Ionis Pharmaceuticals Inc. (NASDAQ:IONS) has announced its Q3 2020 financial results and business updates indicating that it is on track to attain 2002 financial guidance.
Ionis progressing its pipeline
Brett P Monia, the company’s CEO, indicated that during the quarter, the company made a massive step in its evolution with the acquisition of Akcea. The transaction supports Ionis’ commercial strategy and further enables it to optimize the value of the company-owned pipeline. Monia said that as one company, they would be more efficient and more potent with more remarkable ability to achieve more success in the future.
Ionis has made substantial progress in its pipeline this year and recently it advanced inhaled delivery with IONIS-ENAC-2.5Rx. This advancement positions the company to deliver novel treatment alternatives to pulmonary disease patients. Monis also confirmed that the company commenced mid-stage vupanorsen studies in patients with cardiovascular disease and ION541 for treating all ALS forms. Equally, all the company’s five Phase 3 are progressing well with the sixth phase expected to commence at the end of 2020. Monis stated that the achievements the company has made so far would take it closer to bring ten or more marketing applications by 2025.
Akcea acquisition to drive growth
In Q3, the company achieved significant QoQ, and it is on track to attain its financial guidance of what will be a good year. The company ended the quarter with a strong balance sheet of $2.3 billion in cash. Elizabeth L Hougen the company’s CFO said that the Akcea acquisition strengthened the company’s business and financial position in various ways. The company will retain the value of the Akcea commercial products and a rich pipeline. The company will utilize Akcea’s cash and future cash flows in advancing its strategic priorities.
As from next year, Ionis expects to realize significant cost synergies as they integrate the two companies. In the future Ionis is maintaining its 2020 financial guidance driven by massive revenue and earnings growth expected in Q4. In Q3, the company earned revenue from various sources that include $75 million from Pfizer Inc. (NYSE:PFE) for vupanorsen advancement.