Ionis Projects $800M–$825M 2026 Sales After Q4 Revenues of $203M
Ionis reported a Q4 adjusted loss of $1.15 on $203 million in sales, versus estimates of $1.32 loss and $156.1 million revenue, driven by $50 million in Tryngolza sales and $7 million from Dawnzera’s first full quarter. The company projects 2026 sales of $800M–$825M and an operating loss of $500M–$550M.
1. Q4 Financial Results
Ionis delivered an adjusted loss of $1.15 per share in the fourth quarter on $203 million in revenue, outperforming consensus expectations of a $1.32 loss and $156.1 million in sales. Commercial revenue jumped 64% year-over-year, reflecting strong uptake of new product launches.
2. Leading Product Sales
Tryngolza (olezarsen) net product sales reached $50 million in Q4, a 56% increase over the prior quarter, while Dawnzera (donidalorsen) contributed $7 million in its first full quarter of market availability for hereditary angioedema.
3. 2026 Sales and Loss Guidance
The company guided 2026 sales of $800 million to $825 million, below the $909.8 million Street consensus, and forecast an adjusted operating loss between $500 million and $550 million, reflecting cautious top-line assumptions and wider expense flow-through.
4. Future Outlook and Pipeline
Management highlighted two upcoming independent launches—olezarsen for severe hypertriglyceridemia in a broader patient base and zilganersen for Alexander disease—while reaffirming a target of cash flow breakeven by 2028.