Business
Ionis reports third quarter 2020 financial results and recent business achievements
On track to achieve 2020 financial guidance Akcea acquisition supports Ionis' commercial strategy Webcast today, November 4, 2020, at 11:30 a.m. Eastern Time
About this update from Ionis Pharmaceuticals, Inc.
[{"type":"text","content":"On track to achieve 2020 financial guidance\n Akcea acquisition supports Ionis' commercial strategy\n Webcast today, November 4, 2020, at 11:30 a.m. Eastern Time\n\n\nCARLSBAD, Calif., Nov. 4, 2020 /PRNewswire/ -- Ionis Pharmaceuticals, Inc. (Nasdaq: IONS) today reported its financial results for the third quarter of 2020 and recent business highlights.\n\n \n \n \n \n \n \n\n \n\"We took an important step forward in our evolution when we acquired Akcea. This transaction supports our commercial strategy, further enabling us to maximize the value of our Ionis-owned pipeline. As one company, we believe we are stronger and more efficient, with an enhanced ability to achieve even greater future success,\" said Brett P. Monia, Ph.D., chief executive officer at Ionis. \"We made significant progress across our pipeline this year. Recently, we advanced inhaled delivery with IONIS-ENAC-2.5Rx, positioning us to bring new treatment options to patients with pulmonary diseases. We also initiated mid-stage studies for vupanorsen in cardiovascular disease patients and ION541, our medicine to treat nearly all forms of ALS. Additionally, our five Phase 3 studies continue to progress, with our sixth expected to begin by the end of this year. We believe our achievements this year move us closer to delivering 10 or more marketing applications through 2025. Our goal is to bring these medicines to millions of patients around the world.\"\nThird Quarter 2020 Financial Results and Highlights\nOn track to achieve financial guidance of being meaningfully profitable this year Net income of $5 million on a non-GAAP basis and a net loss of $31 million on a GAAP basis for the third quarterAchieved quarter over quarter revenue growth Commercial revenue from SPINRAZA® (nusinersen) royalties of $74 million, in line with the prior quarter Product sales from TEGSEDI® (inotersen) and WAYLIVRA® (volanesorsen) increased more than 15 percent R&D revenue increased more than 15 percent from advancing several partnered programsMaintained a strong balance sheet with cash of $2.3 billion Estimated pro forma cash following the Akcea acquisition of $1.8 billion \"Our acquisition of Akcea further strengthens our business and financial position in numerous ways. We now retain more value from Akcea's rich pipeline and commercial products. We are also able to use Akcea's curren...