Ionis Pharmaceuticals, based in Carlsbad, California, lowered its 2026 TRYNGOLZA sales forecast on November 9 to about $50 million from $100 million to $110 million, saying the medicine’s launch in severe hypertriglyceridemia is building more slowly than expected. The company kept its overall 2026 revenue forecast at $875 million to $900 million and left DAWNZERA’s sales outlook unchanged.
The company’s results put TRYNGOLZA’s U.S. net product sales at $9 million in the third quarter and $41 million in the first nine months of 2026. The revised outlook is a forecast for the full year, not a restatement of sales already booked. Management described a more gradual launch ramp as it establishes a new treatment approach and said it had identified opportunities to improve performance, without quantifying their expected effect.
TRYNGOLZA, also called olezarsen, is approved as an addition to diet to reduce triglycerides and acute pancreatitis risk in adults with severe hypertriglyceridemia, according to Ionis. The company also markets it for triglyceride reduction in adults with familial chylomicronemia syndrome. A slower commercial launch is not itself evidence that an approved medicine is ineffective or unsafe; Monday’s sales revision describes adoption and revenue expectations, not a new clinical finding.
DAWNZERA, or donidalorsen, generated $37 million in U.S. net product sales in the quarter and $79 million over nine months. Ionis kept its 2026 product sales guidance at $110 million to $120 million. The medicine is approved to prevent hereditary angioedema attacks in patients age 12 and older. Management said its launch momentum supported the unchanged forecast, but that forecast remains an expectation rather than completed sales.
Total third-quarter revenue rose to $243 million from $157 million a year earlier. Commercial revenue increased to $136 million from $116 million, while research and development revenue rose to $107 million from $41 million. The distinction matters because Ionis’ company-wide revenue includes royalties and collaboration payments as well as sales of its own medicines; it does not measure TRYNGOLZA demand alone.
Ionis remained loss-making. Its third-quarter operating loss under generally accepted accounting principles narrowed to $130 million from $160 million, even as operating expenses rose to $373 million from $317 million. Net loss was $110 million, or 66 cents a share, compared with $129 million, or 80 cents a share, a year earlier. The separate non-GAAP operating loss was $87 million versus $129 million, excluding stock-based compensation. Adjusted figures should not be confused with the reported losses.
Cash, cash equivalents and short-term investments totaled about $1.9 billion at September 30, down from about $2.7 billion at the end of 2025, reflecting debt repayment and cash used in operations, according to the company. Ionis kept its year-end cash outlook above $1.6 billion and its full-year non-GAAP operating-loss forecast at $425 million to $475 million. Those retained targets do not turn the slower product launch into a resolved issue.
The business question is how quickly TRYNGOLZA adoption can improve while other medicines and partnership revenue support the wider company. The release does not give a date for a faster sales ramp or quantify the contribution of individual launch changes. Ionis also said commercial launch of ZANVASTRO for Alexander disease is underway, but it did not provide a standalone full-year sales forecast for that medicine. Management’s results call is scheduled for 9 a.m. Eastern Time on November 9, still ahead at publication.
JBizNews Desk | Carlsbad, California
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