Isis Pharmaceuticals Inc. (ISIS) swung to a first-quarter profit
as revenue generated by its partnership with Genzyme Corp. (GENZ)
and a gain from selling Isis Biosciences boosted results.
The drug-therapies developer sold the remaining 81% stake in the
biosciences diagnostic unit in January to Abbott Laboratories
(ABT). Isis develops drug therapies based on antisense technology,
in which drugs attach themselves to strands of a molecule known as
RNA to block them from producing disease-causing proteins. Its lead
drug is cholesterol fighter mipomersen, leased to Genzyme.
Isis reported a profit of $171.8 million, or $1.57 a share,
reversing a year-earlier loss of $5.8 million, or 6 cents a share.
The company received $175 million during the quarter from the
divestiture.
Revenue soared 72% to $31.6 million, as research-and-development
revenue jumped 68% and licensing and royalty revenue more than
doubled.
Analysts surveyed by Thomson Reuters were expecting a profit of
$1.70 a share on revenue of $30 million, according to Thomson
Reuters.
The rise in Genzyme-partnership revenue reflected the year-ago
period's inclusion of only revenue from amortization of the stock
premium.
Isis shares closed Wednesday at $15.24 and were inactive
premarket.
-By Mike Barris, Dow Jones Newswires; 201-938-5658;
mike.barris@dowjones.com