Tominersen Failure Leaves One Less Source Of Upside, But Does Not Impact Thesis

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Tominersen Failure Leaves One Less Source Of Upside, But Does Not Impact Thesis

Biotechnology

Ionis Pharmaceuticals

TD SECURITIES (USA) LLC QUICK TAKE: COMPANY UPDATE

July 10, 2026

Price: $64.27 (07/9/2026) Tominersen Failure Leaves One Less Source

Price Target: $94.00 Of Upside, But Does Not Impact Thesis

BUY (1)

Yaron Werber, M.D. THE TD COWEN INSIGHT

646 562 1415

Roche's decision to discontinue tominersen removes a potential source of future upside

yaron.werber@tdsecurities.com

for IONS, but we view the impact to our thesis as limited. Expectations were low following

Steven Ionov, Ph.D. GENERATION HD1, and we do not model tominersen revs. With multi-$B in potential

646 562 1478 milestones/royalties tied to a deep late-stage pipeline, we see no meaningful impact to long-

steven.ionov@tdsecurities.com

term value or breakeven targets. Reiterate Buy.

Jaena Han, Ph.D.

646 562 1428 Our Take: Tominersen's Lack Of Efficacy Expected – Outcome Removes One Of Many Upside

jaena.han@tdsecurities.com Sources Of Upside, But Path To Breakeven Remains Clear

Sarah Cai, Ph.D. Yesterday, Roche communicated its decision to discontinue tominersen development in

646 562 1447

Huntington's Disease (HD) on lack of efficacy in the Ph2 GENERATION-HD2 study in early/

sarah.cai@tdsecurities.com

prodromal HD. While the lack of clinical benefit despite favorable biomarker/safety data

Key Data is disappointing, expectations were already low following the failure of the prior Ph3

Symbol NASDAQ: IONS GENERATION HD1, and we had not modeled sales for this program. As such, we view the

Market Cap $10.6B news as the removal of a potential upside scenario rather than a change to the core earnings

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