Ionis Raises Price Target to $103 as 2025 Revenue Nears $1B
Ionis Pharmaceuticals reported full-year 2025 revenue of $944 million, driven by a $280 million sapablursen upfront payment, while Q4 revenue reached $203 million. Needham raised its price target to $103 from $90 and the company forecasts Tryngolza peak sales above $2 billion with cash-flow breakeven by 2028.
1. 2025 Financial Performance
Ionis reported full-year 2025 revenue of $944 million, up from $705 million a year earlier, led by R&D revenue including a $280 million upfront payment for the sapablursen license. Q4 revenue totaled $203 million compared to $227 million in the prior-year quarter.
2. Needham Price Target Increase
Needham raised its price target on Ionis to $103 from $90 and maintained a Buy rating, citing continued commercial momentum and anticipated upside to 2026 revenue as key drivers for valuation support.
3. Pipeline and Cash-Flow Outlook
Management projects Tryngolza peak sales above $2 billion and forecasts over $4 billion in peak product revenue, $2 billion in royalties, and $6 billion in milestones, with cash-flow breakeven expected by 2028 and initial guidance set for FY2026.