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Isis Pharma 1Q Loss Widens As Expenses Climb

From Associated Press (May 8, 2012)

CARLSBAD, Calif. -- Isis Pharmaceuticals Inc.’s first-quarter loss grew as expenses rose while the company awaited regulatory decisions on the approval of the drug candidate, Kynamro. The drug treats a genetic condition that causes high cholesterol.

The Carlsbad, Calif., company lost $24 million, or 24 cents per share, in the three months that ended March 31. That compares to a loss of $20 million, or 20 cents per share, in last year’s quarter.

Revenue climbed by nearly 10 percent to $23.2 million.

Analysts surveyed by FactSet expected, on average, a loss of 29 cents per share on $22.7 million in revenue.

The company’s revenue came from collaborative agreements and licensing and royalty payments. The company’s development partner on Kynamro, Sanofi’s Genzyme unit, has submitted the drug to European and U.S. regulators. Isis said the drug represents a chance to change its financial position by adding commercial revenue, and regulatory approval is expected this year.

Kynamro is aims to treat a rare inherited condition that causes severely elevated levels of "bad" LDL cholesterol.

Operating expenses climbed 12 percent in the quarter to $41.7 million, as research and development costs rose for other drugs the company is developing.


Posted: May 2012