Apr. 9 at 3:05 PM
BofA⬆️
$IONS' PT to
$111 from
$100 and wholly-owned Tryngolza's peak revenue forecast to
$3B from
$2.5B, while maintaining a Buy rating.
$ARWR $LLY REGN RHHBY
BofA said in its note:
We are higher than cons on 1Q topline, driven by higher R&D revenue where cons looks stale relative to IONS' milestone disclosures.
Our focus is on FY26 Tryngolza (APOC3) revenue guide — a high profile, wholly-owned asset we forecast reaching
$3BN in peak revenues (
$2.5BN prior).
On Trygolza, we are below cons on 1Q and FY26E revenue (
$101M vs.
$134M cons), mainly on kinetics of FCS revenue erosion but we remain bullish on the sHTG launch uptake.
We raise our PO to
$111 (from
$100) on higher Tryngolza sHTG peak given updated launch pricing (see report).
