Ionis Pharmaceuticals, Inc. (Nasdaq: IONS) announced its third-quarter 2024 financial results, highlighting significant advancements in its pipeline and commercial operations. The company is on track to achieve its 2024 financial goals, with increased cash guidance reflecting proceeds from a recent equity offering.
Key Pipeline Developments
Brett P. Monia, Ph.D., chief executive officer of Ionis, emphasized the company's readiness to independently launch olezarsen for familial chylomicronemia syndrome (FCS), a rare disease with no approved treatments in the U.S. The FDA has granted Priority Review to the NDA for olezarsen, with a PDUFA date of December 19, 2024. Additionally, donidalorsen is poised to become a preferred treatment for hereditary angioedema (HAE), with an FDA action date of August 21, 2025.
WAINUA Commercial Progress
WAINUA (eplontersen), for the treatment of adults with polyneuropathy of hereditary transthyretin-mediated amyloidosis (ATTRv-PN), has achieved multiple commercial and regulatory milestones. Sales of WAINUA generated $23 million and $44 million, resulting in royalty revenue of $5 million and $10 million in the three and nine months ended September 30, 2024, respectively. The European Medicines Agency (EMA) issued a positive Committee for Medicinal Products for Human Use (CHMP) opinion, and the drug was approved in the UK by the Medicines and Healthcare products Regulatory Agency (MHRA).
SPINRAZA and QALSODY Updates
SPINRAZA (nusinersen) for spinal muscular atrophy (SMA) generated global sales of $381 million and $1.2 billion, resulting in royalty revenue of $57 million and $152 million in the three and nine months ended September 30, 2024, respectively. Positive Phase 2/3 DEVOTE study data from higher dose nusinersen were presented, with global regulatory applications planned. QALSODY (tofersen) received marketing approval in China for the treatment of SOD1-ALS.
Advancing Late-Stage Pipeline
Olezarsen is being developed for both FCS and severe hypertriglyceridemia (sHTG). The NDA for FCS is under FDA Priority Review, and a pivotal development program for sHTG is on track for data in H2 2025. Donidalorsen's Phase 3 data positions it as a potential first RNA-targeted prophylactic treatment for HAE. The FDA accepted the NDA for HAE with a PDUFA date of August 21, 2025. Positive Phase 2 open-label extension (OLE) study data were presented, showing patients treated for up to three years with every four- or eight-week dosing.
Financial Performance
Ionis reported total revenue of $134 million for the third quarter of 2024, compared to $144 million for the same period in 2023. Revenue for the nine months ended September 30, 2024, increased by 3% to $479 million, compared to $463 million for the same period last year. Operating expenses for the three and nine months ended September 30, 2024, increased as planned, reflecting continued investments in late-stage development and commercialization efforts. The company's cash, cash equivalents, and short-term investments increased to $2.5 billion as of September 30, 2024, compared to $2.3 billion at December 31, 2023.
ION582 for Angelman Syndrome
ION582 achieved important clinical and regulatory milestones, enabling the initiation of Phase 3 development in Angelman syndrome (AS) in H1 2025. Positive Phase 1/2 data in patients with AS were presented at the Angelman Syndrome Foundation (ASF) Family Conference, and a positive End-of-Phase 2 discussion with the FDA was completed, including alignment on Phase 3 design.
