Ionis Pharmaceuticals, Inc. (NASDAQ: IONS) has reported significant growth and progress in its second quarter 2025 financial results, with a substantial increase in total revenue and product sales compared to the same period last year. The company's revenue doubled in the second quarter of 2025, reaching $452 million compared to $225 million in the second quarter of 2024. For the first half of 2025, total revenue increased by nearly 70% to $584 million from $345 million in the first half of 2024.
The company's operating expenses increased by a smaller margin, with operating expenses reaching $312 million in the second quarter of 2025 compared to $291 million in the same period last year. On a non-GAAP basis, operating expenses were $282 million in the second quarter of 2025, up from $260 million in the same period in 2024.
Ionis Pharmaceuticals also provided increased financial guidance for the full year 2025, reflecting an improved outlook and strong revenue performance year-to-date. The company raised its total revenue guidance from $725-750 million to $825-850 million. Additionally, the guidance for tryngolza net product sales increased from not being provided to $75-80 million for the full year 2025.
The company's recent financial highlights include the substantial increase in commercial revenue, driven by the successful launch of tryngolza and increased royalty and R&D revenues. Tryngolza, the first independently launched medicine, generated $19 million in net product sales in the second quarter of 2025, marking its second full quarter on the market. For the first half of 2025, tryngolza sales reached $26 million.
Furthermore, Ionis Pharmaceuticals is anticipating significant advancements in its pipeline, including the potential approval of donidalorsen for hereditary angioedema (HAE) next month, as well as the release of phase 3 data from pivotal core and core2 studies in severe hypertriglyceridemia (SHTG) in September 2025.
The company's increased financial performance and positive outlook demonstrate its commitment to driving operating leverage while executing on strategic priorities. Ionis Pharmaceuticals remains focused on delivering substantial and growing product revenue, which, coupled with anticipated increasing royalty revenue from multiple partner launches, positions the company for sustained growth and positive cash flow in the coming years.
As a result of these announcements, the company's shares have moved 4.97% on the market, and are now trading at a price of $43.54. For more information, read the company's full 8-K submission here.
