IONS · Ionis Pharmaceuticals, Inc.

Ionis Pharmaceuticals reported a strong first quarter for 2026, with total revenue surging 87% year-over-year to $246 million. The growth was driven by commercial success of its independent launches, TRYNGOLZA (olezarsen) for FCS and DAWNZERA (donidalorsen) for HAE, which generated net product sales of $27 million and $16 million, respectively. Additionally, the company recognized approximately $95 million in milestone payments from multiple partnerships, contributing to a 146% increase in R&D revenue to $138 million. Operating expenses rose to $364 million (GAAP) or $321 million (non-GAAP), reflecting investments in commercialization and launch preparations for olezarsen in sHTG and zilganersen in Alexander disease. Despite higher expenses, the GAAP loss from operations narrowed to $118 million from $146 million in the prior year, and the non-GAAP loss improved to $75 million from $117 million. Management highlighted strong execution and raised full-year 2026 guidance: total revenue now expected between $875-900 million (up from $800-825 million), and non-GAAP operating loss narrowed to $425-475 million (from $500-550 million). The company also increased its annual olezarsen peak net sales guidance to >$3 billion from >$2 billion, reflecting confidence in the sHTG opportunity. Key upcoming catalysts include the PDUFA date for olezarsen in sHTG on June 30, 2026, and for zilganersen in Alexander disease on September 22, 2026. Cash and short-term investments stood at $1.9 billion as of March 31, 2026, after using $633 million to retire convertible notes due April 1, 2026. The company remains on track to achieve cash-flow breakeven in 2028.