Ionis Pharmaceuticals: Tidbits from Mgmt Catch-Up

研报英文原文证据摘录

Ionis Pharmaceuticals: Tidbits from Mgmt Catch-Up

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

09 July 2026

Ionis Pharmaceuticals Overweight

IONS, IONS US

Tidbits from Mgmt Catch-Up Price (08 Jul 26):$84.46

Biotechnology - Large Cap

We caught up with IONS’s mgmt on the back of phase III CARDIO-TTransform Jessica Fye AC

topline earlier today and wanted to share our our key takeaways from that call. (1-212) 622-4165

jessica.m.fye@jpmorgan.com

Silvia Luo

(1-212) 622-0000 • On the 2028 breakeven guidance… IONS probabilizes projections for all

partnered programs, and the real driver behind the breakeven guide is silvia.luo@jpmorgan.com

Tryngola’s sHTG launch (and the wholly-owned pipeline). Mgmt Jose Lora, Ph.D.

emphasized a strong commitment to improving operating leverage. When (1-212) 270-4831

asked if the ‘28 cash breakeven guide would still hold if pelacarsen were jose.n.lora@jpmorgan.com

to fail as well, they noted that it would make achieving that goal tougher, Adam Ferrari, Ph.D.

but they are still committed to financial discipline. (1-212) 622-1717

adam.ferrari@jpmorgan.com

• On the possibilty of filing Wainua for monotherpay in ATTR-CM… Abdul Tahlil

IONS did not speak to this, bc they have yet to confer with AZ on the topic; (1-212) 270-9644

however, given the failure on the primary endpoint, we see approval in abdul.tahlil@jpmorgan.com

monotherapy as highly unlikely. J.P. Morgan Securities LLC

• On Wainua+taf combo performance… Managment made clear that they

saw no benefit for Wainua added on to stabilizer compared to stabilizer

alone.

• On trial length… For the overall trial, given the lack of benefit in the

combo subpop (57% on background stabilizer at baseline), and the

expectation that taf drop-ins would only have continued to grow over time