Ionis Pharmaceuticals (IONS) Bank of America Global Healthcare Conference 2026 summary

Commercial performance and product launches

• INGREZZA continues to deliver strong, durable revenue with 2024 guidance of $2.7–$2.8 billion and LOE in 2038, maintaining growth nine years post-launch.

• CRENESSITY, approved in December 2024 for classic congenital adrenal hyperplasia, achieved over $150 million in Q1 sales and rapid patient uptake, with over 10% of patients on therapy within five quarters.

• VYKAT XR, acquired via Soleno Therapeutics, is expected to be a durable rare endocrine asset with $95 million in Q1 sales and IP protection into the 2040s.

• The company’s commercial base is expanding, with Q1 aggregate sales from three products exceeding $900 million.

• Paltusotine and CRENESSITY launches are characterized by high unmet need, strong efficacy, and high patient compliance, supporting blockbuster potential.

Market dynamics and competitive landscape

• INGREZZA maintains a dominant position in tardive dyskinesia, with only 1 in 10 diagnosed patients on a VMAT2 inhibitor, indicating significant growth potential.

• Competitive pressures from AUSTEDO XR are being managed, with recent share gains and strong new patient additions.

• CRENESSITY and VYKAT XR benefit from rare disease market dynamics, rapid adoption, and long patent life, with expectations for a five-year path to peak sales.

• The company’s rare disease portfolio is expected to maintain a high competitive bar, both externally and internally, with new pipeline assets in development.

Pipeline and R&D outlook

• Nearly 20 clinical-stage pipeline programs are active, with lead phase III assets osavampator (major depressive disorder) and dereclidine (schizophrenia) expected to read out in 2027–2028.

• Osavampator, an AMPA potentiator, showed significant phase II efficacy and is positioned for rapid market entry as a novel adjunctive therapy.

• The obesity program, centered on a CRF2 agonist, is advancing with phase I data expected next year, leveraging internal expertise and aiming for combination therapies.

• The company is also advancing a first-in-class selective M4 agonist for schizophrenia, with two phase III studies reading out in 2027 and 2028.

• 2027 is anticipated to be a data-rich year, with multiple pivotal readouts across the pipeline.