Shares of Ionis Pharmaceuticals Inc. (IONS) - Get Ionis Pharmaceuticals, Inc. Report fell Wednesday after the company reported a wider-than-expected first-quarter loss and revenue that missed analyst estimates.
The company reported a net loss of 64 cents per share on revenue of $112 million. Analysts were expecting a loss of 51 cents per share on revenue of $128.6 million.
Ionis shares were down 5.3% to $39.75 Wednesday afternoon.
"In the first quarter, we took important steps to maximize the value of our wholly owned pipeline," said Ionis CEO Brett Monia. "We also further strengthened the business and continued executing on our strategic priorities."
The company expects data from its Alzheimer's treatment program study to come in this summer, and later this year it expects data from the Phase 3 VALOR study of its ALS treatment candidate tofersen.
"We expect tofersen to be our next commercial medicine. These key upcoming catalysts, together with our recent achievements, position us well to have 12 or more products on the market in 2026," Monia said.
During the quarter, the company finished restructuring its European operations and the company is now "redirecting" towards their highest priority programs, according to CFO Elizabeth Hougen.
Hougen says that the company is on track to meet its second half financial guidance as research and development revenue increases, while its pipeline continues to advance.
"Importantly, we are well-capitalized with the resources we need to expand our manufacturing and R&D capacity to support the future needs of our wholly owned pipeline," Hougen said. "This large capital project, which is now underway, is necessary to successfully execute on our goal to drive growth."