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.