Ionis Pharmaceuticals reports first quarter 2018 results

Ionis Pharmaceuticals Inc. (IONS) reported total revenues of $144 million for the first quarter of 2018, an increase of 25% from the prior-year period, driven by SPINRAZA royalties. Commercial revenue from SPINRAZA royalties was $41 million.

GAAP net loss attributable to common stockholders was $1.4 million or $0.01 per share in the quarter. This compares to a net income of $9 million or $0.07 per share for the first quarter of 2017.

Both revenue and EPS numbers beat market expectations and shares rose over 3% during premarket trade.

Ionis expanded its strategic research collaboration with Biogen (BIIB) through a 10-year collaboration agreement for developing medications for neurological diseases. This deal includes an upfront payment of $1 billion to Ionis, including $625 million to purchase Ionis’ stock at a 25% cash premium of $125 million and a $375 million upfront payment. Both companies expect closure of the deal in the second quarter.

SPINRAZA generated global revenues of $364 million in the first quarter of 2018, with an over 25% increase in number of patients from last quarter. The company is on track to launch two of its rare disease medications TEGSEDI and WAYLIVRA in 2018.

The company has several drugs that it plans to advance into pivotal studies in the next year or so. These include treatments for Huntington’s disease, head-and-neck cancer and cardiovascular disease. It also has drugs for rare diseases in the pipeline that have the potential to move quickly toward the market.