Ionis Lowers 2026 TRYNGOLZA Sales Guidance as Third-Quarter Revenue Rises to $243 Million
Ionis Pharmaceuticals on Monday lowered its 2026 sales forecast for TRYNGOLZA (olezarsen) to an estimated $50 million, the company said, down from a prior range of $100 million to $110 million, as the drug's launch in severe hypertriglyceridemia ramps more slowly than expected, according to its third-quarter earnings release filed with an 8-K.
The company reaffirmed its other 2026 targets: total revenue of $875 million to $900 million, DAWNZERA product sales of $110 million to $120 million, a non-GAAP operating loss of $425 million to $475 million, and cash, cash equivalents and short-term investments of more than $1.6 billion.
For the quarter ended Sept. 30, 2026, total revenue rose 54.8% to $243 million from $157 million. Commercial revenue increased to $136 million from $116 million, including $48 million in product sales and $81 million in royalties. Research and development revenue climbed to $107 million from $41 million, mostly from collaborative agreement revenue.
Net loss narrowed to $110 million, or $0.66 per share, from $129 million, or $0.80 per share. On a non-GAAP basis, which excludes non-cash equity compensation, the net loss was $67 million versus $98 million.
Operating expenses rose to $373 million from $317 million, as selling, general and administrative costs increased to $154 million from $97 million. Ionis said the increase came mainly from commercialization efforts for TRYNGOLZA, DAWNZERA and ZANVASTRO.
TRYNGOLZA generated $9 million in U.S. net product sales in the quarter and $41 million through nine months. CEO Brett P. Monia said "initial sales progress has been more gradual than anticipated," but that the company has "identified clear opportunities to improve performance." Chief Financial Officer Elizabeth L. Hougen said Ionis remains confident in the drug's "potential to deliver sustained, long-term revenue growth and multi-billion-dollar peak sales."
DAWNZERA (donidalorsen), for hereditary angioedema, drove the company's commercial revenue growth, according to the release. It posted $37 million in U.S. net product sales in the quarter and $79 million year to date, and Ionis said it is on track for its full-year guidance.
Among partnered medicines, SPINRAZA generated global sales of $461 million, up 23% from a year earlier, producing $69 million in royalty revenue for Ionis.
Ionis also began its first independent neurology launch with ZANVASTRO (zilganersen), the first approved medicine for Alexander disease, with the first patients dosed with commercial drug. It ended the quarter with $1.9 billion in cash and short-term investments.
By the numbers
- Total revenue: $243 million, up from $157 million
- Net loss: $110 million, or $0.66 per share
- TRYNGOLZA U.S. net sales: $9 million in the quarter
- DAWNZERA U.S. net sales: $37 million in the quarter
- 2026 total revenue guidance: $875 million to $900 million, unchanged
Sources
- Ionis Pharmaceuticals Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Nov. 9, 2026 (accession 0001140361-26-042598)
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