Ionis Pharmaceuticals(US:IONS)2025-07-30 19:56Revenue Performance - Total revenue for the three months ended June 30, 2025, was $452.049 million, a 100.5% increase from $225.250 million in the same period of 2024[14] - Commercial revenue reached $102.756 million for the three months ended June 30, 2025, compared to $72.036 million in the prior year, representing a 42.5% increase[14] - Research and development revenue for the three months ended June 30, 2025, was $349.293 million, up from $153.214 million in the same period of 2024, marking a 128.3% increase[14] - Royalty revenue for the three months ended June 30, 2025, was $69.952 million, compared to $63.844 million in the same period of 2024, reflecting a 9.5% increase[38] - TRYNGOLZA sales generated $19.273 million in revenue for the three months ended June 30, 2025, following its FDA approval in December 2024[40] - Revenue from the collaboration with AstraZeneca for the three months ended June 30, 2025, was $54.288 million, representing 12% of total revenue, compared to 7% in the same period of 2024[59] - Revenue from the collaboration with Ono for the three months ended June 30, 2025, was $280 million, accounting for 62% of total revenue[63] Net Income and Earnings Per Share - Net income for the three months ended June 30, 2025, was $123.551 million, compared to a net loss of $66.265 million in the same period of 2024[15] - Basic net income per share for the three months ended June 30, 2025, was $0.78, compared to a loss of $0.45 per share in the same period of 2024[14] - The diluted net income for the three months ended June 30, 2025, including the effect of dilutive securities, was $127,558,000, resulting in a diluted net income per share of $0.70[65] - Consolidated net income for the six months ended June 30, 2025, was a loss of $23.4 million, an improvement from a loss of $209.1 million in the same period in 2024[104] Assets and Liabilities - Total assets as of June 30, 2025, were $2.985 billion, a slight decrease from $3.004 billion as of December 31, 2024[12] - Total liabilities decreased to $2.353 billion as of June 30, 2025, from $2.415 billion at the end of 2024[12] - Stockholders' equity increased to $631.724 million as of June 30, 2025, from $588.351 million at the end of 2024[12] - Total current assets as of June 30, 2025, were $2,577,150,000, slightly down from $2,620,290,000 as of December 31, 2024[12] - Accrued liabilities decreased to $98,957 thousand as of June 30, 2025, from $108,438 thousand at December 31, 2024[36] Cash and Cash Equivalents - The company had cash and cash equivalents of $297.304 million as of June 30, 2025, compared to $242.077 million as of December 31, 2024[12] - Cash and cash equivalents at the end of the period increased to $297,304 thousand from $293,993 thousand year-over-year[21] - The company reported a net cash provided by operating activities of $563 thousand for the six months ended June 30, 2025, compared to a net cash used of $269,818 thousand in the same period of 2024[21] Stockholder Equity and Capital - Total stockholders' equity as of June 30, 2025, was $631,724 thousand, up from $263,698 thousand at June 30, 2024[18] - The company issued 1,288 thousand shares of common stock in connection with employee stock plans, generating $3,528 thousand in net proceeds[21] - The company’s total additional paid-in capital increased to $2,932,747 thousand as of June 30, 2025, from $2,303,369 thousand at June 30, 2024[18] Research and Development - The company recognized $278 million in R&D revenue for the license of sapablursen in the second quarter of 2025, completing the performance obligation upon delivery[62] - The company achieved a $30 million milestone payment from AstraZeneca in Q2 2025 for initiating a Phase 2b study, recognized in full as R&D revenue[58] - The company completed its R&D services performance obligation and recognized $2 million of R&D revenue in the second quarter of 2025[63] Debt and Financial Instruments - The company completed a $575.0 million offering of 1.75% Notes in 2023, using $532.7 million of the net proceeds to repurchase its 0.125% Notes[93] - The outstanding principal balance of the 0% Notes was $632.5 million as of June 30, 2025, with an effective interest rate of 0.5%[96] - The company recorded an upfront payment of $500 million from a royalty purchase agreement with Royalty Pharma, with potential additional milestone payments of up to $625 million[88] - The liability related to the sale of future royalties was $554.8 million as of June 30, 2025, after accounting for royalty payments and interest expenses[91] Inventory and Cost of Sales - Total inventories as of June 30, 2025, amounted to $24,977 thousand, an increase from $12,512 thousand at December 31, 2024[35] - The cost of sales for the three months ended June 30, 2025, was $4,151,000, compared to $4,164,000 in the same period of 2024[14] - The cost of sales for the newly launched product TRYNGOLZA does not include the full manufacturing cost until additional inventory is sold after exhausting pre-launch inventory[32] Legal and Regulatory Matters - The company is involved in legal proceedings but currently has no pending material legal proceedings[101] - The company expects no material impact from recently issued accounting standards beyond those included in the Annual Report for the year ended December 31, 2024[34]