Carlsbad drugmaker Ionis Pharmaceuticals Inc. reported fourth quarter and annual earnings Tuesday that blew expectations out of the water.
The company posted revenue of $160.3 million for the quarter, exceeding Wall Street’s forecasts of $82 million. For the year, Ionis reported revenue of $326 million, up from $281.4 million in 2015. The company’s net loss narrowed to $86.6 million in 2016.
"We believe we have the key elements in place to achieve sustained, long-term financial growth,” B. Lynne Parshall, chief operating officer at Ionis, said in a statement. “We have multiple drivers of revenue; a partnership strategy that leverages partner resources; a mature, broad and rapidly advancing clinical pipeline; and an innovative, more efficient drug discovery platform that enables us to continue developing new drugs with the potential for significant commercial opportunity in both rare and more prevalent diseases.”
The local company is partnered with several global biotechnology and pharmaceutical firms, developing dozens of drug candidates in tandem with big players like Bayer, Biogen, Roche, and GlaxoSmithKline.
In 2016, the company reported positive clinical date from 11 studies with six drugs, and continued programs with over 36 drugs in development. The company is also benefitting from partner Biogen’s recent FDA approval of Spinraza, a drug developed in Ionis’ labs.
"We are pleased to add commercial revenue from Spinraza to our already significant revenue from partnerships,” Parshall said. “Over the past five years, we have consistently increased our revenue, reflecting the successes of our partnered programs and drugs.”
Biogen expects regulatory approval in several international markets this year, further broadening access to the drug and boosting Ionis’ revenue.
“In 2017, we expect to be breakeven or profitable at the operating line on a pro forma basis, driven in part by revenue from Spinraza,” Parshall said.
The company’s stock (Nasdaq: IONS) is up about 5 percent following the release of the company’s 2016 earnings. Shares are trading for $49.45 per share at mid-morning on Tuesday.