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Ionis Pharmaceuticals Inc IONS

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Raising our Ionis Fair Value Estimate to $66; Narrow Moat and Long-Term Pipeline Potential

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

We're raising our Ionis fair value estimate to $66 from $58 after awarding the firm a narrow economic moat (previously none) based on the firm's spinal muscular atrophy therapy Spinraza, solid late-stage pipeline, and growing mid-stage pipeline of wholly-owned programs, all of which benefit from increasing validation of the firm's antisense oligonucleotide (RNA-based) drug technology. Third-quarter results came in as expected, with collaboration revenue poised to jump in the fourth quarter and allow the firm to meet the maintained full-year guidance for revenue over $700 million. Shares look undervalued as the firm approaches several key pipeline-related catalysts.

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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).

2855 Gazelle Court
Carlsbad, CA, 92010
T +1 760 931-9200
Sector Healthcare
Industry Biotechnology
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Aggressive Growth
Employees 817