(RTTNews) - Thursday, Isis Pharmaceuticals, Inc. (ISIS: News ) reported a slip to loss in its third quarter, primarily from a decline in revenue and higher operating expenses.

The Carlsbad,California-based company's net loss attributable to common stockholders was $6.92 million or $0.07 per share, compared to a profit of $1.61 million or $0.02 per share in the prior year period.

Adjusted net loss for the quarter was $3.37 million, compared with a profit of $5.66 million in the same quarter last year.

Isis Pharma's net loss from continuing operations for the quarter was $12.0 million, compared to net income of $0.56 million in the comparable quarter last year.

On average, 11 analysts polled by Thomson Reuters expected the company to report a loss of $0.07 per share for the quarter. Analysts' estimates typically exclude one-time items.

In the recent quarter, the company's revenue edged down to $26.77 million from $29.46 million in the prior year quarter, resulting from the completion of amortization of the revenue associated with $50 million upfront payment received from Ortho-McNeil-Janssen in 2007.

Analysts expected revenue of $31.30 million for the quarter.
Regulus Therapeutics revenue for the quarter marginally declined to $0.62 million from $0.68 million for the same quarter last year.

For the current quarter, loss from operations was $10.39 million compared to income from operations of $0.17 million in the comparable quarter last year.

Operating expenses increased to $37.16 million from $29.28 million for the prior year quarter, including non-cash compensation expense related to stock options of $3.5 million

Interest expense loss for the quarter increased to $3.18 million from $3.08 million in the same quarter last year.

For the nine-month period, the company reported net income attributable to common shareholders of $162.02 million or $1.65 per share, compared with a loss of $7.91 million or $0.08 per share in the prior year. Year-to-date revenue for the quarter was $89.33 million, up from $77.54 million last year.

ISIS last traded at $13.55, up $0.99 or 7.88%, on a volume of 1.58 million shares and in after hours its trading at a loss of $13.52, down $0.02 or 0.17% on the Nasdaq.

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by RTT Staff Writer

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