Ionis Q1 2021 Earnings Report
Key Takeaways
Ionis Pharmaceuticals reported $112 million in total revenues for Q1 2021. The company has strengthened its balance sheet with a pro forma cash of $2.1 billion. They are on track to achieve their 2021 financial guidance, reflecting investments in Ionis’ wholly owned pipeline.
Total revenues reached $112 million.
Operating expenses were $159 million on a non-GAAP basis and $204 million on a GAAP basis.
Net loss was $45 million on a non-GAAP basis and $90 million on a GAAP basis.
Pro forma cash reached $2.1 billion after reflecting the convertible notes transaction.
Ionis
Ionis
Ionis Revenue by Segment
Forward Guidance
Ionis is on track to achieve its 2021 financial guidance and expects R&D revenue to increase in the second half of the year.
Positive Outlook
- On track to achieve 2021 financial guidance.
- Expect R&D revenue to increase in the second half of 2021.
- Well-capitalized with resources to expand manufacturing and R&D capacity.
- Completing restructuring of European operations and expanded Sobi distribution agreement to include North America.
- Redirecting resources towards highest priority programs, including IONIS-TTR-LRx and IONIS-APOCIII-LRx.
Challenges Ahead
- Operating expenses increased due to investments in the late-stage wholly owned pipeline.
- Net loss attributable to Ionis common stockholders increased compared to the same period in the prior year.
- Incurred $7 million of costs related to the Akcea acquisition and restructured European operations.
- Expect to incur additional expenses in the range of $11 million to $14 million related to the restructuring of its North American TEGSEDI operations.
- R&D revenue decreased compared to the same period last year due to fewer milestone payments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income