Isis Pharmaceuticals Inc.
) reported a net loss of 3 cents per share in the first quarter
of 2013, in line with the Zacks Consensus Estimate. The loss was
narrower than the year-ago loss of 23 cents, benefiting from
Revenues increased 86.6% to $43.4 million, missing the Zacks
Consensus Estimate of $52 million. Revenues include license fees,
milestone-related payments and other payments.
In the first quarter of 2013, the company received a milestone
payment of $25 million from its partner
). The payment was received following the US approval of Kynamro
(mipomersen sodium) for the treatment of familial
In Feb 2013, Isis Pharma received a $7.5 million milestone
). The payment primarily relates to the initiation of a phase
II/III clinical study of ISIS-TTR. The study will span 15 months
enrolling 200 patients. Isis is developing ISIS-TTR in
collaboration with Glaxo for the potential treatment of
transthyretin (TTR) amyloidosis.
Operating expenses remained flat during the first quarter of 2013
at $41.7 million. Research and development expenses decreased
1.0% to $38.3 million and general and administrative expenses
were up 15.0% to $3.4 million.
We note that in the second quarter of 2013, Isis Pharma is
expected to record significant milestone revenues. The company
has already received an upfront payment of $30 million from the
Huntington's disease (HD) collaboration. Additionally, Isis
Pharma is also expected to record $3.5 million of milestone
payment related to ISIS-SMN.
Isis Pharma boasts of a promising pipeline of 28 candidates with
several candidates expected to reach the market by 2017. Key
near-term events include: release of top-line data from the phase
II study evaluating ISIS-APOCIII for the treatment of severe
hypertriglyceridemia and data from a phase II study evaluating
the use of ISIS-CRP in rheumatoid arthritis (RA) patients.
Meanwhile, Isis Pharma has also announced its plans to initiate a
public offering of 10.35 million shares of common stock including
an over-allotment option for 1.35 shares.
Isis Pharma currently carries a Zacks Rank #2 (Buy). Stocks such
Lannett Company, Inc.
) look more attractive in the pharma sector with a Zacks Rank #1
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