Ionis Pharmaceuticals Inc. (NASDAQ:IONS) on Wednesday reported a fourth quarter adjusted loss of $1.15, better than the Wall Street loss estimate of $1.32
• Ionis Pharmaceuticals stock is showing notable weakness. What’s pressuring IONS stock?
Sales reached $203 million, beating the consensus of $156.09 million.
Commercial revenue for the fourth quarter and the year ended Dec. 31, 2025, increased 64% and 49%, respectively, compared to the same periods in 2024.
Tryngolza (olezarsen) product sales primarily drove this increase. Higher royalty revenue also contributed to the year-over-year increase.
The company generated Tryngolza net product sales of $50 million in the fourth quarter of 2025, a 56% increase over the prior quarter, and $108 million for the year ended Dec. 31, 2025
Dawnzera (donidalorsen), prophylactic therapy for hereditary angioedema, generated product sales of $7 million in the fourth quarter of 2025, in the first full quarter on the market.
Management Commentary
“2025 was a defining year for Ionis, marked by the successful execution of our first two independent launches and multiple positive data readouts across our pipeline, positioning Ionis for continued success in 2026," said Brett Monia, CEO of Ionis.
"This year, we are poised for two additional independent launches of groundbreaking therapies — olezarsen for severe hypertriglyceridemia, our first launch in a broad patient population, and zilganersen for Alexander disease, our first launch from our leading neurology pipeline.”
Guidance
Ionis Pharmaceuticals expects fiscal 2026 sales of $800 million-$825 million compared to the consensus of $909.84 million.
The company expects an adjusted operating loss of $500-$550 million. William Blair noted that the guidance is wider than the consensus of $400.5 million, but this seems mainly due to flow-through from the top-line guide miss.
The company reiterated to achieve cash flow breakeven in 2028.
IONS Price Action: Ionis shares are taking a hit, down 4.06% to $81.98 at the time of publication on Wednesday, according to Benzinga Pro data.
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