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Actionable news in ISIS: Isis Pharmaceuticals, Inc.,

A Pro Forma Profit for ISIS Pharmaceuticals, Inc.

Isis Pharmaceuticals reported earnings on Monday, and while the company does have a drug on the market, the focus is still entirely on the pipeline.

Isis Pharmaceuticals results: The raw numbers

Metric

Q3 2015 Actuals

Q3 2014 Actuals

Growth (YOY)

Revenue

$49 milllion

$44 million

11.5%

(Loss) from continuing operations

($48 million)

($21 million)

N/A

(Loss) per share

($0.30)

($0.23)

N/A

Source: company press release.

What happened with Isis Pharmaceuticals this quarter?

  • While Isis turned a profit this quarter on a pro forma basis, it's not because of revenue from its only drug, Kynamaro -- the company still isn't breaking out sales of the drug. Instead, most of the revenue is coming from licensing ISIS-FXI Rx to Bayer and from earned milestone payments.
  • For instance, in the third quarter, the company earned a $22 million milestone payment from Roche for initiating the phase 1/2 study of ISIS-HTT Rx and an $11 million of milestone payments from Biogen Idec for advancing the phase 3 studies of nusinersen, which used to be called ISIS-SMN Rx.
  • The phase 3 trials for nusinersen are scheduled to complete enrollment by early next year. Given the unmet need for spinal muscular atrophy, nusinersen is ISIS' most obvious near-term...

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