Ionis Pharmaceuticals Inc (IONS) Reports Q3 2023 Financial Results
Ionis Pharmaceuticals Inc (NASDAQ:IONS) reported Q3 2023 financial results on November 2, 2023.
Total revenue for the quarter was $144 million, down from $160 million in Q3 2022.
Operating expenses increased to $287 million from $219 million in the same period last year.
The company's cash, cash equivalents, and short-term investments increased to $2.2 billion.
Ionis Pharmaceuticals Inc (NASDAQ:IONS) reported its financial results for the third quarter of 2023 on November 2, 2023. The company's total revenue for the quarter was $144 million, a decrease from $160 million in the same quarter of the previous year. Operating expenses for the quarter were $287 million, up from $219 million in Q3 2022.
Financial Performance
Commercial revenue for the three and nine months ended September 30, 2023, included $67 million and $179 million from SPINRAZA royalties, respectively, which were essentially flat compared to the same periods last year. Ionis' commercial revenue in the three and nine months ended September 30, 2023, also included royalties from the U.S. launch of QALSODY.
R&D revenue decreased for the three months ended September 30, 2023, and increased for the nine months ended September 30, 2023, compared to the same periods last year due to the timing of certain partner payments, including the $35 million license fee for IONIS-FB-LRx that Ionis earned from Roche in the three months ended September 30, 2022.
Operating Expenses
Ionis' operating expenses increased in the three and nine months ended September 30, 2023, compared to the same periods in 2022, consistent with expectations. As Ionis advanced its robust pipeline, study costs increased compared to the same periods in 2022 as most of the Companys Phase 3 studies are either fully enrolled or approaching full enrollment, resulting in higher R&D expenses year over year. Ionis SG&A expenses also increased year over year primarily due to launch preparation activities for eplontersen, olezarsen, and donidalorsen.
Balance Sheet
As of September 30, 2023, Ionis cash, cash equivalents, and short-term investments increased to $2.2 billion compared to $2.0 billion at December 31, 2022, primarily due to the $500 million Ionis received from Royalty Pharma in January 2023. Ionis working capital also increased over the same period primarily due to the Companys higher cash and short-term investments balance.
Looking Ahead
Ionis Pharmaceuticals Inc (NASDAQ:IONS) is on track to achieve its 2023 financial guidance. The company expects to continue its positive momentum with the potential approval and launch of eplontersen and the Phase 3 data readout of donidalorsen in hereditary angioedema.
Explore the complete 8-K earnings release (here) from Ionis Pharmaceuticals Inc for further details.
This article first appeared on GuruFocus.
