Ionis Pharmaceuticals Reports $705M Revenue for 2024

By Tamara Parker • Wednesday, February 19 15:19 • Permanent Link

Ionis Pharmaceuticals, Inc. has reported its financial results for the fourth quarter and full year ending December 31, 2024. The company's total revenue for the year 2024 amounted to $705 million, which exceeded the previous year's revenue of $788 million. Operating expenses for 2024 were reported at $1,180 million, a slight increase from the $1,141 million in 2023.

The loss from operations in 2024 was $475 million, up from a loss of $353 million in 2023. On a non-GAAP basis, the loss from operations in 2024 was $345 million, compared to $247 million in 2023.

Notably, revenue for the year 2024 substantially exceeded guidance due to the launch of Wainua and Tryngolza in the U.S. in late January and late December, respectively. Ionis also experienced increased expenses from the commercialization efforts for Wainua, Tryngolza, and Donidalorsen.

The company's cash, cash equivalents, and short-term investments as of December 31, 2024, were reported at $2.3 billion, exceeding revised guidance and enabling continued investments to support ongoing and upcoming planned launches and advancing wholly owned medicines in development.

In terms of specific product highlights, Wainua generated sales of $85 million, resulting in royalty revenue of $20 million in the year ended December 31, 2024. Spinraza® generated global sales of $1.6 billion, resulting in royalty revenue of $216 million in the same period. Qalsody® for the treatment of SOD1-ALS generated global sales of $32 million, resulting in royalty revenue of $4 million in the year ended December 31, 2024.

Looking ahead, the company has provided full-year 2025 guidance, expecting revenue to exceed $600 million, with an operating loss on a non-GAAP basis to be less than $495 million. The cash, cash equivalents, and short-term investments are expected to be around $1.7 billion.

As a result of these announcements, the company's shares have moved -1.9% on the market, and are now trading at a price of $31.33. For the full picture, make sure to review Ionis Pharmaceuticals's 8-K report.

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