Isis Pharma Q1 Loss Widens - Update

(RTTNews) - Drugmaker Isis Pharmaceuticals Inc. (ISIS), Monday reported a loss for the first quarter that widened from a year ago, hurt by lower revenues and higher research expenses. Loss for the quarter was more than what analysts' had estimated, revenues also fell short of expectations.

Carlsbad, California-based Isis' first-quarter loss widened to $31.3 million or $0.27 a share from a loss of $1.7 million or $0.02 per share last year. On average, ten analysts polled by Thomson Reuters expected a loss of $0.23 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the first quarter dropped to $28.2 million from $43.4 million last year. Analysts had a consensus revenue estimate of $35.12 million for the quarter.

Revenues for the quarter were hurt mostly by the timing of payments under collaboration agreements with partners, including license fees, milestone-related payments and other payments.

Operating costs rose to $57.8 million from $41.7 million last year, reflecting higher development costs associated with Isis' maturing pipeline of drugs.

Moving ahead, CFO Elizabeth Hougen said, "In the first quarter we have accomplished a number of significant milestones, setting the stage for a year of continuing growth...We are on track to meet our projection to end the year with more than $160 million in revenue, including more than $110 million in milestone payments as our partnered drugs achieve key development milestones."

ISIS is currently trading at $24.94, down $0.66 or 2.58%, on the Nasdaq.