Ionis' Q4 Earnings and Sales Beat Estimates, Tryngolza Launch in Focus

Core Viewpoint - Ionis Pharmaceuticals reported a narrower loss per share for Q4 2024 compared to estimates, with total revenues exceeding expectations but declining year-over-year Financial Performance - Ionis incurred a loss of 66 cents per share in Q4 2024, better than the Zacks Consensus Estimate of a loss of $1.12 per share [1] - Total revenues for Q4 were $227 million, surpassing the Zacks Consensus Estimate of $137.5 million, but down 30.2% year-over-year [2] - For the full year 2024, Ionis reported a loss of $3.04 per share, which was narrower than the Zacks Consensus Estimate of a loss of $3.47 per share, with total revenues of $705 million, beating the estimate of $618.6 million [12] Revenue Breakdown - Commercial revenues in Q4 were $86 million, up 8.9% year-over-year, exceeding the Zacks Consensus Estimate of $81 million [7] - Spinraza royalties contributed $64 million to commercial revenues, up 1.6% year-over-year, with Spinraza sales recorded at $421.4 million, up 2% year-over-year [8] - Wainua generated $10 million in royalty revenues, with sales of $42 million in Q4, reflecting an 84% sequential increase [8] - R&D revenues declined 42.7% year-over-year to $141 million, but still beat the Zacks Consensus Estimate of $57 million [10] Cost Management - Adjusted operating costs decreased by 1.3% year-over-year to $301 million in Q4, while SG&A costs rose 18.5% to support new product launches [11] Future Guidance - Ionis expects total revenues to exceed $600 million in 2025, with a shift towards increasing commercial revenues [13] - The company anticipates an adjusted operating loss of less than $495 million and expects SG&A costs to rise due to investments in marketing activities [14] Product Development Updates - Ionis' first wholly-owned drug, Tryngolza, was approved by the FDA in December 2024 for a rare disease, with a marketing application under review in the EU [6] - Olezarsen is being evaluated in late-stage studies for severe hypertriglyceridemia, with data expected in the second half of 2025 [15] - Donidalorsen is under FDA review for hereditary angioedema, with a decision expected on August 21, 2025 [16] - AstraZeneca and Ionis are developing Wainua for another form of amyloidosis, with data from a phase III study expected in the second half of 2026 [18]