Ionis Pharmaceuticals, Inc. reported its financial results for the third quarter and the first nine months of 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period. For the three months ended September 30, 2024, total revenue was $133.8 million, a decrease from $144.2 million in the same period of 2023. Commercial revenue also fell to $75.7 million from $84.1 million, primarily due to a decline in SPINRAZA royalties, which dropped to $57.2 million from $67.3 million year-over-year. However, total revenue for the nine months ended September 30, 2024, increased to $478.6 million from $463.1 million in 2023, driven by a rise in research and development revenue.
Operating expenses for the third quarter slightly decreased to $282.5 million from $287.5 million in 2023, while the net loss improved to $140.5 million from $147.4 million. For the nine-month period, the net loss was $349.5 million, a slight improvement from $357.0 million in the prior year. The company’s total stockholders’ equity increased significantly to $662.5 million as of September 30, 2024, up from $386.7 million at the end of 2023, largely due to a public offering of 11.5 million shares that generated net proceeds of approximately $489.1 million.
Ionis continues to focus on strategic collaborations, notably with AstraZeneca for the WAINUA (Eplontersen) program, which has generated over $935 million since inception. WAINUA was launched in the U.S. in January 2024, contributing to new royalty revenue. The collaboration with Biogen remains crucial, with QALSODY receiving accelerated FDA approval in April 2023 and EMA marketing authorization in May 2024. However, revenue from Biogen decreased in the nine months ended September 30, 2024, to $277.7 million from $299.9 million in 2023.
The company’s cash and cash equivalents stood at $334.6 million, down from $399.3 million at the end of 2023, while short-term investments increased to $2.1 billion. Total liabilities decreased to $2.4 billion from $2.6 billion, reflecting a reduction in current liabilities. The company’s ongoing investments in its pipeline, including nine medicines in Phase 3 development, indicate a commitment to future growth despite current financial challenges.
About IONIS PHARMACEUTICALS INC
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