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Ionis Pharmaceuticals Inc IONS Stock Quote

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Morningstar‘s Stock Analysis IONS

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Maintaining Our $62 FVE for Ionis Following In Line Q3; Late-Stage Pipeline Advancing

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

Ionis reported solid third-quarter results that put it on track to meet our full-year estimates, and we’re maintaining our $62 fair value estimate for the firm. Revenue grew 20% despite declines in royalties for spinal muscular atrophy drug Spinraza, as collaboration revenue from partners Roche, AstraZeneca, and Biogen drove growth. Management maintained its full-year guidance, although we think operating expenses are tracking well below management’s targeted range, despite supporting additional phase 3 programs. Ionis is also sitting on roughly $2 billion in cash, which should support further in-house phase 3 programs and any bolt-on acquisitions necessary to support further advancement of its pipeline of antisense drugs and support its narrow moat.

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Key Statistics IONS

Company Profile IONS

Business Description

Ionis Pharmaceuticals is the leading developer of antisense technology to discover and develop novel drugs. Its broad clinical and preclinical pipeline targets a wide variety of diseases, with an emphasis on cardiovascular, metabolic, neurological, and rare diseases. Ionis and partner Biogen brought Spinraza to market in 2016 as a treatment for a rare neuromuscular disorder, spinal muscular atrophy. Ionis subsequently brought two additional drugs to market via its cardiovascular-focused subsidiary Akcea, including ATTR amyloidosis drug Tegsedi (2018) and cardiology drug Waylivra (Europe, 2019).

2855 Gazelle Court
Carlsbad, CA, 92010
T +1 760 931-9200
Industry Biotechnology
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 660

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