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Ionis Pharmaceuticals (IONS) Misses on Q2 Earnings

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Carlsbad, CA-based Ionis Pharmaceuticals, Inc. (IONS - Free Report) is a drug discovery and development company that focuses on the development of products using ribonucleic acid (RNA)-based technologies. The company discovers new drugs and out-licenses them to partners for license fees, milestone payments, and royalties. Ionis has partnership agreements with several leading health care companies like Biogen and GlaxoSmithKline among others.

In this quarter, the company received $90 million in milestone payments from its partners. Also, during the quarter the company announced the approval of Spinraza in Europe, Canada and Japan.

Ionis’ earnings track record has been mixed so far. Over the four trailing quarters, the company posted an average positive earnings surprise of 95.7%, having beaten estimates in three quarters and missed the same once.

Currently, Ionis has a Zacks Rank #3 (Hold) but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: Ionis reported a loss of 9 cents including stock based compensation which missed the Zacks Consensus Estimate of loss of 8 cents. However, excluding stock based compensation the company reported earnings of 8 cents.

Revenues: Ionis posted revenues of $104.2 million, beating the consensus estimate of $87.2 million.

Key Stats: Research, development and patent expenses amounted to $83.5 million, up 7.6% year over year. General and administrative expenses increased 127% year over year to $22.3 million on increased costs related to commercialization of volanesorsen globally next year. Spinraza saw strong uptake with $200 million in sales in this quarter.

2017 Outlook: The company provided a guidance on pro forma operating income in the mid $50 million range and expects cash available at year end to be mora than $950 million.

Share Market Activity: Share price are down 0.88% in pre-market trading.

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