2Q26 Earnings: Expect Momentum to Build as SHTG Launch Ramps and Additional Catalysts Ahead

研报英文原文证据摘录

2Q26 Earnings: Expect Momentum to Build as SHTG Launch Ramps and Additional Catalysts Ahead

f >$3B. Overall, we continue to view the

SHTG launch as the key value driver for Ionis and believe it remains an

underappreciated, multi-billion-dollar opportunity supportive of multiple players

(INSIGHT note here).

Multiple updates expected at the European Society of Cardiology (ESC; Munich,

Aug. 28-31). On eplontersen, Ionis and partner AstraZeneca (covered by Sarita

Kapila) plan to present detailed data from the Ph3 CARDIO-TTRansform study in

TTR-CM (topline note here), including analyses of the overall population, the

prespecified baseline-monotherapy population, and the subgroup receiving

background stabilizer therapy. In addition, an independent academic group

conducted a meta-analysis comparing outcomes across the TTR-silencer class as

monotherapy and in combination with stabilizers that it plans to present at the

conference. Mgt. expects the analysis will be consistent with findings from the

CARDIO-TTRansfiorm study but noted the analysis is being conducted independent

of industry. Turning to Tryngolza, Ionis plans to share data from the CORE/CORE2

open-label-extension (OLE) study which could provide additional evidence on the

durability of TG lowering as well as longer-term safety and mgt. noted there were

no emerging adverse-event signals in the ongoing extension. Finally, Ionis will

present one-year data from the Ph1 study of ION775, its next-generation APOC3

targeting agent, including safety, tolerability, and the magnitude and durability of

APOC3 and TG reductions. We expect the key focus to be whether the data support

Q6M or potentially less frequent dosing, which could provide a meaningful

convenience advantage relative to monthly Tryngolza.