CARLSBAD, Calif. (AP) _ Ionis Pharmaceuticals Inc. (IONS) on Thursday reported first-quarter net income of $84 million, after reporting a loss in the same period a year earlier.
The Carlsbad, California-based company said it had net income of 62 cents per share. Earnings, adjusted for non-recurring costs, came to 92 cents per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.
The drug discovery and development company posted revenue of $297 million in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $287.6 million.
Ionis Pharmaceuticals shares have climbed 27% since the beginning of the year. The stock has increased 69% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IONS at https://www.zacks.com/ap/IONS