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Ionis reports second quarter 2023 financial results
Reported Phase 3 data showing eplontersen continued to show improvement in ATTRv-PN through 85 weeks; December 22, 2023 PDUFA date Completed enrollment in
About this update from Ionis Pharmaceuticals, Inc.
[{"type":"text","content":"Reported Phase 3 data showing eplontersen continued to show improvement in ATTRv-PN through 85 weeks; December 22, 2023 PDUFA date\nCompleted enrollment in donidalorsen OASIS-HAE study and eplontersen CARDIO-TTRansform ATTR-CM study keeping Phase 3 data readouts on track\nOn track to achieve 2023 financial guidance\nCARLSBAD, Calif., Aug. 9, 2023 /PRNewswire/ -- – Ionis Pharmaceuticals, Inc. (Nasdaq: IONS) (the \"Company\"), today reported financial results for the second quarter of 2023. Financial results are summarized below:\n\n \n \n \n \n \n \n\n \n \nThree months ended\nJune 30,\nSix months ended\nJune 30,\n2023\n2022\n2023\n2022\n(amounts in millions)\nTotal revenue\n$188\n$134\n$319\n$276\nOperating expenses\n$279\n$220\n$523\n$419\nOperating expenses on a non-GAAP basis\n$252\n$195\n$469\n$368\nLoss from operations\n($91)\n($86)\n($204)\n($143)\nLoss from operations on a non-GAAP basis\n($64)\n($61)\n($150)\n($92)\n \nFinancial Highlights\nRevenue increased for the second quarter and first half of 2023 by 40% and 16% compared to the same periods last year, respectively, driven by significant partner paymentsOperating expenses increased in the second quarter and first half of 2023 compared to the prior year as planned, reflecting investments in advancing Ionis' pipeline and go-to-market activities for eplontersen, olezarsen and donidalorsenCash and short-term investments of $2.4 billion as of June 30, 2023 enables continued investments to drive increasing valueWell-capitalized balance sheet reflects 2024 convertible note refinancing that extended maturity to 2028 while maintaining a low coupon and retaining the flexibility to mitigate potential equity dilutionReaffirmed 2023 financial guidance\"Ionis is creating significant value in 2023 as we successfully execute on our strategy to bring a steady cadence of transformational medicines to the market. Our growing late-stage pipeline now includes eight medicines for 10 indications, highlighted by eplontersen. Based on the strong and consistent data generated to date and an attractive self-administration profile, we expect eplontersen to be an important new medicine for people with ATTRv-polyneuropathy. We also added QALSODY to our commercial portfolio, a breakthrough treatment for people with SOD1-ALS further strengthening Ionis' leadership in RNA-based therapies for neurol...