Ionis Pharmaceuticals Inc

IONS: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Ionis Earnings: Strong Commercial Launch of Tryngolza; Positive Long-Term Outlook

Rachel Elfman

May 1, 2025

Narrow-moat Ionis reported strong first-quarter results, highlighted by a 10% increase in revenue year over year, driven by the strong launch of Tryngolza (olezarsen). Ionis is tracking our expectations, and we maintain our fair value estimate of $69 per share. We view the shares as very undervalued, trading at an attractive entry point for long-term investors.

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Ionis Pharmaceuticals Inc

Ionis Earnings: Strong Commercial Launch of Tryngolza; Positive Long-Term Outlook

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