Isis Posts 1Q Profit On Gains Form Ibis Unit Sale

CARLSBAD, Calif. (AP) — Biotechnology company Isis Pharmaceuticals Inc. on Thursday said it turned a profit in the first quarter after selling its Ibis Biosciences research business.

Isis sold the business to Abbott Laboratories for $175 million in January. It reported a profit of $171.8 million, or $1.54 per share, for the first quarter after losing $5.8 million, or 6 cents per share, at the same time last year. Its revenue climbed 72 percent to $31.6 million from $18.4 million.

Analysts were expecting $1.70 per share in earnings and $30.1 million in revenue, according to Thomson Reuters.

Excluding the proceeds of the Ibis sale, Isis said it made an adjusted profit of $2.1 million from operations, compared with a loss of $3 million from operations a year ago. It attributed its gains to greater revenue from a partnership with Genzyme Corp. Together, the companies are developing a cholesterol drug candidate called mipomersen.

In midday trading, Isis shares rose 6 cents to $15.30.