Ionis Shares Fall as Tryngolza Sales Forecast Is Cut

Ionis Pharmaceuticals said it expects its triglyceride-lowering drug Tryngolza to generate $50 million in sales by the end of the year, down from its earlier projection of $100 million to $110 million. Third-quarter sales for the drug were $9 million, compared with Wall Street analysts’ expectation of $21 million.

The revised outlook was followed by a sharp decline in the company’s shares on November 9. They opened above $39 and fell below $28 within hours, a drop of about 25%. Ionis lost more than $1 billion in market value during the session.

Separately, the Carlsbad, California-based drug discovery and development company reported a third-quarter net loss of $110 million, or 66 cents per share. Excluding stock-option expense, its loss was 40 cents per share.

Ionis reported quarterly revenue of $243 million, exceeding the $178.9 million expected by eight analysts surveyed by Zacks. The sales shortfall for Tryngolza contrasted with the company’s revenue beat, while the lower full-year forecast marked a substantial reduction from its previous estimate.