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Ionis Pharmaceuticals (NASDAQ:IONS) shares jumped 5.52% on Wednesday after the company presented its Q2 2025 business update and financial results, showcasing strong commercial momentum and pipeline progress. Premarket trading indicated even stronger investor enthusiasm with shares up 8.44%.
Quarterly Performance Highlights
Ionis reported impressive Q2 2025 financial results, with total revenue of $452 million driving a net income of $154 million. Commercial revenue reached $103 million, including over $19 million in TRYNGOLZA product sales in its second full quarter on the market, while R&D revenue contributed $349 million.
As shown in the following financial highlights from the presentation:
The company maintained a strong balance sheet with $2.3 billion in cash and short-term investments, positioning Ionis to continue investing in both commercial launches and its owned pipeline. Operating expenses totaled $282 million, with R&D expenses of $197 million slightly decreasing year-over-year as the company strategically focuses on advancing late-stage programs.
TRYNGOLZA Commercial Success
TRYNGOLZA (olezarsen), the first and only FDA-approved treatment for familial chylomicronemia syndrome (FCS), continues to exceed expectations with Q2 2025 net sales of $19 million, more than tripling from the $6 million reported in Q1 2025. The presentation highlighted strong patient uptake, favorable physician engagement, and positive access dynamics.
The following slide details TRYNGOLZA’s continued commercial success:
The company reported that nearly all patients have opted into the Ionis Every Step™ support program, which provides comprehensive services including personal support, disease education, and financial assistance. Ionis is targeting over 3,000 physicians to increase FCS awareness and diagnosis, with the current prescriber base including 50% cardiologists, 30% endocrinologists, and 20% from lipidologists and internal medicine.
Pipeline Progress and Near-Term Catalysts
Ionis is preparing for its second independent product launch with donidalorsen for hereditary angioedema (HAE), which has a PDUFA date of August 21, 2025. The company also expects pivotal data for olezarsen in severe hypertriglyceridemia (sHTG) in September, positioning it as a potential blockbuster opportunity targeting over 1 million high-risk patients in the U.S.
The presentation outlined an impressive cadence of upcoming product launches:
Additionally, the company presented a comprehensive timeline of key value-driving events for 2025 and 2026, including multiple Phase 3 readouts, regulatory actions, and product launches:
Notably, Ionis expects data from the zilganersen Phase 3 study in Alexander disease in the second half of 2025, which could potentially become the first disease-modifying treatment for this rare and fatal neurological disorder.
Financial Results and Guidance
Based on strong Q2 performance and commercial momentum, Ionis increased its 2025 financial guidance:
The revised guidance represents a significant improvement from previous projections, with revenue now expected to reach $825-850 million (up from $725-750 million), including $75-80 million in TRYNGOLZA net revenues. The company also improved its operating loss projection to $300-325 million (from <$375 million) and increased its year-end cash forecast to approximately $2.0 billion.
This upward revision follows the positive trend seen in Q1 2025, when the company beat earnings expectations with an EPS of -0.93 against the forecasted -1.08.
Forward-Looking Statements
Ionis is positioning 2025 as an inflection year, with multiple catalysts expected to drive growth. The olezarsen sHTG development program is designed to support a potential blockbuster market opportunity, with positive topline efficacy and safety data already reported from the ESSENCE study:
The ESSENCE study demonstrated significant reductions in triglycerides of 61% (80 mg dose) and 58% (50 mg dose) versus placebo at 6 months, with favorable safety and tolerability. Data from the pivotal CORE and CORE2 studies in patients with sHTG are expected in September.
Looking further ahead, Ionis has positioned itself for sustained growth with multiple potential product launches through 2028, including both independently commercialized medicines and partner-led launches. This pipeline progression, combined with the early commercial success of TRYNGOLZA, underscores the company’s transition from a primarily research-focused organization to a commercial-stage biopharmaceutical company with multiple revenue streams.
Full presentation:
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