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Sep 30, 2025
Ionis Q3 2025 Earnings Report
Ionis reported higher revenue in Q3 2025, driven by strong TRYNGOLZA sales and growth in royalty and collaboration revenues.
Key Takeaways
Ionis achieved 17% year-over-year revenue growth in Q3 2025, boosted by TRYNGOLZA product sales and increased royalty contributions. Despite a GAAP net loss of $129M, non-GAAP metrics reflected improved operational performance.
Total revenue grew to $157M, a 17% increase YoY.
TRYNGOLZA generated $32M in net product sales in Q3.
Non-GAAP net loss improved to $98M from $108M a year earlier.
Cash, cash equivalents and short-term investments stood at $2.24B.
Revenue by Segment
Forward Guidance
Ionis raised its full-year 2025 guidance, expecting total revenue of $875–900M and lower non-GAAP operating losses, reflecting stronger-than-expected product and royalty revenue momentum.
Positive Outlook
- TRYNGOLZA sales rose ~70% quarter-over-quarter.
- Full-year revenue guidance raised to $875–900M.
- WAINUA and DAWNZERA launches contributed to revenue growth.
- Cash and investments remain strong at $2.24B.
- Positioned for cash flow breakeven by 2028.
Challenges Ahead
- GAAP and non-GAAP net losses persisted in Q3.
- Collaborative revenue declined YoY.
- WAINUA joint development revenue dropped YoY.
- R&D and SG&A costs remain elevated due to product launches.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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