Ionis Pharmaceuticals, Inc. (IONS): Business Model Canvas [Dec-2025 Updated]

You're looking to understand how Ionis Pharmaceuticals, Inc. (IONS) is actually making money now that they are moving past just being an R&D shop. Honestly, the shift to a commercial biotech is real, backed by a solid $2 billion in cash and major deals like the one with AstraZeneca for WAINUA™. We see them guiding for $875 million to $900 million in total revenue for 2025, even while absorbing an operating loss between $275 million and $300 million as they build out their own sales team. Their core value is still that proprietary Antisense Oligonucleotide (ASO) platform, which lets them command a near-perfect gross margin of 98.88% on product sales. Dive into the full Business Model Canvas below to see exactly how these partnerships, pipeline assets, and commercial build-out fit together.

Ionis Pharmaceuticals, Inc. (IONS) - Canvas Business Model: Key Partnerships

You're looking at how Ionis Pharmaceuticals, Inc. structures its commercial reach through major alliances, which is crucial for understanding their revenue flow beyond wholly-owned products. These partnerships allow Ionis to tap into global markets and leverage partners' established sales forces for their RNA-targeted therapies.

The collaboration with AstraZeneca centers on WAINUA™ (eplontersen) for hereditary transthyretin-mediated amyloidosis (ATTRv-PN). For the first quarter of 2025, WAINUA generated $39 million in sales, which translated to $9 million in royalty revenue for Ionis Pharmaceuticals, Inc.. Ionis co-commercializes this medicine in the U.S., while AstraZeneca handles ex-U.S. markets.

For SPINRAZA® and QALSODY®, the relationship is with Biogen, which handles commercialization globally. Ionis Pharmaceuticals, Inc. collects tiered royalties up to the mid-teens percentage on SPINRAZA sales. In the third quarter of 2025, SPINRAZA royalties totaled $56 million, based on global sales of $374 million for that quarter. Royalties from QALSODY sales are grouped into Ionis Pharmaceuticals, Inc.'s 'other royalties' bucket, which was $7 million in Q1 2025, marking a 40% year-over-year increase.

The alliance with Novartis focuses on Pelacarsen for cardiovascular disease driven by elevated lipoprotein(a) (Lp(a)). Novartis is conducting the Phase 3 Lp(a)HORIZON trial, with topline data now anticipated in the first half of 2026. Ionis Pharmaceuticals, Inc. is eligible for tiered royalties in the mid-teens to low 20% range on net sales, plus up to $650 million in milestones. Furthermore, Ionis Pharmaceuticals, Inc. received a $60 million upfront payment from Novartis for a next-generation Lp(a) compound.

Regarding the Hepatitis B treatment Bepirovirsen, GSK licensed the asset from Ionis Pharmaceuticals, Inc. in August 2019. Ionis Pharmaceuticals, Inc. earned a $15 million milestone payment when GSK advanced Bepirovirsen into Phase 3 studies. The total potential milestone payments for Ionis Pharmaceuticals, Inc. from this deal are up to $262 million, which includes a $25 million license fee, and Ionis is also eligible for tiered royalties in the low double digits on net sales.

For TRYNGOLZA™ (olezarsen) outside the U.S., Canada, and China, Sobi is leading the commercial launch, following its EU approval in September 2025 for familial chylomicronemia syndrome (FCS). Sobi will pay Ionis Pharmaceuticals, Inc. upfront, milestone-based payments, and up to mid-20% tiered royalties on yearly net sales in their territories. For context on product uptake, the U.S. net product sales for TRYNGOLZA were over $6 million in its first full quarter following its late December 2024 U.S. approval.

Here's a quick look at the financial structures of these key revenue-generating collaborations as of late 2025:

You should also note the structure of the royalty monetization with Royalty Pharma, which impacts near-term cash flow:

• - Sold 25% of SPINRAZA® royalty stream through 2027 (increasing to 45% in 2028) on up to $1.5 billion in annual sales.
• - Sold 25% of Pelacarsen royalty payments.
• - The total upfront payment from Royalty Pharma was $500 million.

Ionis Pharmaceuticals, Inc. has increased its full-year 2025 revenue guidance to $875 million to $900 million, up from previous guidance, reflecting strong uptake from these partnered and owned products. Finance: draft Q4 2025 cash flow projection by next Tuesday.

Ionis Pharmaceuticals, Inc. (IONS) - Canvas Business Model: Key Activities

You're looking at the core engine driving Ionis Pharmaceuticals, Inc. (IONS) right now-the actual work that turns their science into revenue and patient impact as we head toward the end of 2025. It's a mix of independent commercial execution and deep R&D management.

Antisense Oligonucleotide (ASO) drug discovery and platform innovation

The foundation remains the proprietary antisense technology, which Ionis Pharmaceuticals, Inc. has been pioneering for over 30 years. This activity involves continuous platform innovation to support a growing pipeline, which management has indicated involves developing 3-5 drugs per-year historically.

Independent commercial launch and scale-up of TRYNGOLZA™ and DAWNZERA™

This is where the shift to an independent commercial model is showing concrete results. The scale-up of TRYNGOLZA™ (olezarsen) is a major focus, with net product sales hitting $32 million in the third quarter of 2025 alone. That figure represented a nearly 70% increase quarter-over-quarter for the drug. For context, the first half of 2025 saw TRYNGOLZA™ generate $26 million in net product sales.

The second independent launch, DAWNZERATM (donidalorsen) for hereditary angioedema, is also underway, having targeted a U.S. approval date around August 21, 2025. While DAWNZERATM is expected to provide only a modest revenue contribution in 2025, the expectation is for a greater impact starting in 2026.

Here's a quick look at the commercial revenue trajectory:

The company is definitely putting resources here; operating expenses increased primarily due to commercialization efforts for TRYNGOLZA, DAWNZERATM, and WAINUA.

Managing global Phase 3 clinical trials for pipeline assets like olezarsen (sHTG)

Advancing the owned pipeline through late-stage trials is critical, especially with two major assets showing strong late-stage data as of late 2025. The Phase 3 CORE and CORE2 studies for olezarsen in severe hypertriglyceridemia (sHTG) delivered groundbreaking results.

The key efficacy numbers from the olezarsen sHTG trials include:

• Mean reductions of up to 72% in placebo-adjusted fasting triglycerides at 6 months.
• Significant reduction in acute pancreatitis events, a first-in-class outcome.

Management confirmed an sNDA submission for olezarsen is on track by year-end 2025. Furthermore, positive pivotal data for zilganersen in Alexander disease positions Ionis Pharmaceuticals, Inc. for a second independent launch in 2026.

Strategic alliance management with Big Pharma partners

The technology platform continues to generate substantial non-product revenue through collaborations. A notable event in the second quarter of 2025 was the $280 million upfront payment received from Ono Pharmaceutical Co., Ltd. for the global license of sapablursen. Royalty revenue also remains a significant component of the top line.

Financial performance highlights related to alliances include:

• Q3 2025 Royalty Revenue: $76 million.
• Q3 2025 Royalty Revenue Growth: Up 13% from the previous quarter.
• Total Revenue Guidance (2025): Raised to $875 million to $900 million.
• Year-to-Date Revenue (Nine Months Ended Sept 30, 2025): $740 million.

The company is definitely still relying on these partnerships to fund the independent commercial buildout, even as its own products gain traction.

Manufacturing and supply chain management for ASO medicines

Scaling up manufacturing capacity is a necessary activity to support the growing pipeline and commercial supply needs. Ionis Pharmaceuticals, Inc. has a major capital project underway to secure future capacity. They planned to occupy a new 217,000-square-foot development chemistry and manufacturing site in Oceanside, California, in 2025.

This new facility is designed to be more than double the size of the existing Carlsbad facility. The plan is for active pharmaceutical ingredient (API) manufacturing to begin at this new site in mid-2026. This expansion is key, as the company noted limited experience manufacturing oligonucleotides on a commercial scale for systemic administration, and supplier scaling is a factor.

Finance: draft 13-week cash view by Friday.

Ionis Pharmaceuticals, Inc. (IONS) - Canvas Business Model: Key Resources

You're looking at the core assets that power Ionis Pharmaceuticals, Inc. right now. These are the things they own, control, or have access to that make their business run.

The foundation is their technology. Ionis Pharmaceuticals, Inc. possesses the Proprietary Antisense Oligonucleotide (ASO) and LICA technology platform, which is central to their identity as a pioneer in RNA-targeted therapies. This platform is continually advanced to deliver next-generation medicines.

Financially, the balance sheet shows significant liquidity. As of September 30, 2025, Ionis Pharmaceuticals, Inc. reported cash, cash equivalents and short-term investments of $2.2 billion. The company also has a financial outlook expecting the year-end 2025 cash balance to be more than $2.1 billion.

The intellectual property (IP) portfolio is vast, protecting their RNA-targeted chemistry. Ionis Pharmaceuticals, Inc. believes its patent estate is the largest and most valuable nucleic acid therapeutics-oriented patent estate in the pharmaceutical industry. Here's a snapshot of that IP strength as of late 2025:

The commercial and development assets are substantial, built over three decades of invention. Ionis Pharmaceuticals, Inc. currently has a portfolio of six marketed medicines. Furthermore, the pipeline is deep, featuring both wholly owned and partnered programs.

The pipeline momentum is focused on near-term launches:

• Two more independent launches anticipated in 2026: olezarsen and zilganersen.
• Four key launches expected from partnered programs by the end of 2027.
• The clinical-stage portfolio includes 11 investigational medicines.
• Of those 11 investigational medicines, six are wholly owned by Ionis Pharmaceuticals, Inc.

The marketed portfolio includes wholly owned drugs like TRYNGOLZA and DAWNZERA, plus partnered medicines like WAINUA and QALSODY.

Ionis Pharmaceuticals, Inc. (IONS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Ionis Pharmaceuticals, Inc. is valued as it is-it's all about the science and the market potential of their RNA-targeted approach. The value proposition is grounded in treating the root cause, not just the symptoms, of serious diseases.

First-in-class RNA-targeted medicines addressing root causes of disease.

Ionis Pharmaceuticals, Inc. is the undeniable leader in developing antisense oligonucleotide (ASO) technology, which defintely targets and turns off the specific RNA that creates disease-causing proteins, treating the disease at its genetic source. This platform underpins a deep pipeline, with over 40 RNA-targeted therapeutics in development or approved as of late 2025. The long-term financial promise here is substantial; Ionis anticipates its Ionis-owned medicines could generate more than $3 billion in peak annual product sales. Also, peak royalties from partnered medicines are projected to add over $2 billion annually, pushing total potential peak revenue past $5 billion. For the full 2025 fiscal year, the company raised its total revenue guidance to a range between $875 million and $900 million.

Treatments for rare diseases with high unmet need, like FCS and HAE.

The immediate commercial success is tied to addressing rare diseases where treatment options are scarce. TRYNGOLZA® (olezarsen) is the company's first independently launched therapy for Familial Chylomicronemia Syndrome (FCS), a rare genetic disorder. The U.S. market for FCS is estimated to be around 3,000 patients. TRYNGOLZA® generated $32 million in net product sales in the third quarter of 2025, with projected full-year 2025 net product sales estimated between $85 million and $95 million. Furthermore, DAWNZERA™ (donidalorsen) for Hereditary Angioedema (HAE) received FDA approval in August 2025.

The pipeline also targets other rare, high-unmet-need conditions:

• Zilganersen for Alexander disease, with an NDA planned for Q1 2026.
• Over 25 active programs are in the pipeline across 16 therapeutic areas.

High specificity of ASO technology, defintely minimizing off-target effects.

The core technological value is the precision of the ASO platform. This approach is designed to target the specific messenger RNA responsible for producing a disease-causing protein, which inherently aims to minimize unintended effects on other biological pathways. This specificity is a key differentiator in the therapeutic landscape.

Potential to treat common conditions like severe hypertriglyceridemia (sHTG).

The largest potential market expansion comes from applying olezarsen to Severe Hypertriglyceridemia (sHTG), a condition estimated to affect more than three million people in the U.S.. The Phase 3 CORE and CORE2 studies provided compelling data, positioning Ionis Pharmaceuticals, Inc. for a supplemental New Drug Application (sNDA) submission by the end of 2025.

Here's a look at the clinical performance data for olezarsen in sHTG:

The company's cash position as of September 30, 2025, was $2.2 billion, with projections to end 2025 around $1.9 billion, providing the capital to fund these significant commercial launches and regulatory filings.

Ionis Pharmaceuticals, Inc. (IONS) - Canvas Business Model: Customer Relationships

You're looking at how Ionis Pharmaceuticals, Inc. (IONS) manages its relationships with the diverse groups it serves, from individual patients to massive global pharma entities. It's a mix of very personal support and high-stakes corporate deals.

For patients receiving their novel therapies, the relationship is definitely high-touch. Ionis Pharmaceuticals, Inc. established the Ionis Every Step Support Program to help patients get started and provide ongoing care. Honestly, the uptake has been near-total; nearly all patients have opted into this program since the launch of TRYNGOLZA®. This focus on access is clear, as over ninety percent of patients have paid $0 out of pocket since launch. This program supports both TRYNGOLZA® (olezarsen) and DAWNZERA™ (donidalorsen) as of August 2025.

The B2B side involves strategic, long-term alliances that are critical to Ionis Pharmaceuticals, Inc.'s financial health and pipeline reach. These partnerships are structured to deliver significant upfront and milestone payments, reflecting the value of the underlying RNA-targeted technology. For instance, the collaboration with AstraZeneca for WAINUA (eplontersen) makes Ionis eligible to receive up to $3.6 billion in total consideration. This total is broken down into a $200 million upfront payment, up to $485 million in development and approval milestones, and up to $2.9 billion in sales milestones. The revenue generated from this partnership for the three months ended March 31, 2025, was $10.4 million in joint development revenue. Furthermore, in the second quarter of 2025, Ionis Pharmaceuticals, Inc. secured a $280 million upfront payment from Ono Pharmaceutical Co., Ltd. for the global license of sapablursen.

These B2B relationships are tracked closely, as they represent a significant portion of the company's income stream, supplementing its growing independent product sales. Here's a quick look at the financial scale of some key relationships as of late 2025:

Direct engagement with specialist physicians and key opinion leaders (KOLs) is inherent in advancing clinical programs, especially in rare diseases. For example, the development of ION582 for Angelman syndrome involved collaboration with investigators and the Angelman syndrome community leading up to the Phase 3 trial initiation. This engagement is crucial for designing trials that address meaningful outcomes for patients and caregivers.

Engagement with regulatory bodies is a major focus, often seeking expedited pathways for serious conditions. Ionis Pharmaceuticals, Inc. successfully navigated this for its Angelman syndrome candidate, receiving U.S. FDA Breakthrough Therapy Designation for ION582 on September 9, 2025. This designation followed alignment with the FDA on the design of the pivotal Phase 3 REVEAL trial, which was planned to begin in the first half of 2025 and is anticipated to enroll approximately 200 children and adults. Separately, DAWNZERA™ (donidalorsen) had a U.S. FDA action date of August 21, 2025, and was reported to have an encouraging start to its U.S. launch as of Q3 2025.

The success of their first independent launch, TRYNGOLZA® (olezarsen), which received U.S. FDA approval on December 19, 2024, also demonstrates effective regulatory and commercial relationship management. This product generated $32 million in net product sales in the third quarter of 2025.

The company's overall 2025 financial guidance was increased twice, reflecting strength in both independent product launches and partner revenues. For the nine months ended September 30, 2025, total revenue increased 55% year-over-year.

Finance: review Q4 partner milestone projections by next Tuesday.

Ionis Pharmaceuticals, Inc. (IONS) - Canvas Business Model: Channels

The Channels block for Ionis Pharmaceuticals, Inc. centers on a hybrid approach, blending the build-out of independent U.S. commercial capabilities with the strategic use of established global partners to ensure broad market penetration for its portfolio of RNA-targeted medicines.

Ionis' own specialized U.S. sales force for independent launches is a growing component of this strategy, reflecting a shift toward greater control over market access and patient engagement for wholly owned products like TRYNGOLZA (olezarsen) and the anticipated launch of donidalorsen (DAWNZERA).

• - The U.S. commercial field team for FCS treatment started with about 30 sales members in the field for FCS.
• - This team is scaling up, projected to grow to somewhere around 200, maybe above 200, to support the launch for severe hypertriglyceridemia (SHTG).
• - The SHTG target coverage includes about 20,000 HCPs in the U.S., spanning lipid specialists, cardiologists, and endocrinologists.
• - Ionis Pharmaceuticals is actively building its omnichannel capabilities to ensure maximum reach to healthcare professionals (HCPs).
• - Selling, General & Administrative (SG&A) expenses increased in the first quarter of 2025 compared to the same period in 2024, driven in part by commercialization efforts for TRYNGOLZA and launch preparation for donidalorsen.

Global commercial partners are essential for international reach, leveraging established infrastructure and expertise in various ex-U.S. territories.

The reliance on partners like Sobi in Europe allows Ionis Pharmaceuticals to benefit from established distribution channels, as Sobi is Ionis' current European commercialization partner for Waylivra, which is the only medicine approved for FCS in Europe. The specialty drug distribution market itself, which Ionis interfaces with through these partners and its own infrastructure, is projected to reach $275.36 billion in 2025.

Specialty pharmacies and closed distribution networks are integral, particularly for complex, often rare disease therapies that require specialized handling and patient support.

• - The broader specialty drug distribution market is projected to reach $275.36 billion in 2025.
• - Distributors in this sector are increasingly involved in providing patient support services to improve adherence and outcomes.
• - Ionis' commercial execution for TRYNGOLZA included effective payer interactions, which is a critical step before product reaches the patient via specialty channels.

Direct-to-patient advocacy and educational outreach is supported by the company's growing internal commercial structure and digital presence.

• - Ionis Pharmaceuticals employs specialized direct sales teams focused on educating physicians about the benefits of their therapies.
• - The company is expanding its digital reach through its omnichannel capabilities to connect with more HCPs.

Ionis Pharmaceuticals, Inc. (IONS) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Ionis Pharmaceuticals, Inc. (IONS) as they transition into a fully integrated commercial-stage biotech in late 2025. The focus is clearly on specialized patient populations where their RNA-targeted platform can deliver first-in-class or best-in-class treatments. This is where the real value capture starts, moving beyond just R&D collaborations.

The customer base is segmented across rare genetic conditions and larger cardiometabolic markets, plus the pharma partners who license their pipeline assets.

Patients with ultra-rare genetic diseases (e.g., FCS, Alexander disease)

This segment includes patients with conditions like Familial Chylomicronemia Syndrome (FCS), for whom Ionis Pharmaceuticals, Inc. launched its first independent product, TRYNGOLZA (olezarsen), in January 2025. The commercial uptake shows a clear initial customer base:

• TRYNGOLZA net product sales were $6 million in the first quarter of 2025.
• Sales more than tripled to $19 million in the second quarter of 2025.
• Net product sales reached $32 million in the third quarter of 2025.

Another critical rare disease segment is Alexander disease (AxD). Ionis Pharmaceuticals, Inc. reported positive pivotal Phase 3 results for zilganersen in this population on September 22, 2025. The clinical trial involved 54 patients. The company plans to submit a New Drug Application (NDA) to regulators in the first quarter of 2026.

Patients with more prevalent cardiometabolic disorders (e.g., sHTG)

Ionis Pharmaceuticals, Inc. is targeting the much larger severe hypertriglyceridemia (sHTG) population with olezarsen, which is expected to be their second independent launch. Phase 3 data from the CORE and CORE2 studies were reported in September 2025. These data are compelling for this segment:

• Olezarsen demonstrated a reduction in acute pancreatitis events by 85% compared to placebo across the pooled studies.
• 86% of patients treated with olezarsen achieved triglyceride levels below 500 milligrams per deciliter.

The company is on track to submit a supplemental New Drug Application (sNDA) for olezarsen in sHTG by the end of 2025.

Specialist physicians (Neurologists, Cardiologists, Endocrinologists)

While direct physician numbers aren't in the financials, the customer base for Ionis Pharmaceuticals, Inc.'s products directly targets specialists managing these conditions. For instance, the hereditary angioedema (HAE) treatment, donidalorsen (DAWNZERA), which launched as the second independent product, is treated by specialists, with about 1,000 allergists/immunologists treating 90% of HAE patients in the U.S.. Cardiologists and Endocrinologists are the key prescribers for the sHTG indication of olezarsen.

Global pharmaceutical companies seeking platform technology and pipeline assets

This segment represents a significant source of non-product revenue and future royalty streams for Ionis Pharmaceuticals, Inc. The value of their platform technology is evident in recent deals and future projections. The company expects over $5 billion in potential annual peak sales, split between over $3 billion from independent products and over $2 billion in annual peak royalties from partnered medicines.

Financial evidence of this partnership value includes:

Ionis Pharmaceuticals, Inc. anticipates four launches from key late-stage partnered medicines by the end of 2027. This de-risking through partnerships is a core part of their customer strategy, defintely. As of September 30, 2025, Ionis Pharmaceuticals, Inc. held approximately $2.2 billion in cash, cash equivalents, and short-term investments to support these commercialization efforts.

Ionis Pharmaceuticals, Inc. (IONS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Ionis Pharmaceuticals, Inc. (IONS) as they push hard on commercialization while managing significant R&D. The cost structure is heavily weighted toward building out the infrastructure to support their growing portfolio of wholly-owned medicines, like TRYNGOLZA and the recently approved DAWNZERA.

The investment in novel ASO chemistry (antisense oligonucleotide) remains a core, high-cost driver, though recent quarterly data shows a slight moderation in the pace of spending in that area. For the third quarter ending September 30, 2025, Research and Development (R&D) costs actually declined by 1% year-over-year, which the company noted was because several late-stage studies concluded. Still, this is a sector where high upfront investment is the norm to discover and advance new therapies.

The most visible cost pressure point right now is the commercial build-out. Sales, General, and Administrative (SG&A) expenses are rising sharply to support the launches of TRYNGOLZA, DAWNZERA, and WAINUA. Specifically, in the third quarter of 2025, SG&A costs jumped 71% compared to the same period last year. This reflects the necessary spending on sales force expansion, marketing, and payer engagement required to get their new drugs to patients.

The overall financial impact of these investments is reflected in the company's bottom line. Ionis Pharmaceuticals, Inc. has guided its full-year 2025 non-GAAP Operating Loss to be between $275 million and $300 million. This guidance was actually an improvement from the previous forecast of $300 million to $325 million, showing some operating leverage is starting to take hold despite the commercial spending.

To be fair, the nature of the revenue stream-which includes high-margin royalties from partners like Biogen on drugs such as SPINRAZA-keeps the cost of goods sold (COGS) component relatively low. For the twelve months ending September 30, 2025, the Cost of Goods Sold was reported at $0.012B. This low COGS relative to revenue results in a very high gross margin. Based on Q3 2025 total revenue of $157 million and a Cost of Sales of $2.34 million for that quarter, the resulting gross margin was approximately 98.51%.

Here's a quick look at the expense dynamics for the nine months ended September 30, 2025, compared to the same period in 2024 (non-GAAP basis):

The company is managing its cash position carefully through this investment phase. As of September 30, 2025, Ionis Pharmaceuticals, Inc. had cash, cash equivalents, and short-term investments totaling $2.2 billion. Finance: draft the Q4 2025 cash flow forecast by next Tuesday.

Ionis Pharmaceuticals, Inc. (IONS) - Canvas Business Model: Revenue Streams

You're looking at the financial structure of Ionis Pharmaceuticals, Inc. (IONS) as of late 2025, focusing strictly on where the money comes in. Here's the quick math on the revenue components driving the business.

Ionis Pharmaceuticals, Inc. has set its Full-year 2025 Total Revenue guidance in the range of $875 million to $900 million. This guidance reflects strong performance from both its wholly-owned commercial products and its established royalty streams.

The revenue streams are clearly segmented across product sales, royalties, and upfront/milestone payments from partnerships.

Product Sales from independent launches are gaining traction. For instance, TRYNGOLZA net product sales for the third quarter of 2025 reached $32 million. The company's updated full-year 2025 guidance specifically projects TRYNGOLZA product sales, net to be between $85 million and $95 million. DAWNZERA is also part of the commercialization efforts driving increased SG&A expenses, indicating its contribution to product sales revenue.

Royalty Revenue from partnered products shows consistent growth. For the nine months ended September 30, 2025, total royalty revenue reached $210 million. This stream is supported by key products like SPINRAZA and WAINUA.

R&D and Licensing Revenue is significant, often driven by large, discrete events. A notable example is the $280 million upfront payment received in the second quarter of 2025 for the global license of sapablursen to Ono Pharmaceutical Co., Ltd. Collaborative agreement revenue for the third quarter of 2025 was $31 million.

Here is a breakdown of the latest reported revenue components for the nine months ended September 30, 2025, compared to the same period in 2024, alongside the full-year 2025 guidance:

You can see the shift in the revenue mix. Commercial revenue for the nine months ended September 30, 2025, was $294 million, up from $207 million in the prior year period, driven by TRYNGOLZA sales.

The key revenue drivers Ionis Pharmaceuticals, Inc. is counting on include:

• TRYNGOLZA net product sales, with Q3 2025 at $32 million.
• SPINRAZA royalties, totaling $158 million for the first nine months of 2025.
• WAINUA royalties, growing to $33 million for the first nine months of 2025.
• A significant licensing event providing $280 million in Q2 2025.

Finance: draft 13-week cash view by Friday.