Ionis Pharmaceuticals — Oct 29, 2025 release

in the second quarter of 2025   • Operating expenses increased 14% in the third quarter of 2025 and increased 9% in the nine months ended September 30, 2025, compared to the same periods last year, primarily due to investments related to commercialization efforts for TRYNGOLZA, DAWNZERA and WAINUA   • Increasing 2025 financial guidance reflects strong overall revenue performance experienced year-to-date and fourth quarter outlook, including strong momentum seen with TRYNGOLZA revenues:     Full Year 2025 Guidance   Previous Guidance New Guidance Total Revenue   $825-850 million $875-900 million TRYNGOLZA   product sales, net   $75-80 million $85-95 million Operating loss on a non-GAAP basis   $300-325 million $275-300 million Cash, cash equivalents and short-term investments   ~$2.0 billion >$2.1 billion Third Quarter 2025 Financial Results   "In the third quarter of 2025, we delivered strong revenue performance, highlighted by TRYNGOLZA’s nearly 70% increase over the prior quarter. As a result of this strength and our fourth quarter outlook, we are increasing our financial guidance again for 2025," said Elizabeth L. Hougen, chief financial officer of Ionis. "Looking ahead, we expect the 2026 independent launches of olezarsen in severe hypertriglyceridemia and zilganersen in Alexander disease to further strengthen our commercial portfolio. We anticipate that growth in our product revenues coupled with additional partner revenues will position Ionis to achieve cash flow breakeven in 2028 and generate substantial and sustainable positive cash flow for years to come." Recent Highlights - Wholly Owned Medicines • TRYNGOLZA ® (olezarsen), the first and only FDA approved treatment for adults living with familial chylomicronemia syndrome (FCS) as an adjunct to diet   o Generated net product sales of $32 million in the third quarter of 2025, its third full quarter on the market, a nearly 70% increase over the