significant interest in Isis. One of our partnering goals is to select high-quality partners for our severe neurological disease and cancer programs to augment our own efforts in these two newest areas of our pipeline. We have been successful implementing this strategy. Since January of last year, we have initiated five new partnerships that involve neurological diseases and cancer, bringing in more than
Corporate and Drug Development Highlights
- Isis and Genzyme were successful in bringing KYNAMRO to the market in
the United States for patients with HoFH. These patients are at high cardiovascular risk and may not be able to reduce their LDL-C sufficiently with currently available lipid-lowering therapies.- Genzyme launched KYNAMRO in
the United States for the treatment of patients with HoFH.- Isis received a
$25 million milestone payment from Genzyme related to the marketing approval of KYNAMRO by theFDA .
- Isis received a
- Genzyme continues to enroll the FOCUS FH study, which is designed to provide 60-week safety and efficacy data in FH patients to support an additional regulatory filing. Genzyme reached an agreement with the
FDA on the design of the FOCUS FH study via a Special Protocol Assessment, or SPA.
- Genzyme launched KYNAMRO in
- Isis and its investigators reported positive data from a number of drugs in Isis' pipeline.
- Dr.
Claudia Chiriboga reported Phase 1 data on ISIS-SMNRx at theAmerican Academy of Neurology . In this open-label study conducted in a small population, ISIS-SMNRx was well tolerated in children with spinal muscular atrophy (SMA) and functional activity improvements in muscle function were observed in a number of these children. - Isis reported positive Phase 1 data on ISIS-CRPRx demonstrating that, in healthy volunteers, ISIS-CRPRx can selectively blunt severe increases in CRP following an endotoxin challenge, which produces immune responses similar to those seen with bacterial infections.
- Isis published data in the journal
Circulation Research demonstrating that antisense inhibition of ApoC-III produced significant reductions of ApoC-III and triglycerides in multiple species including man. Isis presented these data in an oral presentation at the 2013 Duell Meeting inMarch 2013 .
- Dr.
- Isis continued to advance its pipeline by initiating clinical studies in numerous disease areas.
- Isis initiated a Phase 2 study of ISIS-SMNRx in infants with SMA and will earn a
$3.5 million milestone payment fromBiogen Idec when the first patient is dosed in this study. - Isis initiated a Phase 2/3 study of ISIS-TTRRx in patients with familial polyneuropathy and received a
$7.5 million milestone payment from GlaxoSmithKline related to the initiation of this study. AstraZeneca initiated a Phase 1b/2a study of ISIS-STAT3Rx in patients with advanced metastatic hepatocellular carcinoma.- Isis initiated a Phase 1 study of ISIS-APOARx, an antisense drug designed to reduce levels of Lp(a), an atherogenic lipoprotein.
- Isis initiated a Phase 2 study of ISIS-SMNRx in infants with SMA and will earn a
- Isis formed a new alliance with
Roche to discover and develop antisense drugs to treat Huntington's disease.- Isis received a
$30 million upfront payment and is eligible to receive up to$362 million in a license fee, pre-licensing and post-licensing milestone payments, including up to$80 million in commercial milestones. - In addition, Isis is eligible to receive up to
$136.5 million in milestone payments for each additional drug successfully developed plus up to$50 million in commercial milestones if a drug usingRoche 's proprietary brain shuttle technology is successfully commercialized. - Isis is also eligible to receive tiered royalties on sales of drugs arising from the alliance.
- Isis received a
Conference Call
At
ABOUT
Isis is exploiting its leadership position in antisense technology to discover and develop novel drugs for its product pipeline and for its partners. Isis' broad pipeline consists of 28 drugs to treat a wide variety of diseases with an emphasis on cardiovascular, metabolic, severe and rare diseases, and cancer. Isis' partner, Genzyme, is commercializing Isis' lead product, KYNAMRO™, in
FORWARD-LOOKING STATEMENT
This press release includes forward-looking statements regarding
In this press release, unless the context requires otherwise, "Isis," "Company," "we," "our," and "us" refers to
Isis Pharmaceuticals® is a registered trademark of
ISIS PHARMACEUTICALS, INC. SELECTED FINANCIAL INFORMATION Condensed Consolidated Statements of Operations (In Thousands, Except Per Share Data) |
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Three months ended, |
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March 31, |
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2013 |
2012 |
|||
Revenue: |
(unaudited) |
|||
Research and development revenue under collaborative agreements |
$41,921 |
$21,818 |
||
Licensing and royalty revenue |
1,439 |
1,417 |
||
Total revenue |
43,360 |
23,235 |
||
Expenses: |
||||
Research and development |
38,312 |
38,714 |
||
General and administrative |
3,423 |
2,976 |
||
Total operating expenses |
41,735 |
41,690 |
||
Income (loss) from operations |
1,625 |
(18,455) |
||
Other income (expense): |
||||
Equity in net loss of Regulus Therapeutics Inc. |
- |
(976) |
||
Investment income |
376 |
600 |
||
Interest expense |
(4,795) |
(5,179) |
||
Gain on investments, net |
1,058 |
17 |
||
Loss before income tax expense |
$(1,736) |
$(23,993) |
||
Income tax benefit (expense) |
64 |
(2) |
||
Net loss |
$(1,672) |
$(23,995) |
||
Basic and diluted net loss per share |
$(0.02) |
$(0.24) |
||
Shares used in computing basic and diluted net loss per share |
101,875 |
100,157 |
Isis Pharmaceuticals, Inc Reconciliation of GAAP to Pro Forma Basis: Condensed Consolidated Operating Expenses, (Income) Loss From Operations, and Net Income (Loss) (In Thousands) |
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Three months ended, March 31, |
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2013 |
2012 |
||
(unaudited) |
|||
As reported operating expenses according to GAAP |
$41,735 |
$41,690 |
|
Excluding compensation expense related to equity awards |
(2,869) |
(2,267) |
|
Pro forma operating expenses |
$38,866 |
$39,423 |
|
As reported income (loss) from operations according to GAAP |
$1,625 |
$(18,455) |
|
Excluding compensation expense related to equity awards |
(2,869) |
(2,267) |
|
Pro forma income (loss) from operations |
$4,494 |
$(16,188) |
|
As reported net loss according to GAAP |
$(1,672) |
$(23,995) |
|
Excluding compensation expense related to equity awards |
(2,869) |
(2,267) |
|
Pro forma net income (loss) |
$1,197 |
$(21,728) |
|
Reconciliation of GAAP to Pro Forma Basis |
As illustrated in the Selected Financial Information in this press release, pro forma operating expenses, pro forma income (loss) from operations, and proforma net income (loss) were adjusted from GAAP to exclude compensation expense related to equity awards, which are non-cash. Isis has regularly reported non-GAAP measures for operating results as pro forma results. These measures are provided as supplementary information and are not a substitute for financial measures calculated in accordance with GAAP. Isis reports these pro forma results to better enable financial statement users to assess and compare its historical performance and project its future operating results and cash flows. Further, the presentation of Isis' pro forma results is consistent with how Isis' management internally evaluates the performance of its operations. |
Isis Pharmaceuticals, Inc. Condensed Consolidated Balance Sheets (In Thousands) |
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March 31, |
December 31, |
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2013 |
2012 |
||||
(unaudited) |
|||||
Assets: |
|||||
Cash, cash equivalents and short-term investments |
$371,911 |
$374,446 |
|||
Investment in Regulus Therapeutics Inc. |
44,863 |
33,622 |
|||
Other current assets |
15,055 |
15,370 |
|||
Property, plant and equipment, net |
89,694 |
91,084 |
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Other assets |
31,438 |
31,164 |
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Total assets |
$552,961 |
$545,686 |
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Liabilities and stockholders' equity: |
|||||
Other current liabilities |
$35,051 |
$38,397 |
|||
Current portion of deferred contract revenue |
35,244 |
35,925 |
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2 3/4% convertible senior notes |
145,533 |
143,990 |
|||
Long-term obligations, less current portion |
77,226 |
77,952 |
|||
Long-term deferred contract revenue |
58,816 |
66,656 |
|||
Stockholders' equity |
201,091 |
182,766 |
|||
Total liabilities and stockholders' equity |
$552,961 |
$545,686 |
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SOURCE
Isis Pharmaceuticals, D. Wade Walke, Ph.D., Executive Director, Corporate Communications and Investor Relations, 760-603-2741; or Amy Blackley, Ph.D., Associate Director, Corporate Communications, 760-603-2772