Ionis Pharmaceuticals, Inc. · NASDAQ:IONS
Ionis Pharmaceuticals — Q2 2026 Earnings Presentation
28 slides from Ionis Pharmaceuticals's earnings presentation, Jul 29, 2026
Slide 1: Q2:2026 Business Update and Financial Results
Q2:2026 Business Update and Financial Results July 29, 2026 Nasdaq: IONS 1
Slide 2: On Today's Earnings Call
On Today’s Earnings Call Brett Monia, Kyle Jenne Holly Kordasiewicz, Ph.D. Beth Hougen Chief Global Product Ph.D. Chief Financial Officer Chief Executive Officer Strategy Officer Chief Development Officer Eugene Schneider, M.D. Eric Swayze, Ph.D. Chief Clinical Executive Vice President, Development
Slide 3: Forward-Looking Statements
Forward-Looking Statements This presentation includes forward-looking statements regarding our business, financial guidance and the therapeutic and commercial potential of our commercial medicines, additional medicines in development and technologies and our expectations regarding development and re
Slide 4: Introduction
Introduction Brett Monia, Ph.D. Chief Executive Officer 4
Slide 5: Well Positioned for Accelerating Growth
Well Positioned for Accelerating Growth Fully integrated, commercial-stage biotechnology company High-value innovative pipeline built on groundbreaking RNA-targeting technology Successful commercial launches enabled by breakthrough clinical results Clear path to accelerating revenue growth, sustaine
Slide 6: Building Commercial Momentum
Building Commercial Momentum Providing multi-billion-dollar revenue potential for Ionis1 First Broad Patient On Track for First Continued Strong HAE Launch Driving Population Launch Independent FCS Patient Demand Revenue Growth Underway Neurology Launch Zilganersen in AxD First disease-modifying Fir
Slide 7: Delivering a Steady Cadence of New Medicines
Sapablursen Delivering a Steady Cadence of New Medicines1,2 Salanersen (PV) (SMA) Obudanersen (Angelman syndrome) 4 Ulefnersen Independent (FUS-ALS) launches in 2025-2026 Sefaxersen (IgAN) 4 Partner Pelacarsen (Lp(a)-CVD) launches by end of 2027 Bepirovirsen (CHB) Zilganersen (Alexander disease) (sH
Slide 8: Accelerating Value through Commercial Execution
Accelerating Value through Commercial Execution Kyle Jenne Chief Global Product Strategy Officer 8
Slide 9: Strong Foundation for TRYNGOLZA Launch in sHTG
Strong Foundation for TRYNGOLZA Launch in sHTG1 Increasing FCS Demand Continued in Q2:2026 Strong Q-o-Q Increase in Demand3 Demand3 in Robust efficacy and safety Q2:2026 TRYNGOLZA • Significant and sustained triglyceride reductions FCS product sales of • Substantial reduction in acute pancreatitis e
Slide 10: NOW APPROVED
NOW APPROVED Indicated as an adjunct to diet to reduce triglycerides (TG) and the risk of acute pancreatitis in adults with severe hypertriglyceridemia (sHTG: TG greater than or equal to 500 mg/dL) TRYNGOLZA is now approved in the U.S.; see Full Prescribing Information. 10
Slide 11: TRYNGOLZA: sHTG Launch Off to Encouraging Start
TRYNGOLZA: sHTG Launch Off to Encouraging Start with Exceptional Initial Commercial Execution1,2 • Landmark approval as the first-ever medicine to prevent acute pancreatitis in sHTG1 • Leveraging strong foundation established with FCS launch Annual Peak Product Revenue Opportunity3 • Prescriptions f
Slide 12: DAWNZERA Launch Gaining Momentum
DAWNZERA Launch Gaining Momentum1 Delivering on What HAE Patients Need Most First and Only RNA-Targeted Treatment to Prevent HAE Attacks Generated $42 million in H1:2026 Indicated for prophylaxis to prevent attacks of HAE in adult and +63% pediatric patients ≥12 years old $26 • Prescriptions written
Slide 13: Zilganersen: Ionis' First Independent Neurology Launch
Substantial Unmet Need Alexander disease is a rare, progressive and often fatal neurological condition No approved disease-modifying treatments Groundbreaking Phase 3 Data Zilganersen: First time an investigational medicine has shown a positive disease- Ionis’ First modifying impact in Alexander dis
Slide 14: Building Momentum Across Independent Launches
Building Momentum Across Independent Launches BB Top-Tier Team Strong Launch Multiple Opportunities Execution for Continued Growth 14
Slide 15: Delivering Important Pipeline Achievements
Delivering Important Pipeline Achievements Holly Kordasiewicz, Ph.D. Chief Development Officer 15
Slide 16: TRYNGOLZA: Positioned to be the New Standard of Care for sHTG
Groundbreaking clinical results2: 〉 Highly statistically significant and clinically meaningful mean reductions in fasting triglycerides of up to 72% on top of standard of care 〉 86% of patients reached TGs >500 mg/dL TRYNGOLZA: 〉 Up to 54% of patients’ TGs normalized (>150 mg/dL) Positioned to be th
Slide 17: Building a Leading Cardiometabolic Pipeline
Building a Leading Cardiometabolic Pipeline 1,2 2 4 Wholly Owned Medicines in Partnered Medicines in Clinical Development Clinical Development 6 Medicines in Clinical Development Approved Medicine 3 17 1. Timing and expectations based on current assumptions and subject to change. 2. Assuming approva
Slide 18: Late-Stage Ionis-Owned Neurology Opportunities: Zilganersen and Obudanersen
Late-Stage Ionis-Owned Neurology Opportunities: Zilganersen and Obudanersen1 Zilganersen Obudanersen for the Treatment of Alexander Disease for the Treatment of Angelman Syndrome First and only investigational medicine to demonstrate Significant unmet need with no approved clinically meaningful dise
Slide 19: Leading the Way in the Treatment of Neurological Diseases
Leading the Way in the Treatment of Neurological Diseases 1,2 8 4 Wholly Owned Medicines in Partnered Medicines Clinical Development in Clinical Development 12 Medicines in Clinical Development Approved Medicines 3-5 19 1. Timing and expectations based on current assumptions and subject to change. 2
Slide 20: 2026 Key Value-Driving Events
2026 Key Value-Driving Events1 Clinical Events Regulatory Actions Product Launches Phase 3 Phase 2 Pelacarsen Phase 2 Phase 2 Bepirovirsen Donidalorsen TRYNGOLZA Zilganersen DAWNZERA Clinical Data Events Lp(a) HORIZON data Clinical Daa Events EU approval U.S. approval U.S. submission ClinicalEU Data
Slide 21: Q2:2026 Financial Performance
Q2:2026 Financial Performance Beth Hougen Chief Financial Officer 21
Slide 22: H1:2026 Financial Highlights
H1:2026 Financial Highlights1 Commercial Revenue: $226M R&D Revenue: $288M Revenues $32M in TRYNGOLZA product sales Significant YoY increase driven $514M $42M in DAWNZERA product sales by multiple payments as 27% increase year-over-year (YoY) partnered programs advance3 R&D Expenses2: $377M
Slide 23: On Track to Achieve our 2026 Financial Guidance
On Track to Achieve our 2026 Financial Guidance 1,2 Revenue Operating Loss Cash $875-$900M $425-475M3 >30% vs 20252 Similar to 20252 >$1.6B Numerous diverse revenue sources Investing in multiple launches, Supports investments for launches, including broad sHTG pipeline and technology TRYNGOLZA net p
Slide 24: Conclusion
Conclusion Brett Monia, Ph.D. Chief Executive Officer 24
Slide 25: Driving Accelerating Growth
Driving Accelerating Growth1,2 2028 Cash Flow Breakeven Clear Path to Sustained Positive Cash Flow Accelerating Revenue Growth Fully-integrated commercial stage biotechnology company Positive clinical trial results enabling steady cadence of approvals and launches Established leadership in cardiomet
Slide 26: Breakthrough Therapies Driving Accelerating Growth
Breakthrough Therapies Driving Accelerating Growth 26
Slide 27: Q&A
Q&A IONIS
Slide 28: Accelerating Growth through Life-Changing Medicines
1,2 Accelerating Growth through Life-Changing Medicines
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