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Ionis reports third quarter financial results
Advanced key priorities: initiated manufacturing infrastructure project to support growth Increased 2022 cash and investments guidance CARLSBAD, Calif., Nov.
About this update from Ionis Pharmaceuticals, Inc.
[{"type":"text","content":"Advanced key priorities: initiated manufacturing infrastructure project to support growth\nIncreased 2022 cash and investments guidance\nCARLSBAD, Calif., Nov. 9, 2022 /PRNewswire/ -- Ionis Pharmaceuticals, Inc. (Nasdaq: IONS) (the \"Company\") today reported financial results for the third quarter of 2022. Financial results are summarized below:\n\n \n \n \n \n \n \n\n \nThree months ended\nSeptember 30,\nNine months ended\nSeptember 30,\n2022\n2021\n2022\n2021\n(amounts in millions)\nTotal revenue\n$160\n$133\n$435\n$370\nOperating expenses\n$219\n$219\n$637\n$621\nOperating expenses on a non-GAAP basis\n$195\n$185\n$562\n$499\nNet loss\n($47)\n($82)\n($217)\n($253)\nNet loss on a non-GAAP basis\n($23)\n($48)\n($142)\n($131)\nFinancial Highlights\nRevenue increased 20% for the third quarter of 2022 and 18% on a year-to-date basis compared to the same periods last year driven by significant partner payments earned across multiple programsNon-GAAP operating expenses increased 5% for the third quarter of 2022 and 13% on a year-to-date basis compared to the same periods last year driven by advancing Phase 3 pipelineEntered into a long-term lease in October 2022 to construct a new manufacturing facility supporting continued growthEntered into a sale-leaseback transaction in October 2022 for several real estate assets, generating net proceeds of $240 million plus full funding to expand R&D campusReaffirmed 2022 P&L guidance; increased cash and investments guidance to approximately $2.0 billionLate-Stage Pipeline Highlights\nPresented positive data from the Phase 3 NEURO-TTRansform study of eplontersen in patients with polyneuropathy caused by hereditary TTR amyloidosis; on track to file U.S. New Drug Application this yearExpanded enrollment in the Phase 3 CARDIO-TTRansform study of eplontersen in patients with ATTR cardiomyopathy; data still expected first half of 2025NDA for tofersen was accepted and granted priority review by the FDA; Prescription Drug User Fee Act date of April 25, 2023Initiated CORE2, a confirmatory Phase 3 study of olezarsen in patients with severe hypertriglyceridemia (SHTG)Initiated ESSENCE, a supporting Phase 3 study of olezarsen in patients with SHTG or hypertriglyceridemia and cardiovascular diseaseMid-Stage Pipeline Highlights\nGSK presented positive end of study data from the Phase 2b B-Clear study of be...