Ionis reports 3rd quarter financial results.

CARLSBAD, Calif: Ionis Pharmaceuticals, Inc. (Nasdaq: IONS) (the "Company") today reported financial results for the third quarter of 2022. Financial results are summarized below:

Three months ended

September 30,

Nine months ended

September 30,

2022

2021

2022

2021

(amounts in millions)

Total revenue

$160

$133

$435

$370

Operating expenses

$219

$219

$637

$621

Operating expenses on a non-GAAP basis

$195

$185

$562

$499

Net loss

($47)

($82)

($217)

($253)

Net loss on a non-GAAP basis

($23)

($48)

($142)

($131)

Financial Highlights

Revenue increased 20% for the third quarter of 2022 and 18% on a year-to-date basis compared to the same periods last year driven by significant partner payments earned across multiple programs

Non-GAAP operating expenses increased 5% for the third quarter of 2022 and 13% on a year-to-date basis compared to the same periods last year driven by advancing Phase 3 pipeline

Entered into a long-term lease in October 2022 to construct a new manufacturing facility supporting continued growth

Entered into a sale-leaseback transaction in October 2022 for several real estate assets, generating net proceeds of $240 million plus full funding to expand R&D campus

Reaffirmed 2022 P&L guidance; increased cash and investments guidance to approximately $2.0 billion

Late-Stage Pipeline Highlights

Presented positive data from the Phase 3 NEURO-TTRansform study of eplontersen in patients with polyneuropathy caused by hereditary TTR amyloidosis; on track to file U.S. New Drug Application this year

Expanded enrollment in the Phase 3 CARDIO-TTRansform study of eplontersen in patients with ATTR cardiomyopathy; data still expected first half of 2025

NDA for tofersen was accepted and granted priority review by the FDA; Prescription Drug User Fee Act date of April 25, 2023

Initiated CORE2, a confirmatory Phase 3 study of olezarsen in patients with severe hypertriglyceridemia (SHTG)

Initiated ESSENCE, a supporting Phase 3 study of olezarsen in patients with SHTG or hypertriglyceridemia and cardiovascular disease

Mid-Stage Pipeline Highlights

GSK presented positive end of study data from the Phase 2b B-Clear study of bepirovirsen demonstrating potential for functional cures in patients with chronic hepatitis B; GSK plans to advance bepirovirsen into Phase 3 development in the first half of 2023

Presented positive data from the Phase 2 study of IONIS-FB-LRx in patients with immunoglobulin A nephropathy; Roche plans to advance IONIS-FB-LRx into Phase...