Analyst Conference Summary

biotechnology

conference date: July 29, 2026 @ 5:30 AM Pacific Time
for quarter ending: June 30, 2026 (Q2, second quarter 2026)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ million, up % sequentially from $246 million, and up % from $ million year-earlier.

Net income was negative $ million, up sequentially from negative $118 million, and up from negative $ million year-earlier.

EPS (diluted) was negative $, up sequentially from negative $0.56, and up from negative $ year-earlier,

Guidance:

Conference Highlights:

CEO Brett Monia said ""

Dawnzera launch is going well. Largely a switch market.

Increased operating costs in remainder of 2026 will be mainly from increased sales efforts, notably for Tryngolza for SHTG.

In Tryngolza for SHTG (severe hypertriglyceridemia) the FDA approved in June 2026. The Phase 3 CORE data, and from 2 other Phase 3 trials, were positive. Showed pancreatitis reduction. Estimated U.S. sHTG patients over 1 million. Has adjusted price for this much larger population. Tryngolza (olezarsen) peak sales guidance to greater than $3 billion per year. The EU accepted an indication extension application in March. Sales for FCS should benefit from broader access. Changed annual wholesale acquisition price to $40,000, including both FCS and SHTG.

Pelacarsen for LP(a), partnered, could launch in 2027.

Zilganersen for Alexander disease Phase 3 study reported positive results in Q3 2025. NDA submitted in January 2026. Priority Review PDUFA 9/22/2026. Should launch in 2026.

Eplontersen, partnered, for ATTR-CM could launch in 2027.

Donidalorsen (now Dawnzera) for hereditary angioedema (HAE) was launched in the EU in Q1 by Otsuka. It was approved by the FDA in August 2025. European approval was in January 2026. HAE has over 7,000 patients in the US. Independent commercial launch is off to a good start. Believes peak sales could be $500 million per year.

Spinraza (nusinersen) for SMA higher dose approved by FDA in Q1 2026. 2026 after receiving a CRL earlier in 2025. Approved in Q4 in EU. Salanersen for SMA had postive Phase 1 results, Biogen will take into registrational studies. Salanersen royalty rates would be higher than those for Spinraza, and of course would extend the patent coverage period.

In Q4 2025 Bepirovirsen for chronic hepatitis B achieved its primary endpoint and demonstrated a statistically significant and clinically meaningful functional cure rate in 2 Phase 3 studies. Global filings began in Q1 2026. Partner GSK to present Phase 3 data at European Association for the Study of the Liver Congress. The FDA PDUFA is 10/26/2026.

Possible Phase 3 readouts in 2026 include Pelacarsen for Lp(a), Eplantersen for ATTR-CM, Ulefnersen for FUS-ALS, and Sefaxerson for IgAN. All could launch in 2027, all are partnered.

Non-GAAP numbers: net income negative $ million, sequentially up from negative $50 million, and up from negative $ million year-earlier.

Cash ended at $ billion, down sequentially from $1.9 billion. Debt $ million in convertible notes.

Ionis has a pipeline of about 45 potential drugs, with 12 in clinical development, and 8 in Phase 3 trials. A growing number are wholly-owned.

GAAP Operating expense was $ million, consisting of $ million for cost of goods sold; $ million for R&D and $ million for selling, general and administrative. Operating income was negative $ million. Other income net was negative $ million. Income tax $0 million.

Q&A selective summary:

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