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Ionis Pharmaceuticals Inc IONS

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Morningstar’s Analysis

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Maintaining Our $66 Ionis FVE Following Q4; Neurology and Respiratory Data Key in 2021

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

We're maintaining our $66 per share fair value estimate for Ionis following solid fourth-quarter 2020 results that slightly beat our expectations on a non-GAAP basis, but 2021 guidance that reflects lower R&D revenue and higher R&D costs than we had anticipated, as Ionis aggressively invests in its diverse and advancing pipeline that is increasingly wholly-owned.

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Company Profile

Business Description

Ionis Pharmaceuticals is the leading developer of antisense technology to discover and develop novel drugs. Ionis' broad clinical and preclinical pipeline targets a wide variety of diseases, with an emphasis on cardiovascular, metabolic, neurological, and rare diseases. Ionis and partner Biogen brought Spinraza to market in 2016 as a treatment for a rare neuromuscular disorder, spinal muscular atrophy. Ionis subsequently brought two additional drugs to market via its cardiovascular-focused subsidiary Akcea, including ATTR amyloidosis drug Tegsedi (2018) and cardiology drug Waylivra (Europe, 2019).

Contact
2855 Gazelle Court
Carlsbad, CA, 92010
T +1 760 931-9200
Sector Healthcare
Industry Biotechnology
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Distressed
Employees 757