Ionis Pharmaceuticals Narrows Q1 Loss, Lifts Revenue Forecast While Drug Sales Surge

Ionis Pharmaceuticals Inc (NASDAQ:IONS) reported a first-quarter EPS loss of 93 cents on Wednesday, down from a loss of 98 cents, beating the consensus of a $1.12 loss.

Revenue increased 10% in the first quarter of 2025 to $132 million, beating the consensus of $125.32 million, driven by higher commercial revenue.

• Tryngolza (olezarsen), the first-ever treatment for familial chylomicronemia syndrome as an adjunct to diet, generated net product sales of over $6 million in its first full quarter following approval in the U.S. on Dec. 19, 2024. A European approval decision is anticipated in the second half of 2025.
• Wainua (eplontersen) (Wainzua in the EU) for polyneuropathy of hereditary transthyretin-mediated amyloidosis generated sales of $39 million, resulting in royalty revenue of $9 million in the first quarter of 2025.
• Spinraza (nusinersen) for spinal muscular atrophy generated global sales of $424 million, resulting in royalty revenue of $48 million in the first quarter of 2025.
  • Higher dose nusinersen is under review for marketing approval in the U.S. (PDUFA date of Sept. 22, 2025) and the EU.

Also Read: Drugmaker Ionis Pharmaceuticals Garners Analyst Praise For ‘Pipeline Depth’

"We are increasing our 2025 financial guidance, including raising revenue guidance by more than 20 percent due to our strong first quarter results and recent successful licensing transactions. We are also substantially improving our operating loss and cash guidance … Our strong financial position and commitment to drive operating leverage position Ionis to advance our strategic priorities and successfully navigate the dynamic macroeconomic environment," said Elizabeth L. Hougen, Ionis chief financial officer.

"Moving forward, the three additional independent launches anticipated over the next couple of years position Ionis to deliver substantial and growing product revenue. This product revenue coupled with anticipated increasing royalty revenue from multiple partner launches and disciplined investment, position Ionis to achieve sustained positive cash flow,” Hougen added.

Guidance: Ionis Pharmaceuticals forecasts 2025 revenue of $725-$750 million compared to prior guidance of over $600 million and the consensus of $659.37 million.

The company expects a 2025 adjusted operating loss of less than $375 million compared to prior guidance of less than $495 million, with cash, cash equivalents, and short-term investments of ~$1.9 billion (vs. ~$1.7 billion expected earlier).

IONS Price Action: Ionis stock is up 2.01% at $30.41 at publication on Wednesday.

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