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Insmed Announces Fourth Quarter and Full-Year 2010 Financial Results
Date:3/10/2011

n the gain on sale of Insmed's follow-on biologics (FOB) assets to Merck in March 2009.  The lower interest expense was due to the reduction of the debt discount amortization associated with the Company's 2005 convertible notes which were fully paid off in 2010.

For the year-ended December 31, 2010, revenues totalled $6.9 million, as compared to $10.4 million for the year-ended December 31, 2009.  The reduction was primarily due to a year-over-year decrease of $2.3 million in cost recovery from Insmed's IPLEX EAP in Europe, a $1.0 million reduction in grant revenue related to the 2009 receipt of a $1.0 million grant from the MDA and $0.1 million in reduced royalties.  The causes of the fourth quarter revenue variance were also responsible for the full-year differences in revenue between 2010 and 2009.

Net loss for the 12-months ended December 31, 2010 was $6.4 million, or $0.49 per share, compared to a net income of $118.4 million, or $9.31 per share, for the corresponding 12-months of 2009.  This $124.8 million variance was due to the $127.0 million after tax gain on the sale of the Company's FOB assets to Merck in 2009, combined with a $3.5 million decrease in total revenues. These were partially offset by a $4.0 million reduction in total expenses, a $1.0 million increase in investment returns and a $0.7 million decrease in interest expense.

The $4.0 million decrease in total expenses was due to a $4.4 million reduction in R&D Expenses, which was partially offset by a $0.4 million increase in SG&A Expenses.  The $4.4 million reduction in R&D Expenses was due primarily to a decrease in manufacturing expenses following the sale of Insmed's FOB assets in March 2009, and was partially offset by the ARIKACE-related R&D Expenses incurred in December 2010.  The $0.4 million increase in SG&A Expenses was due largely to the increased finance, legal and consulting fees related to the strategic review an
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SOURCE Insmed Inc.
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