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Mar 31
Ionis Q1 2025 Earnings Report
Ionis reported financial results for the first quarter ended March 31, 2025.
Key Takeaways
Ionis reported a 10% increase in total revenue for the first quarter of 2025 compared to the same period last year, driven by higher commercial revenue from the launch of TRYNGOLZA and increased royalty revenue from SPINRAZA and WAINUA. The company also increased its full-year 2025 financial guidance.
Total revenue increased by 10% to $132 million in Q1 2025 compared to $119 million in Q1 2024.
TRYNGOLZA, in its first full quarter since U.S. approval, generated $6 million in net product sales.
Royalty revenue from SPINRAZA and WAINUA contributed significantly to the increase in commercial revenue.
Ionis increased its full-year 2025 revenue guidance to $725-$750 million and improved its non-GAAP operating loss and cash guidance.
Ionis
Ionis
Ionis Revenue by Segment
Revenue by Segment
Product sales, net Revenue
CapyFin.comSPINRAZA royalties Revenue
CapyFin.comWAINUA royalties Revenue
CapyFin.comOther royalties Revenue
CapyFin.comTEGSEDI and WAYLIVRA Revenue
CapyFin.comCollaborative agreements Revenue
CapyFin.comWAINUA joint dev. Revenue
CapyFin.com Forward Guidance
Ionis increased its full-year 2025 financial guidance, raising revenue expectations and improving the outlook for non-GAAP operating loss and cash position.
Positive Outlook
- Increased full-year 2025 revenue guidance to $725-$750 million (previously >$600 million).
- Improved full-year 2025 non-GAAP operating loss guidance to <$375 million (previously <$495 million).
- Expected cash, cash equivalents, and short-term investments of ~$1.9 billion by year-end 2025 (previously ~$1.7 billion).
- Anticipated second independent launch with donidalorsen in HAE.
- Expected Phase 3 results for olezarsen in sHTG in Q3 2025.
Challenges Ahead
- Non-GAAP operating loss is still expected for the full year.
- Cash, cash equivalents and short-term investments are expected to decrease from the start of the year.
- EU approval decisions for TRYNGOLZA and donidalorsen are not guaranteed and are anticipated in H2 2025.
- Continued investment in commercialization efforts for multiple products.
- Reliance on successful outcomes of late-stage clinical trials.