Overview

• Biotech firm Ionis Q4 revenue beat analyst expectations

• Adjusted operating income for Q4 beat analyst estimates

• Company preparing for multiple product launches in 2026

Outlook

• Ionis expects 2026 revenue between $800 mln and $825 mln

• Company anticipates operating loss on a non-GAAP basis of $500 mln to $550 mln in 2026

• Ionis plans modest increase in non-GAAP operating expenses for 2026

Result Drivers

• PRODUCT LAUNCHES - TRYNGOLZA sales increased 56% QoQ, driven by successful launch and EU approval

• R&D REVENUE - $280 mln upfront payment from Ono Pharmaceutical for sapablursen licensing boosted revenue

• EXPENSES - Increased operating expenses due to commercialization efforts for TRYNGOLZA, DAWNZERA and WAINUA

Company press release: ID:nBw2nfT4Ba

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 Revenue	Beat	$203 mln	$156.09 mln (15 Analysts)
Q4 Adjusted Operating Income	Beat	-$172 mln	-$210.27 mln (13 Analysts)
Q4 Adjusted Operating Expenses		$375 mln
Q4 Operating Expenses		$418 mln
Q4 Operating Income		-$215 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 17 "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Ionis Pharmaceuticals Inc is $95.00, about 11.2% above its February 24 closing price of $85.45

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