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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.
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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.

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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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