Ionis Pharmaceuticals Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 9 November 2026: press release. Guidance figures: 1 lowered, 3 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Revenue rose 55% in quarter: Total revenue was $243 million in the third quarter, against $157 million a year earlier, and $757 million for nine months. Growth is stated excluding a one-time $280 million sapablursen upfront payment received in the second quarter of 2025. Source
• TRYNGOLZA sales $9 million: TRYNGOLZA U.S. net product sales were $9 million in the third quarter, against $32 million a year earlier, and $41 million for nine months. Management links the lower figure to a more gradual sHTG launch ramp. Source
• DAWNZERA sales rose to $37 million: DAWNZERA U.S. net product sales were $37 million, against $26 million in the second quarter, and $79 million for nine months. Ex-U.S. launch is underway, with new market approvals in Europe and Canada. Source
• Sefaxersen IgAN Phase 3 met endpoint: Phase 3 IMAgINATION study of sefaxersen in IgA nephropathy met its primary endpoint, with a 43.1% reduction in proteinuria versus placebo at week 37. Results were presented at ASN in October 2026. Source
• CARDIO-TTRansform did not meet endpoint: Phase 3 CARDIO-TTRansform study of eplontersen in ATTR-CM did not meet the primary composite endpoint overall. Nominal significance was shown in the pre-specified monotherapy population, with a favorable safety profile. Source
• Cash fell to $1.9 billion: Cash, cash equivalents and short-term investments were $1.9 billion, against $2.7 billion at December 31, 2025, mainly from repayment of the 0% convertible notes on April 1, 2026 and cash used to fund operations. Source

“While initial sales progress has been more gradual than anticipated, we are encouraged by the underlying launch fundamentals.”

Brett P. Monia, Ph.D., chief executive officer of Ionis

Guidance

What changed from last quarter

• Guidance lowered: TRYNGOLZA 2026 product sales guidance was cut from $100-110 million to about $50 million. Source
• New: TRYNGOLZA received a positive CHMP opinion for sHTG, with a final European decision expected in the fourth quarter of 2026. Source
• New: ZANVASTRO was approved by the U.S. FDA for Alexander disease in pediatric and adult patients. Source
• New: HIBSAGO (bepirovirsen) for chronic hepatitis B is approved in the U.S., Japan and Canada, compared with regulatory review in the second quarter. Source
• New: Sapablursen for polycythemia vera received Orphan Drug Designations in the U.S., EU and Japan. Source

Quarterly results and revenue

• Revenue rose 55% in quarter: Total revenue was $243 million in the third quarter, against $157 million a year earlier, and $757 million for nine months. Growth is stated excluding a one-time $280 million sapablursen upfront payment received in the second quarter of 2025. Source
• Non-GAAP operating loss narrowed: Non-GAAP loss from operations was $87 million in the third quarter, against $129 million a year earlier. GAAP loss from operations was $130 million, against $160 million. Source
• Net loss and per-share figures: Net loss was $110 million, or $0.66 per share, against $129 million, or $0.80 per share, a year earlier. Nine-month net loss was $317 million, or $1.92 per share. Source

Wholly owned product sales

• TRYNGOLZA sales $9 million: TRYNGOLZA U.S. net product sales were $9 million in the third quarter, against $32 million a year earlier, and $41 million for nine months. Management links the lower figure to a more gradual sHTG launch ramp. Source
• DAWNZERA sales rose to $37 million: DAWNZERA U.S. net product sales were $37 million, against $26 million in the second quarter, and $79 million for nine months. Ex-U.S. launch is underway, with new market approvals in Europe and Canada. Source
• ZANVASTRO first product sales: ZANVASTRO recorded $2 million of net product sales in the third quarter, with no comparable sales a year earlier. Management said the launch is underway, with first patients dosed with commercial drug. Source
• Commercial revenue up 18%: Total commercial revenue was $136 million against $116 million, up 18%, with product sales of $48 million against $33 million. The increase was primarily driven by DAWNZERA product sales. Source

“In the third quarter, we generated higher quarter-over-quarter commercial revenue and substantial R&D revenue from partnered medicines while continuing to invest in our innovative wholly owned pipeline.”

Elizabeth L. Hougen, chief financial officer of Ionis

Partnered medicines and royalties

• SPINRAZA global sales up 23%: Global SPINRAZA sales were $461 million, up 23% on the year, resulting in $69 million of royalty revenue for Ionis, against $56 million a year earlier. Source
• WAINUA royalty revenue lower: Global WAINUA sales were $68 million, against $70 million in the second quarter, and royalty revenue was $7 million against $16 million then. Source
• R&D revenue rose to $107 million: Research and development revenue was $107 million, against $41 million a year earlier, including $103 million of collaborative agreement revenue from multiple payments under R&D collaborations. Source

Pipeline and trial readouts

• Sefaxersen IgAN Phase 3 met endpoint: Phase 3 IMAgINATION study of sefaxersen in IgA nephropathy met its primary endpoint, with a 43.1% reduction in proteinuria versus placebo at week 37. Results were presented at ASN in October 2026. Source
• Ulefnersen ALS Phase 3 met endpoint: Phase 3 study of ulefnersen in FUS-ALS met its primary endpoint at p=0.0005 and showed a favorable safety and tolerability profile. Source
• CARDIO-TTRansform did not meet endpoint: Phase 3 CARDIO-TTRansform study of eplontersen in ATTR-CM did not meet the primary composite endpoint overall. Nominal significance was shown in the pre-specified monotherapy population, with a favorable safety profile. Source
• CHAMPION Phase 3 started for Angelman: Obudanersen entered Phase 3 CHAMPION study in people with Angelman syndrome due to paternal uniparental disomy or imprinting center defects. Source

“Importantly, we have identified clear opportunities to improve performance, and we remain confident in TRYNGOLZA's long-term growth potential.”

Brett P. Monia, Ph.D., chief executive officer of Ionis

Operating expenses and non-GAAP

• Operating expenses rose with launches: GAAP operating expenses were $373 million against $317 million, rising mainly from commercialization of TRYNGOLZA, DAWNZERA and ZANVASTRO. Non-GAAP operating expenses were $330 million against $286 million. Source
• SG&A rose to $154 million: Selling, general and administrative expense was $154 million against $97 million. Research, development and patent expense was $216 million against $218 million. Source
• Equity compensation excluded from non-GAAP: Compensation expense for equity awards, which the company describes as non-cash, was $43 million in the quarter and is excluded from the non-GAAP operating expense figure. Source

Cash, debt and balance sheet

• Cash fell to $1.9 billion: Cash, cash equivalents and short-term investments were $1.9 billion, against $2.7 billion at December 31, 2025, mainly from repayment of the 0% convertible notes on April 1, 2026 and cash used to fund operations. Source
• Royalty sale liability current portion: Liability related to sale of future royalties was $138 million current and $428 million non-current, against $12 million and $551 million at December 31, 2025. Source
• Stockholders’ equity fell to $394M: Total stockholders’ equity was $394 million, against $489 million at December 31, 2025. The 2030 and 2028 convertible senior notes were carried at $754 million and $570 million, net. Source

Strategy and launch plans

• Goal of sustained positive cash flow: Management ties its commitment to sustained positive cash flow and long-term value creation to independent launches and advancing the pipeline. Source
• TRYNGOLZA long-term potential: Management remains confident in TRYNGOLZA’s long-term potential, citing sustained revenue growth and multi-billion-dollar peak sales. Source
• First independent neurology launch: ZANVASTRO is described as the first independent neurology launch and the foundation for future launches from the neurology pipeline. Source

Coming up, as management said on 9 November 2026

• TRYNGOLZA EU decision in Q4: Final European approval decision for TRYNGOLZA in sHTG is expected in the fourth quarter of 2026. Source
• Bepirovirsen decisions pending: HIBSAGO (bepirovirsen) is under regulatory review in additional countries, including the EU and China. No dates are given. Source
• Obudanersen REVEAL data 2H 2027: Phase 3 REVEAL data for obudanersen in Angelman syndrome are expected in the second half of 2027. Source
• Sefaxersen results to regulators: Sefaxersen IMAgINATION results will be shared with health authorities. Source
• Ulefnersen data to regulators: Ulefnersen FUS-ALS Phase 3 data will be shared with health authorities. Source
• WAINUA submissions in progress: Additional WAINUA submissions are in progress to further expand global access as ATTRv-PN launches continue. Source

Figures management reported

Risks management discussed

• Demand: Management attributes the lower TRYNGOLZA guidance to a slower sHTG launch ramp as the company establishes a new treatment paradigm. Source
• Operational: The eplontersen CARDIO-TTRansform study did not meet its primary composite endpoint in the overall population. Source
• Regulatory: QALSODY is under accelerated approval, and continued approval may depend on verification of clinical benefit in confirmatory trials. Source
• Financial: Cash declined mainly because of the April 2026 repayment of 0% convertible notes and cash used to fund operations. Source

Earlier plans management reported on

• Not stated: The second-quarter release said zilganersen would launch this year, assuming approval. The third-quarter release reports the launch underway.
• Not stated: The second-quarter release expected pelacarsen HORIZON results in the second half of 2026. The third-quarter key events table lists the HORIZON data milestone as Not Achieved.
• Met: The second-quarter release said CARDIO-TTRansform results would be presented at ESC in August 2026. The third-quarter release reports they were presented and published. Source
• Not stated: The second-quarter release tied cash flow breakeven to 2028. The third-quarter release refers to sustained positive cash flow without a year.

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.