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Ionis (IONS) Posts Wider than Expected Loss in Q2, Sales Miss

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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.

Ionis’ earnings track record has been mixed so far. Over the four trailing quarters, the company posted an average positive earnings surprise of 16.48%, missing estimates in two quarters and beating the same twice.

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 29 cents in the second quarter of 2018 which was wider than the Zacks Consensus Estimate of loss of 2 cents.

Revenues: Ionis posted total revenues of $118 million, missing the consensus estimate of $128 million. However, it was up 5.4% year over year.

Key Stats: Revenue increased mainly due to the increase in commercial revenue from Spinraza royalties, which increased over 250%. Tegsedi (inotersen) was approved in the EU for the treatment of stage 1 or stage 2 polyneuropathy in adult patients with hereditary transthyretin amyloidosis (hATTR). The company expects to launch the same in multiple markets in 2018.

Share Market Activity: Share price are down 2.6% in pre-market trading.

 

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