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IONS beat Q1 estimates with a narrower loss and 87% revenue growth to $246M, lifting shares over 4%.
Ionis saw commercial revenues rise 42%, driven by Tryngolza and Dawnzera sales growth.
IONS raised 2026 revenue outlook to $875M-$900M and lowered expected operating loss range.
Ionis Pharmaceuticals (IONS - Free Report) reported first-quarter 2026 adjusted loss per share of 30 cents, narrower than the Zacks Consensus Estimate of a loss of 85 cents. In the year-ago period, the company had incurred an adjusted loss of 75 cents.
The adjusted earnings exclude compensation expenses related to equity awards. Including this special item, loss was pinned at 56 cents per share compared with a loss of 93 cents in the year-ago period.
Quarterly revenues were $246 million, which beat the Zacks Consensus Estimate of $190.41 million. The reported figure rose 87% year over year.
Ionis’ Diverse Revenue Stream
The company has two wholly owned marketed drugs — Tryngolza for familial chylomicronemia syndrome (FCS) and Dawnzera for hereditary angioedema. Tryngolza was launched in the United States in 2024 and in the EU in late 2025. Dawnzera was launched in the United States last year and approved in the EU in January 2026. To market these drugs across ex-U.S. territories, the company has partnered with Sobi (for Tryngolza) and Otsuka (for Dawnzera).
Ionis currently has five partnered marketed drugs in its portfolio. These include Spinraza for spinal muscular atrophy (SMA) and Qalsody in amyotrophic lateral sclerosis (ALS) with superoxide dismutase 1 mutations, in partnership with Biogen (BIIB - Free Report) ; Wainua, in partnership with AstraZeneca (AZN - Free Report) , for treating polyneuropathy caused by hereditary TTR (hATTR) amyloidosis (ATTRv-PN or hATTR-PN); Tegsedi in hATTR amyloidosis; and Waylivra for genetically confirmed FCS. While the company receives royalties from Biogen and AstraZeneca on net sales for Spinraza, Qalsody and Wainua, it earns distribution fees for Tegsedi and Waylivra sales.
IONS' Commercial Revenues Rise
Commercial revenues, which include sales of wholly-owned drugs and royalties on partnered drugs, rose 42% year over year to $108 million during the quarter. This growth was primarily driven by higher product sales from Tryngolza and Dawnzera. However, the metric missed the Zacks Consensus Estimate of $124 million.
Tryngolza product sales were $27 million compared with $6 million in the year-ago period. This upside was driven by strong demand in FCS indication despite an anticipated decline in net price.
Dawnzera generated $16 million during the quarter compared with $7 million in the previous quarter. The upside was driven by an encouraging early launch trajectory for the drug.
Spinraza royalties totaled $44 million, down 8% year over year.
Wainua royalty revenues amounted to $11 million, up 22% year over year. Commercial launches in the EU and China are currently underway.
Ionis’ R&D Revenues Surpass Expectations
R&D revenues, which include upfront payments, milestone payments and license fees from partnered medicines, surged 146% year over year to $138 million. This figure beat the Zacks Consensus Estimate of $67 million.
Collaborative agreement revenues totaled $120 million compared with $46 million in the year-ago quarter, benefitting from approximately $95 million of milestone payments from multiple partnerships.
Joint development revenues for Wainua from partner AstraZeneca amounted to $18 million compared with $10 million in the year-ago quarter.
IONS' Costs Rise
Adjusted operating costs rose 29% year over year to $321 million in the quarter. While SG&A costs increased nearly 99% to support commercialization efforts for Wainua, Tryngolza and Dawnzera, R&D costs rose 2% in the quarter.
IONS Raises 2026 Guidance
The company raised its guidance for the full year. It now expects total revenues to be between $875 million and $900 million, up from the prior guidance of $800-$825 million. The Zacks Consensus Estimate is pegged at nearly $858 million.
The company introduced product-level expectations for the year, projecting Tryngolza sales of $100-$110 million and $110-$120 million from Dawnzera sales.
The encouraging 2026 guidance, combined with the better-than-expected first quarter results, impressed investors and led Ionis’ shares to rise more than 4% on Wednesday. Still, the stock is down 5% year to date compared with the industry’s 2% decline.
Image Source: Zacks Investment Research
The adjusted operating loss is now expected to be between $425 million and $475 million, down from the previous guidance of $500-$550 million.
Ionis continues to project year-end cash and investments of greater than $1.6 billion while remaining on track for cash-flow breakeven in 2028.
Updates on IONS’ Wholly-Owned Pipeline
Ionis has developed Tryngolza for severely elevated triglycerides (sHTG), which is a broader indication than FCS. All three phase III pivotal studies — CORE, CORE2 and ESSENCE — evaluating Tryngolza for sHTG, met their primary goal of statistically significant reductions in triglyceride levels and also achieved a significant reduction in acute pancreatitis events. Based on these results, Ionis submitted a supplemental new drug application (sNDA) seeking approval for expanded use of Tryngolza in sHTG. A final decision is expected by June 30, 2026.
To support launch readiness and broader access, management highlighted a pricing update that took effect on April 1, 2026. Ionis reset the annual wholesale acquisition cost to $40,000, which applies to the existing FCS indication and is expected to carry over to the anticipated sHTG use, positioning the company for payer discussions ahead of a potential expanded launch.
Some other important wholly-owned candidates in Ionis’ pipeline include zilganersen and obudanersen. A regulatory filing seeking the FDA’s approval of zilganersen for Alexander disease is currently under review, with a final decision expected by Sept. 22, 2026.
Obudanersen is being evaluated in the phase III REVEAL study for treating a rare and serious neurodevelopmental disorder called Angelman syndrome. Data from the study is expected next year.
Updates on IONS’ Partnered Drugs
AstraZeneca and Ionis are also developing Wainua for another form of amyloidosis called cardiomyopathy caused by hereditary TTR amyloidosis (ATTR-CM), which has a larger market than ATTRv-PN. Data from the phase III CARDIO-TTRANSform study in ATTR-CM is expected later this year.
Pelacarsen, in partnership with Novartis, is being developed in a phase III study called HORIZON for elevated Lp (a)-driven cardiovascular disease. Data from the study is expected in mid-2026.
Ionis’ partner GSK plc (GSK - Free Report) is developing bepirovirsen as a potential treatment for patients with chronic hepatitis B virus. While the drug was invented by Ionis, GSK has global development and marketing rights. A regulatory filing is currently under FDA review, seeking approval for the GSK-partnered therapy. A final decision is expected by Oct. 26, 2026.
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IONS Q1 Earnings & Sales Beat, Stock Rises on Raised '26 View
Key Takeaways
Ionis Pharmaceuticals (IONS - Free Report) reported first-quarter 2026 adjusted loss per share of 30 cents, narrower than the Zacks Consensus Estimate of a loss of 85 cents. In the year-ago period, the company had incurred an adjusted loss of 75 cents.
The adjusted earnings exclude compensation expenses related to equity awards. Including this special item, loss was pinned at 56 cents per share compared with a loss of 93 cents in the year-ago period.
Quarterly revenues were $246 million, which beat the Zacks Consensus Estimate of $190.41 million. The reported figure rose 87% year over year.
Ionis’ Diverse Revenue Stream
The company has two wholly owned marketed drugs — Tryngolza for familial chylomicronemia syndrome (FCS) and Dawnzera for hereditary angioedema. Tryngolza was launched in the United States in 2024 and in the EU in late 2025. Dawnzera was launched in the United States last year and approved in the EU in January 2026. To market these drugs across ex-U.S. territories, the company has partnered with Sobi (for Tryngolza) and Otsuka (for Dawnzera).
Ionis currently has five partnered marketed drugs in its portfolio. These include Spinraza for spinal muscular atrophy (SMA) and Qalsody in amyotrophic lateral sclerosis (ALS) with superoxide dismutase 1 mutations, in partnership with Biogen (BIIB - Free Report) ; Wainua, in partnership with AstraZeneca (AZN - Free Report) , for treating polyneuropathy caused by hereditary TTR (hATTR) amyloidosis (ATTRv-PN or hATTR-PN); Tegsedi in hATTR amyloidosis; and Waylivra for genetically confirmed FCS. While the company receives royalties from Biogen and AstraZeneca on net sales for Spinraza, Qalsody and Wainua, it earns distribution fees for Tegsedi and Waylivra sales.
IONS' Commercial Revenues Rise
Commercial revenues, which include sales of wholly-owned drugs and royalties on partnered drugs, rose 42% year over year to $108 million during the quarter. This growth was primarily driven by higher product sales from Tryngolza and Dawnzera. However, the metric missed the Zacks Consensus Estimate of $124 million.
Tryngolza product sales were $27 million compared with $6 million in the year-ago period. This upside was driven by strong demand in FCS indication despite an anticipated decline in net price.
Dawnzera generated $16 million during the quarter compared with $7 million in the previous quarter. The upside was driven by an encouraging early launch trajectory for the drug.
Spinraza royalties totaled $44 million, down 8% year over year.
Wainua royalty revenues amounted to $11 million, up 22% year over year. Commercial launches in the EU and China are currently underway.
Ionis’ R&D Revenues Surpass Expectations
R&D revenues, which include upfront payments, milestone payments and license fees from partnered medicines, surged 146% year over year to $138 million. This figure beat the Zacks Consensus Estimate of $67 million.
Collaborative agreement revenues totaled $120 million compared with $46 million in the year-ago quarter, benefitting from approximately $95 million of milestone payments from multiple partnerships.
Joint development revenues for Wainua from partner AstraZeneca amounted to $18 million compared with $10 million in the year-ago quarter.
IONS' Costs Rise
Adjusted operating costs rose 29% year over year to $321 million in the quarter. While SG&A costs increased nearly 99% to support commercialization efforts for Wainua, Tryngolza and Dawnzera, R&D costs rose 2% in the quarter.
IONS Raises 2026 Guidance
The company raised its guidance for the full year. It now expects total revenues to be between $875 million and $900 million, up from the prior guidance of $800-$825 million. The Zacks Consensus Estimate is pegged at nearly $858 million.
The company introduced product-level expectations for the year, projecting Tryngolza sales of $100-$110 million and $110-$120 million from Dawnzera sales.
The encouraging 2026 guidance, combined with the better-than-expected first quarter results, impressed investors and led Ionis’ shares to rise more than 4% on Wednesday. Still, the stock is down 5% year to date compared with the industry’s 2% decline.
Image Source: Zacks Investment Research
The adjusted operating loss is now expected to be between $425 million and $475 million, down from the previous guidance of $500-$550 million.
Ionis continues to project year-end cash and investments of greater than $1.6 billion while remaining on track for cash-flow breakeven in 2028.
Updates on IONS’ Wholly-Owned Pipeline
Ionis has developed Tryngolza for severely elevated triglycerides (sHTG), which is a broader indication than FCS. All three phase III pivotal studies — CORE, CORE2 and ESSENCE — evaluating Tryngolza for sHTG, met their primary goal of statistically significant reductions in triglyceride levels and also achieved a significant reduction in acute pancreatitis events. Based on these results, Ionis submitted a supplemental new drug application (sNDA) seeking approval for expanded use of Tryngolza in sHTG. A final decision is expected by June 30, 2026.
To support launch readiness and broader access, management highlighted a pricing update that took effect on April 1, 2026. Ionis reset the annual wholesale acquisition cost to $40,000, which applies to the existing FCS indication and is expected to carry over to the anticipated sHTG use, positioning the company for payer discussions ahead of a potential expanded launch.
Some other important wholly-owned candidates in Ionis’ pipeline include zilganersen and obudanersen. A regulatory filing seeking the FDA’s approval of zilganersen for Alexander disease is currently under review, with a final decision expected by Sept. 22, 2026.
Obudanersen is being evaluated in the phase III REVEAL study for treating a rare and serious neurodevelopmental disorder called Angelman syndrome. Data from the study is expected next year.
Updates on IONS’ Partnered Drugs
AstraZeneca and Ionis are also developing Wainua for another form of amyloidosis called cardiomyopathy caused by hereditary TTR amyloidosis (ATTR-CM), which has a larger market than ATTRv-PN. Data from the phase III CARDIO-TTRANSform study in ATTR-CM is expected later this year.
Pelacarsen, in partnership with Novartis, is being developed in a phase III study called HORIZON for elevated Lp (a)-driven cardiovascular disease. Data from the study is expected in mid-2026.
Ionis’ partner GSK plc (GSK - Free Report) is developing bepirovirsen as a potential treatment for patients with chronic hepatitis B virus. While the drug was invented by Ionis, GSK has global development and marketing rights. A regulatory filing is currently under FDA review, seeking approval for the GSK-partnered therapy. A final decision is expected by Oct. 26, 2026.
Ionis Pharmaceuticals, Inc. Price
Ionis Pharmaceuticals, Inc. price | Ionis Pharmaceuticals, Inc. Quote
IONS’ Zacks Rank
Ionis currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.