Ionis shares drop 25% after lowering TRYNGOLZA 2026 sales forecast
Ionis shares fell 25.3% at 9:40 a.m. ET, from a $39.42 close. It lowered 2026 TRYNGOLZA sales guidance to about $50 million, and third-quarter revenue reached $243 million.
Key takeaways
- Ionis (IONS) shares fell 25.3% at 9:40 a.m. ET, from a $39.42 close. The company reported third-quarter 2026 revenue of $243 million, up from $157 million a year earlier, and a net loss of $110 million, or 66 cents per share. It lowered its 2026 TRYNGOLZA product sales guidance to about $50 million and reaffirmed its other full-year guidance.
Ionis (IONS) shares fell 25.3% at 9:40 a.m. ET, from a $39.42 close.
Ionis (IONS) lowered its full-year 2026 sales forecast for TRYNGOLZA to about $50 million, citing a slower launch ramp for the treatment of severe hypertriglyceridemia.
Here's how the company did:
- Revenue: $243 million vs. $157 million a year earlier
- Net loss per share, basic and diluted: 66 cents vs. 80 cents a year earlier
- Non-GAAP loss from operations: $87 million vs. $129 million a year earlier
Nine-month revenue was $757 million, up from $740 million. Excluding a one-time sapablursen upfront payment in the second quarter of 2025, third-quarter revenue rose 55%.
Commercial revenue reached $136 million, up 18%, driven mainly by DAWNZERA product sales.
2026 guidance
TRYNGOLZA product sales guidance is now about $50 million.
Brett P. Monia, chief executive officer of Ionis, said: “we are encouraged by the underlying launch fundamentals.”
| Full year 2026 guidance | Previous guidance | New guidance |
|---|---|---|
| DAWNZERA product sales, net | $110-120 million | Unchanged |
| Operating loss on a non-GAAP basis | $425-475 million | Unchanged |
| Cash, cash equivalents and short-term investments | More than $1.6 billion | Unchanged |
Segment results
TRYNGOLZA generated U.S. net product sales of $9 million in the third quarter, down from $32 million a year earlier. Nine-month sales were $41 million.
DAWNZERA generated U.S. net product sales of $37 million in the third quarter, up from $1 million a year earlier.
Royalty revenue rose to $81 million from $76 million. SPINRAZA royalties were $69 million, up from $56 million, on global SPINRAZA sales of $461 million, which rose 23% from a year earlier. WAINUA royalties fell to $7 million from $13 million.
Research and development revenue was $107 million, up from $41 million, driven by collaboration payments.
Costs and cash
Operating expenses were $373 million, up from $317 million a year earlier. On a non-GAAP basis, operating expenses were $330 million, up from $286 million. The company expects full-year expenses to grow in the low-teens percentage range year over year.
The net loss was $110 million, compared with $129 million a year earlier.
Cash, cash equivalents and short-term investments stood at $1.9 billion on Sept. 30, down from $2.7 billion on Dec. 31, 2025. The decline reflects repayment of the 0% convertible notes on April 1, 2026, and cash used to fund operations.