Q2 2024 Ionis Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Ionis Pharmaceuticals Inc (IONS) achieved significant milestones in the first half of 2024, including the launch of new medicines and progress in their pipeline.
- The US launch of WAINUA, a co-branded medicine with AstraZeneca, is progressing well, with approvals in Canada and anticipated approvals in Europe.
- Olezarsen, a wholly-owned medicine for FCS, received priority review from the FDA with a PDUFA date set for December 19, 2024.
- The company is preparing for the launch of Donidalorsen for HAE prophylaxis, with positive Phase 3 data and plans to submit an NDA soon.
- Ionis Pharmaceuticals Inc (IONS) reported strong financial results, with revenues of $225 million in Q2 2024 and $345 million for the first half of the year, keeping them on track to achieve their financial guidance.
- Despite progress, Ionis Pharmaceuticals Inc (IONS) faces uncertainties and risks that could impact their actual results, as highlighted in their forward-looking statements.
- The company’s R&D expenses decreased slightly in Q2 2024 and were flat for the first half of the year, which may indicate challenges in advancing their pipeline.
- Ionis Pharmaceuticals Inc (IONS) is heavily investing in the commercialization of new medicines, which has led to a significant increase in SG&A expenses.
- The company’s revenue is expected to be slightly lower in the second half of 2024 compared to the first half, with a heavier weighting towards Q4.
- Ionis Pharmaceuticals Inc (IONS) discontinued development for ION541 targeting Ataxin 2 for ALS and IONIS-FB-LRX for geographic atrophy, indicating setbacks in their pipeline.
Good morning, and welcome to the Ionis second-quarter 2024 financial results conference call. As a reminder, this call is being recorded. At this time, I would like to turn the call over to Wade Walke, Senior Vice President of Investor Relations to lead off the call. Please begin.
Thank you, [Danielle]. Before we begin, I encourage everyone to go to the Investors section of the Ionis website to view the press release and related financial tables that we will be discussing today, including a reconciliation of GAAP to non-GAAP financials. We believe non-GAAP financial results better represent the economics of our business and how we manage our business. We've also posted slides on our website that accompany today's call.
With me on this morning's call are Brett Monia, our Chief Executive Officer; Richard Geary, Chief Development Officer; Kyle Jenne, Chief Global Project Strategy Officer; and Beth Hougen, our Chief Financial Officer; Eric Swayze, Executive Vice President,
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