Ionis Pharmaceuticals Inc (NASDAQ:IONS) closed Thursday’s trading session at $69.81 as the price surge seems to be cooling down following the announcement that it outperformed the 2018 financial guidance.
The company announced its financial performance for the 2018 fourth quarter and also the 2018 full year performance on February 27 revealed that it had quite a positive performance for the year. Ionis CEO Stanley T. Crooke stated that the company held a global launch for TEGSEDI through its affiliate, Akcea. The move generated noteworthy commercial value for the company.
“We begin 2019 in the strongest position in our 30-year history. Building on this foundation, we believe we are positioned for continued growth,” stated Mr. Crooke.
The company revealed that its revenue for the fourth quarter ended December 31, 2018, was $192 million, a significant increase compared to the $168 million revenue figure reported in the corresponding quarter in 2017. The revenue for the entire financial year 2018 was $600 million, and it also managed to outshine the $514 million reported in Q4 2017.
The better performance in 2018 was great news for the company, but it highlights the firm’s ability to sustain consistent revenue. The impressive revenue was also the result of SPINRAZA royalties which have grown drastically over the one-year duration. The company’s research and development revenue grew by $25 million in 2018 compared to the previous year. This is mainly due to Ionis’ partnership with Biogen Inc (NASDAQ: BIIB).
Ionis has reached critical milestones as revenue continues to grow
The company’s CEO also revealed that Ionis managed to achieve numerous key pipeline milestones. The company revealed that Novartis AG (NYSE:NVS) decided to exercise its option to license AKCEA-APO(a)-LRX and this move generated $150 million for Ionis. The company also revealed that it is working with Akcea on the AKCEA-TTR-LRx pivotal program’s Phase 3 study designs which they are close to completion.
Ionis also revealed recently that its neurological disease programs recently achieved key milestones. The company managed to achieve the above and numerous other achievements while also increasing its revenue, thus demonstrating its strong business models.