Isis Q2 Loss Widens, Revenue Tops View - Quick Facts

(RTTNews) - Isis Pharmaceuticals, Inc. (ISIS) Tuesday reported a wider loss for the second quarter that came in less than analysts' expectation, while revenue topped estimates.

Net loss for the quarter widened to $10.13 million or 0.09 per share from $1.21 million or $0.01 per share in the previous year.

On average, 9 analysts polled by Thomson Reuters expected a loss of $0.21 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue declined to $38.09 million from $47.34 million in the prior year. Analysts expected revenues of $26.76 million.

Isis noted that its revenue fluctuates based on the nature and timing of payments under agreements with its partners, including license fees, milestone-related payments and other payments.

Operating expenses increased to $46.0 million from $43.6 million in the prior year.

Elizabeth Hougen, chief financial officer of Isis, said, "We are on track to meet or exceed our 2013 guidance of a pro forma NOL in the mid $60 million range while accelerating development of ISIS-APOCIIIRx and other drugs in our pipeline. Because of the successful completion of our recent stock offering, we expect to significantly exceed our cash guidance for 2013."

The stock, which closed at $28.65 on Monday, is adding 2.1 percent in pre-market activity.