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Visual31 Oct 2025
Three decades of Rolls-Royce
Ionis Pharmaceuticals (IONS) investor relations material
Ionis Pharmaceuticals Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Achieved strong revenue growth in Q3 2025, with total revenue up 17% year-over-year and 55% for the nine months ended September 30, 2025, driven by TRYNGOLZA sales, new product launches, and increased royalties.
Launched TRYNGOLZA and DAWNZERA in the U.S., expanding the commercial portfolio and strengthening the position as a fully integrated commercial-stage biotech; both launches exceeded expectations with positive feedback.
Significant pipeline progress with positive pivotal Phase 3 results for olezarsen (sHTG) and zilganersen (Alexander disease), and initiation of Phase 3 for ION582 (Angelman syndrome); regulatory submissions planned for 2026.
Raised 2025 financial guidance due to strong commercial execution and accelerating revenue growth, particularly from TRYNGOLZA.
Partnered pipeline and robust development in neurology and cardiometabolic areas expected to deliver multiple key launches by 2027.
Financial highlights
Q3 2025 total revenue reached $157M, up 17% year-over-year; nine-month revenue totaled $740M, up 55% from prior year.
TRYNGOLZA net product sales were $32M in Q3 2025, a nearly 70% sequential increase; $57M for nine months.
Royalty revenues rose 13% year-over-year in Q3, driven by SPINRAZA and WAINUA; R&D revenue included a $280M upfront payment from Ono for sapablursen.
Operating expenses (non-GAAP) increased to $286M in Q3 2025 (up 14% YoY), with higher SG&A for new launches and lower R&D as late-stage studies ended.
Cash, cash equivalents, and short-term investments totaled $2.2B at September 30, 2025.
Outlook and guidance
2025 revenue guidance raised to $875–900M, with TRYNGOLZA full-year product sales expected between $85–95M.
Anticipates operating loss of $275–300M for the year, reflecting increased investment in upcoming launches.
Year-end cash balance projected above $2.1B; targeting cash flow breakeven by 2028.
Plans to independently launch two additional medicines by end of 2026, pending regulatory approval.
Multiple NDA submissions and independent launches anticipated in the next year, with several Phase 3 data readouts in 2026.
Expense management for 2028 cash flow breakeven?
Largest market opportunity from 2026 Phase 3 readouts?
DAWNZERA: Initial patient uptake trends?
Detail olezarsen peak sales penetration assumptions
Reconcile HAE market size estimates
Ionis' capital allocation priorities
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Next Ionis Pharmaceuticals earnings date
Study Update8 Nov, 2025
Next Ionis Pharmaceuticals earnings date
Study Update8 Nov, 2025
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Ionis Pharmaceuticals Inc. discovers and develops RNA-targeted therapeutics. It applies antisense technology platforms to develop treatments for a range of genetic and rare diseases. The company is headquartered in Carlsbad, California, and its shares are listed on the NASDAQ.
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