Ionis Pharmaceuticals: Initial Take on CARDIO-TTransform Miss

Research evidence excerpt

Ionis Pharmaceuticals: Initial Take on CARDIO-TTransform Miss

J P M O R G A N North America Equity Research

09 July 2026

Ionis Pharmaceuticals Overweight

IONS, IONS US

Initial Take on CARDIO-TTRansform Miss Price (08 Jul 26):$84.46

Price Target (Dec-26):$90.00

Earlier this morning, Ionis & AstraZeneca announced that the phase III CARDIO- Biotechnology - Large Cap

ACTTransform trial studying Wainua (eplontersen) in ATTR-CM patients did not Jessica Fye

meet the primary efficacy endpoint of the composite outcome of cardiovascular (1-212) 622-4165

(CV) mortality and recurrent CV events. While the Street had been debating jessica.m.fye@jpmorgan.com

whether the subgroup on background stabilizers might hit stat sig or “only” show Silvia Luo

a trend, the overall trial was widely expected to hit and along these lines this news (1-212) 622-0000

represents a significant surprise. See ‘Will Wainua’s Taf Subgroup Hit, or Just silvia.luo@jpmorgan.com

Show a TTRend?’. Based on this, we do not expect eplon to play a role in the ATTR- Jose Lora, Ph.D.

CM market and we expect the stock to trade off as a result. Wainua economics in (1-212) 270-4831

jose.n.lora@jpmorgan.com

ATTR-CM contribute ~$20 of our $90 price target. While there was a 0.71 HR in

Adam Ferrari, Ph.D.the monotherapy subgroup on the primary composite, “no treatment effect was

(1-212) 622-1717

observed” for those on stabilizer therapy at baseline in contrast to the trend adam.ferrari@jpmorgan.com

observed in this group in Amvuttra’s HELIOS-B trial. Importantly, we connected

Abdul Tahlil

with IONS mgmt who said that their 2028 cash flow breakeven guidance remains (1-212) 270-9644

intact. Looking ahead, with the Street relatively cautious on the approaching abdul.tahlil@jpmorgan.com