Laidlaw Reiterates Buy Rating on Ionis Pharmaceuticals (IONS) with $105 Price Target

This morning, IONS reported 2Q26 financial results and corporate updates.  Our takeaways are the Tryngolza in sHTC launch appears to be in-line with expectations. With a likely first mover advantage, we remain bullish on its commercial outlook and do not believe the positive Redemplo in sHTG SHASTA-3/4 study results raise any unexpected concerns. We also do not view the disappointing Wainua in ATTR-CM CARDIO-TTRansform study outcome will have a meaningful impact on our IONS share valuation given the large sHTG market potential and IONS’s rich pipeline. 2Q26 financial results showed GAAP-based net losses of ($115MM) vs. Laidlaw ($201MM) and the Street ($181.6MM). Per share, it was ($0.69) vs. ($1.21) for Laidlaw and ($1.06) for the Street. On the non-GAAP basis, losses were ($70MM) or ($0.42) per share. IONS ended 2Q26 with ~$2.06 bn cash. In 2Q26, Wainua generated $70MM in ATTRv-PN sales with $64MM from the U.S. (37% Q/Q increase vs. $51MM in 1Q26), and IONS received $16MM in royalties. Tryngolza (olezarsen) in FCS 2Q26 revenue was $5MM, with all priced at $40,000. IONS indicated 2Q26 was the strongest demand quarter in FCS with the highest new patient starts. IONS characterized the sHTG launch starting in July as encouraging. Tryngolza entered the channel within the first week of launch with both 50 and 80mg doses. Dawnzera 2Q26 revenues were $26MM ($16MM, 1Q26), a substantial Q/Q growth of 63%. Lastly, The NVS-partnered pelacarsen in high-risk CV patients with elevated Lp(a) as a major risk factor Phase III study results are expected in early 2H26. If positive and later approved, this could be another blockbuster CV preventive therapy. If approved, IONS could receive a net sales-based royalty with rates ranging from mid-teens to low 20s. If this fails, it might have a negative impact on IONS’s goal of reaching cash breakeven by 2028. We are reiterating our Buy rating and $105 target price.

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