Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) reported third-quarter 2026 revenue of $243 million, compared with $157 million a year earlier, representing an increase of approximately 55%, supported by commercial product sales and revenue from research partnerships.
The biotechnology company reduced its full-year sales guidance for TRYNGOLZA to approximately $50 million from $100 million to $110 million, citing a slower-than-anticipated launch in severe hypertriglyceridemia.
Ionis maintained its broader 2026 financial guidance, including total revenue of $875 million to $900 million.
Third-Quarter Revenue Increases as Operating Loss Narrows
For the three months ended September 30, 2026, Ionis reported total revenue of $243 million, up from $157 million in the corresponding period of 2025.
Commercial revenue increased to $136 million from $116 million, while research and development revenue rose to $107 million from $41 million.
Operating expenses increased to $373 million from $317 million, reflecting continued investment in commercial launches and product development.
The operating loss narrowed to $130 million from $160 million a year earlier. On a non-GAAP basis, the operating loss decreased to $87 million from $129 million.
For the first nine months of 2026, revenue reached $757 million, compared with $740 million in the previous year, while the operating loss widened to $350 million from $167 million.
DAWNZERA Sales Reach $37 Million as TRYNGOLZA Guidance Is Reduced
Ionis reported third-quarter U.S. net product sales of $37 million for DAWNZERA, its treatment for hereditary angioedema, bringing nine-month sales to $79 million.
The company maintained its full-year DAWNZERA sales forecast of $110 million to $120 million.
TRYNGOLZA generated third-quarter U.S. net product sales of $9 million, compared with $32 million a year earlier. Nine-month sales totalled $41 million.
Ionis lowered its full-year TRYNGOLZA sales forecast to approximately $50 million, reflecting a more gradual commercial launch in severe hypertriglyceridemia than previously expected.
The company also began commercial distribution of ZANVASTRO, its recently approved treatment for Alexander disease, generating $2 million in third-quarter sales.
Pipeline Developments and Partnered Medicines
Ionis reported continued progress across its wholly owned and partnered development programmes.
The company completed enrolment in the Phase 3 REVEAL study of obudanersen for Angelman syndrome, with results expected in the second half of 2027.
Its partnered medicine SPINRAZA generated global third-quarter sales of $461 million, resulting in royalty revenue of $69 million for Ionis.
WAINUA generated global sales of $68 million, providing Ionis with $7 million in royalties.
Other developments included regulatory approvals for HIBSAGO in the United States, Japan and Canada, alongside positive Phase 3 results for sefaxersen in IgA nephropathy and ulefnersen in FUS-associated amyotrophic lateral sclerosis.
Full-Year Financial Guidance Maintained
Ionis reaffirmed its 2026 total revenue forecast of $875 million to $900 million and its non-GAAP operating loss guidance of $425 million to $475 million.
The company also maintained its expectation of ending 2026 with more than $1.6 billion in cash, cash equivalents and short-term investments.
As of September 30, 2026, Ionis held approximately $1.9 billion in cash and short-term investments, compared with $2.7 billion at the end of 2025.
The decline reflected repayment of convertible notes and cash used to fund operations.
Ionis said it remains focused on expanding commercial sales while progressing its neurology and cardiometabolic development programmes.