Jul. 30 at 1:52 PM
$IONS EPS of
$0.78 vs. an LPS of
$0.45 in Q2 2024, beating consensus estimate of -
$0.09. Q2 revenue of
$452M surged 101% Y/Y, exceeding consensus forecast by
$153M, boosted by robust R&D revenue of
$349M (+128% Y/Y) including a
$280M Sapablursen licensing deal upfront payment. Commercial revenue also grew by a notable 43% Y/Y to
$103M in Q2, with the newly commercialized Tryngolza generating
$19M in net sales, while Wainua royalty revenues increased to
$10M from
$4M Y/Y. This performance demonstrates the successful execution of Ionis' commercial strategy and value creation potential of its RNA-targeted platform, in our view. Management raised its 2025 guidance, increasing total revenue expectations to
$825M-
$850M from
$725M-
$750M and improving non-GAAP operating loss guidance to
$300M-
$325M from less than
$375M. With upcoming Donidalorsen launch expected next month, we think Ionis is well-positioned to sustain its growth trajectory and achieve positive cash flow in coming years.
