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• Revenue: $132 million in Q1 2025, a 10% increase year-over-year.

• TRYNGOLZA Sales: Over $6 million in net product sales in its first full quarter on the market.

• SPINRAZA Royalties: $48 million, a 25% increase year-over-year.

• WAINUA Royalties: $9 million.

• Operating Expenses: Total non-GAAP operating expenses increased less than 5% year-over-year.

• 2025 Revenue Guidance: Increased by more than 20%, now expected to be in the $725 million to $750 million range.

• Non-GAAP Operating Loss Guidance: Improved by nearly 25% to less than $375 million.

• Cash Position: Expected to end the year with $1.9 billion in cash.

• Warning! GuruFocus has detected 4 Warning Signs with IONS.

Release Date: April 30, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Ionis Pharmaceuticals Inc (NASDAQ:IONS) raised its 2025 financial guidance, reflecting confidence in its strategic execution and recent successful licensing transactions.

• The company achieved a major milestone with the successful commercial launch of TRYNGOLZA, the first FDA-approved treatment for familial chylomicronemia syndrome, exceeding expectations with over $6 million in net product sales in the first quarter.

• Ionis Pharmaceuticals Inc (NASDAQ:IONS) is on track for multiple upcoming product launches, including donidalorsen for hereditary angioedema, which is expected to launch in the third quarter.

• The company reported a 10% year-over-year increase in revenue for the first quarter, with more than half of the revenue coming from commercial products, marking the first time in its history to report product revenue.

• Ionis Pharmaceuticals Inc (NASDAQ:IONS) has a strong pipeline with upcoming Phase III data readouts for olezarsen and zilganersen, which could expand the reach of its medicines to more patients and drive long-term growth.

Negative Points

• The rapidly evolving environment, including changes at the FDA and new tariff policies, introduces uncertainty and potential disruption in the industry.

• Despite the successful launch of TRYNGOLZA, the vast majority of the estimated 3,000 people living with FCS in the US remain unidentified, indicating a need for continued patient finding efforts.

• The company faces challenges in converting patients from existing therapies to donidalorsen, as the hereditary angioedema market is competitive and requires significant patient and physician engagement.

• Ionis Pharmaceuticals Inc (NASDAQ:IONS) anticipates high single-digit percentage increases in operating expenses for 2025, driven by investments in ongoing and planned product launches.

• The company acknowledges that the acute pancreatitis (AP) data from its sHTG studies is a secondary endpoint and not powered for AP, which may impact the ability to demonstrate significant reductions in AP events.