Isis Pharmaceuticals said Nov. 10 it swung to a third-quarter profit driven mostly by partnerships with big pharmaceutical companies.
The Carlsbad-based biotech reported a net income of $3.2 million on revenues of $32.2 million compared with a loss of $105.3 million on revenues of $38.6 million a year ago. That loss was mostly due to the $125 million buyout of partner Symphony GenIsis last year.
Investment income jumped to $7.5 million from $2.6 million, pushing the company into a profit. In 2008, Isis and its subsidiaries received $385.5 million from pharmaceutical partners Abbott, Genzyme and GlaxoSmithKline.
Shares of Isis, traded under the symbol ISIS on the Nasdaq, closed Nov. 10 up 5 percent at $15.52.
, Heather Chambers