Ionis Pharmaceuticals, Inc. (NASDAQ: IONS) has reported its first quarter financial results for the period ending March 31, 2025. The company experienced a 10% increase in total revenue, reaching $132 million in the first quarter of 2025, compared to $119 million in the same period in 2024.
Operating expenses also saw a slight increase, reaching $278 million in the first quarter of 2025, compared to $269 million in the same period in 2024. However, on a non-GAAP basis, operating expenses increased to $249 million in the first quarter of 2025, up from $238 million in the same period in 2024.
The company's loss from operations decreased to $146 million in the first quarter of 2025, down from $150 million in the same period in 2024. On a non-GAAP basis, the loss from operations was $117 million in the first quarter of 2025, compared to $119 million in the same period in 2024.
Recent financial highlights include a 28% increase in commercial revenue for the first quarter of 2025 compared to the same period in 2024. This increase was primarily driven by revenue from U.S. product sales from the launch of Tryngolza. Additionally, higher royalty revenues from Spinraza, Wainua, and Qalsody also contributed to the year-over-year increase.
Ionis Pharmaceuticals has increased its 2025 financial guidance by more than 20%, with the new revenue guidance now at $725-750 million, up from the previous guidance of greater than $600 million. The operating loss on a non-GAAP basis is now expected to be less than $375 million, substantially improving from the previous guidance of less than $495 million. The company also expects to end the year with approximately $1.9 billion in cash, cash equivalents, and short-term investments, up from the previous guidance of around $1.7 billion.
The company's cash, cash equivalents, and short-term investments were $2.1 billion as of March 31, 2025, compared to $2.3 billion at December 31, 2024. Ionis generated $280 million from the global license of Sapablursen in the second quarter.
In terms of specific product performance, Tryngolza, the first-ever treatment for adults living with familial chylomicronemia syndrome (FCS) as an adjunct to diet, generated net product sales of over $6 million in its first full quarter following approval in the U.S. on December 19, 2024. Wainua for the treatment of adults with polyneuropathy of hereditary transthyretin-mediated amyloidosis (ATTRv-PN) achieved sales of $39 million, resulting in royalty revenue of $9 million in the first quarter of 2025.
Ionis Pharmaceuticals' strong financial position and commitment to drive operating leverage position the company to advance its strategic priorities and successfully navigate the dynamic macroeconomic environment.
The company's management hosted a conference call and webcast to discuss Ionis’ first quarter 2025 results at 11:30 a.m. Eastern Time on Wednesday, April 30, 2025. Following these announcements, the company's shares moved 3.6%, and are now trading at a price of $30.89. Check out the company's full 8-K submission here.
