Isis Pharmaceuticals Inc.
) reported a net loss of 21 cents per share in the third quarter
of 2013, narrower than the Zacks Consensus Estimate of a loss of
29 cents and the year-ago loss of 33 cents. Despite higher
expenses, higher revenues led to the narrower year-over-year
Revenues grew 103.3% to $23.6 million, well above the Zacks
Consensus Estimate of $18 million. Revenues include license fees,
milestone-related payments and other payments.
Isis Pharma did not provide any details on Kynamro's
performance - Kynamro was launched by Genzyme in late Mar 2013.
Earlier this year, Isis Pharma had said that it would provide an
update on its fourth quarter call on the product's performance.
Kynamro's sales ramp up could be slow due to the reimbursement
process and the process of finding eligible patients. Moreover,
competition exists in the form of
Aegerion Pharmaceuticals, Inc.'s
Operating expenses increased 23.8% in the third quarter of
2013 to $49.1 million. Research and development expenses
increased 24.9% to $45.7 million and general and administrative
expenses were up 10.8% to $3.4 million. Expenses will continue
increasing as the company moves ahead with the development of
candidates like ISIS-APOCIIIRx (cholesterol management),
ISIS-SMNRx (spinal muscular atrophy) and ISIS-TTRRx
ISIS-APOCIIIRx, which is currently being developed entirely by
Isis Pharma, is expected to move into phase III development early
next year. The company has 10 candidates in phase II or phase III
Meanwhile, Isis Pharma lowered its projected pro forma net
operating loss guidance by more than 30% to the mid $40 million
range. The company was earlier expecting to meet or beat its net
operating loss guidance of $60 million. Isis Pharma expects
fourth quarter net operating loss to be similar to the third
quarter - in the low to mid $20 million range.
Fourth quarter revenues are expected to be in the mid $30
million range - this includes revenues from the amortization of
up-front fees of approximately $15 million. Isis Pharma will be
recording new revenues in the fourth quarter under its fourth
Isis Pharma currently carries a Zacks Rank #1 (Strong Buy). We
are positive on Isis Pharma's agreements which not only validate
its antisense technology but also provide Isis Pharma with funds
in the form of upfront, milestone and other payments.
) also looks well-positioned with a Zacks Rank #1.
AEGERION PHARMA (AEGR): Free Stock Analysis
ACTELION LTD (ALIOF): Get Free Report
BIOGEN IDEC INC (BIIB): Free Stock Analysis
ISIS PHARMACEUT (ISIS): Free Stock Analysis
To read this article on Zacks.com click here.