Ionis Pharmaceuticals (IONS) Reports Strong Financial Growth

By Bobby Samwell • Wednesday, February 21 15:45 • Permanent Link

Ionis Pharmaceuticals, Inc. (NASDAQ: IONS) has reported its financial results for the fourth quarter and full year ended December 31, 2023, which demonstrated substantial growth and significant achievements. The company's total revenue more than doubled for the fourth quarter of 2023 compared to the same period in the prior year and increased by 34% for the full year, driven by the successful progression of Ionis’ pipeline and technology platform. Operating expenses increased compared to the prior year, primarily due to strategic investments to bring Eplontersen, Olezarsen, and Donidalorsen to patients.

Brett P. Monia, Ph.D., Chief Executive Officer of Ionis, highlighted the company's achievements, stating, "This past year included many remarkable achievements as we continued to advance our vision to bring better futures to people with serious diseases. In 2024, we anticipate building on our success with important catalysts and continued value creation."

Elizabeth L. Hougen, Chief Financial Officer of Ionis, commented, "In 2023, we earned substantial revenues due to continued success with our pipeline and technology. As a result, we exceeded our 2023 revenue guidance, which drove a smaller than anticipated operating loss."

Key financial highlights for the fourth quarter and full year 2023 include: - Total revenue of $325 million for the fourth quarter and $788 million for the full year - Operating expenses of $331 million for the fourth quarter and $1.141 billion for the full year - Operating loss of $6 million for the fourth quarter and $353 million for the full year - Cash and short-term investments of $2.3 billion as of December 31, 2023

Ionis' 2024 financial guidance includes a revenue target of over $575 million and an operating loss on a non-GAAP basis of less than $475 million, with cash, cash equivalents, and short-term investments expected to be approximately $1.7 billion.

In terms of market performance, Ionis Pharmaceuticals' shares have moved -1.6% and are currently trading at a price of $43.64.

The company's full 8-K submission is available here.

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