Ionis Pharmaceuticals Inc (IONS.O): 2Q Takeaways & Model Update: Early sHTG Launch Indicators All Encouraging

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Ionis Pharmaceuticals Inc (IONS.O): 2Q Takeaways & Model Update: Early sHTG Launch Indicators All Encouraging

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29 Jul 2026 17:30:38 ET │ 12 pages

Ionis Pharmaceuticals Inc (IONS.O)

2Q Takeaways & Model Update: Early sHTG Launch Indicators All

Encouraging

CITI'S TAKE

Tryngolza launch takeaways from the call were encouraging, underscoring Buy / High Risk

broad prescriber and patient base traction early post sHTG approval, and

consistently strong presence in FCS, boding well for the long-term sHTG Price (29 Jul 26 16:00) US$54.04

competitive dynamic. That said, the balance of commentary was as Target price US$100.00

expected, key points being the reiteration of financial/product guidance for Expected share price return 85.0%FY26 (Total rev: $875-900M; Tryngolza $100-110M; Dawnzera $110-120M)

and breakeven cashflow outlook beginning 2028. Potential milestone Expected dividend yield 0.0%

payments tied to partnered programs pelacarsen (Lp(a)-ASCVD with NVS) Expected total return 85.0%

and sefaxersen (IgAN with Roche) serve as upside levers to topline, although Market Cap US$8,931Mwe continue to adopt a cautious stance on both pivotal study readouts, 2H.

That said, with our bullish sHTG outlook maintained, and seeing a

competitive data overhang alleviated, we believe current IONS levels

underreflect Tryngolza’s commercial potential and the breadth of IONS

partnered portfolio. Maintain BUY/HR and $100 TP. Price Performance

(RIC: IONS.O, BB: IONS US)

Encouraging early Tryngolza launch dynamics post sHTG label expansion. — Ionis

highlighted sHTG Rx pull-through on Day 1 post indication approval, with demand

for both the 50mg and 80mg dose levels. Prescriber breadth extends across

cardiologists, endocrinologists, lipidologists, and PCPs, independent of prior