Ionis revenue jumps 55% to $243 million in third quarter as TRYNGOLZA outlook cut

Key Facts

Ionis Pharmaceuticals reported results on Nov. 9 for the quarter ended Sept. 30, 2026, with revenue of $243 million, up 55% year over year excluding a one-time upfront payment related to sapablursen. Revenue was $157 million in the year-earlier quarter, and the company said growth came from higher commercial revenue and research and development revenue from multiple partnerships. At the same time, Ionis cut its 2026 net sales outlook for TRYNGOLZA to about $50 million from a previous range of $100 million to $110 million. The company attributed the revision to a slower-than-expected launch of the drug to treat severe hypertriglyceridemia. It kept its full-year revenue outlook at $875 million to $900 million, with the results showing strong quarterly growth alongside challenges in marketing one of its proprietary drugs.

For the first nine months, the company reported revenue of $757 million, compared with $740 million in the same period of 2025. Ionis said the 64% year-over-year increase is calculated excluding the one-time upfront payment related to sapablursen, which was recorded in the second quarter of 2025. This accounting treatment means the published comparison excludes a nonrecurring amount, while the reported figures directly show growth from $740 million to $757 million. Second-quarter results included revenue of $268 million, versus $452 million a year earlier, while first-half revenue was $514 million, compared with $584 million. The company said at the time that second-quarter and first-half growth, excluding the payment, was 56% and 69%, respectively, attributing it to continued commercial activity and significant research and development revenue from multiple partnerships.

Commercial revenue was $136 million in the third quarter, up 18% from $116 million a year earlier, driven mainly by DAWNZERA sales. Meanwhile, research and development revenue rose to $107 million from $41 million in the year-earlier quarter, contributing to total revenue growth. The figures highlight two distinct sources of quarterly growth: sales of commercial drugs and revenue from research and development partnerships. Global SPINRAZA sales also reached $461 million during the quarter, up 23% year over year, generating $69 million in royalty revenue for Ionis. This came as the company continued marketing TRYNGOLZA, DAWNZERA and ZANVASTRO, efforts it said were a key factor in higher operating expenses.

Ionis reported a net loss of $110 million in the third quarter, compared with a loss of $129 million a year earlier. Basic and diluted loss per share was $0.66, versus $0.80 in the third quarter of 2025. The company's reported results did not include a comparison with analyst estimates. Operating expenses rose to $373 million from $317 million, and the company said they were in line with expectations. It attributed the increase mainly to investments related to marketing TRYNGOLZA, DAWNZERA and ZANVASTRO, as it expanded commercial activity for its proprietary drugs.

Cash, cash equivalents and short-term investments fell to $1.9 billion on Sept. 30, 2026, from $2.7 billion on Dec. 31, 2025. Ionis nevertheless maintained its year-end outlook for the balance to exceed $1.6 billion. It also reaffirmed its 2026 total revenue outlook of $875 million to $900 million and its non-GAAP operating loss outlook of $425 million to $475 million. In July, the company said it remained on track to achieve cash break-even in 2028. At the time, cash and short-term investments stood at $2.1 billion on June 30, and the company said the decline from $2.7 billion at the end of 2025 was mainly due to repayment of convertible notes on April 1, 2026.

Ionis had forecast TRYNGOLZA sales of $100 million to $110 million in 2026 in its second-quarter results announcement, alongside DAWNZERA sales of $110 million to $120 million. Chief Executive Officer Brett P. Monia said at the time that the company was encouraged by early launch indicators for TRYNGOLZA and looked forward to accelerating growth for it and its other proprietary drugs. The latest guidance, however, cut the TRYNGOLZA sales forecast to about $50 million while leaving the company's total revenue range unchanged. IONS shares closed at $39.42 on Nov. 6, the latest closing price in EL7 data. Management was scheduled to discuss the quarterly results on a webcast on Nov. 9 at 9 a.m. Eastern time.