Ionis Pharmaceuticals (NASDAQ: IONS) reported Q2 EPS of ($0.23), $0.04 better than the analyst estimate of ($0.27). Revenue for the quarter came in at $146 million versus the consensus estimate of $148.87 million.

Second Quarter 2020 Financial Results and Highlights

• On track to achieve financial guidance of being meaningfully profitable this year
  • Net income of $8 million on a non-GAAP basis and a net loss of $32 million on a GAAP basis
• Achieved quarter over quarter growth in commercial and R&D revenues
  • Commercial revenue from SPINRAZA® (nusinersen) royalties increased to $72 million
  • Product sales from TEGSEDI® (inotersen) and WAYLIVRA® (volanesorsen) increased to $16 million
  • R&D revenue increased to more than $55 million, including $26 million from Ionis' neurological disease franchise, $13 million from the oncology franchise and more than $10 million from the cardio-renal franchise
• Cash position of more than $2.3 billion provides substantial financial resources to continue executing on strategic goals

"The first half of this year was marked by numerous important achievements. Our Phase 3 programs progressed, we advanced our cardio-renal, metabolic and neurological disease franchises and added new medicines to our Ionis-owned pipeline. Together, these catalysts moved us closer to delivering 10 or more marketing applications through 2025, which we expect to result in a number of new commercial medicines. In the second half of this year, we are expanding the reach of our technology in neurological and pulmonary diseases, as studies in sporadic ALS and COPD get underway. We also look forward to proof-of-concept data from additional mid-stage programs," said Brett P. Monia, Ph.D., chief executive officer at Ionis. "Our achievements, together with our significant financial resources, position us to realize my vision for Ionis – to lead in the delivery of transformational medicines for patients around the world."

"We ended the second quarter with net income on a non-GAAP basis, an increase compared to our first quarter results. Looking ahead, we are maintaining our 2020 financial guidance and expect revenue and earnings growth in the second half of this year. With our substantial resources, we are well positioned to continue executing on our ambitious agenda and to deliver increasing value near-term and into the future," said Elizabeth L. Hougen, chief financial officer of Ionis.

For earnings history and earnings-related data on Ionis Pharmaceuticals (IONS) click here.