Analyst Conference Summary

biotechnology

conference date: November 9, 2026 @ 6:00 AM Pacific Time
for quarter ending: September 30, 2026 (Q3, third quarter 2026)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ million, up 9% sequentially from $268 million, and down % from $ million year-earlier.

Net income was negative $ million, up sequentially from negative $115 million, and down from $ million year-earlier.

EPS (diluted) was negative $, down sequentially from negative $0.69, and down from $ year-earlier,

Guidance:

Conference Highlights:

CEO Brett Monia said ""

In Tryngolza (olezarsen) for SHTG (severe hypertriglyceridemia) approved by the FDA in June 2026. The Phase 3 CORE data, and from 2 other Phase 3 trials, were positive. Showed pancreatitis reduction. Estimated U.S. sHTG patients over 1 million. Has adjusted price for this much larger population. Tryngolza (olezarsen) peak sales guidance to greater than $3 billion per year. The EU accepted an indication extension application in March. Sales for FCS should benefit from broader access. Changed annual wholesale acquisition price to $40,000, including both FCS and SHTG. About 1 million Americans have high-risk sHTG.

In Q3 2026 the FDA approved Zilganersen for Alexander disease. Licensed outside the US to Recordati.

In Q4 2026 Bepirovirsen for chronic hepatitis B approved by FDA. Partnered with GSK.

Biogen will advance Diranersen (IONIS-MAPTRx / BIIB080), a potential treatment for Alzheimer’s disease, into Phase 3 development.

Dawnzera launch is going well. Largely a switch market. Estimated full year sales of $110 to $120 millon.

Pelacarsen for LP(a), partnered, could launch in 2027.

In Q2 2026, ION775 for sHTG started a Phase 2 study. Phase 1 data was presented in August 2026.

Salanersen for SMA had postive Phase 1 results. In Q2 2026 started Phase 3 development. Salanersen royalty rates would be higher than those for Spinraza, and of course would extend the patent coverage period.

Non-GAAP numbers: net income negative $ million, sequentially down from negative $70 million, and down from $ million year-earlier.

Cash ended at $ billion, up sequentially from $2.1 billion. Debt $1.3 billion in convertible notes.

Ionis has a pipeline of about 45 potential drugs, with 12 in clinical development, and 8 in Phase 3 trials. A growing number are wholly-owned.

GAAP Operating expense was $ million, consisting of $ million for cost of goods sold; $ million for R&D and $ million for selling, general and administrative. Operating income was negative $ million. Other income net was negative $ million. Income tax $ million.

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