Ionis Pharmaceuticals generated second-quarter revenues of $118.0 million compared to $122.3 million in the second quarter of 2017, which reflected ~15.0% YoY (year-over-year) growth. In the first half, Ionis Pharmaceuticals reported revenues of $262.2 million, compared to $228.1 million in the first half of 2017.
Royalties from the sales of Spinraza and payments received from the company’s R&D (research and development) collaboration agreements primarily contributed to Ionis Pharmaceuticals’ revenues.
In the second quarter, Ionis Pharmaceuticals reported R&D and SG&A (selling, general, and administrative) expenses of $101.8 million and $66.2 million, respectively, compared to $83.5 million and $22.3 million in the second quarter of 2017.
In the first half, Ionis Pharmaceuticals reported R&D and SG&A expenses of $205.9 million and $109.9 million, respectively, compared to $166.1 million and $36.0 million in the first half of 2017.
In the second quarter, Ionis Pharmaceuticals reported net income and diluted EPS of -$40.4 million and -$0.29, respectively, compared to net income and diluted EPS of -$3.1 million and -$0.02 in the second quarter of 2017.
In the first half, the company reported net income and diluted EPS of -$41.8 million and -$0.03, respectively, compared to net income and diluted EPS of $5.9 million and $0.05 in the first half of 2017.
In August, the EMA (European Medicines Agency) granted a Priority Medicines (or PRIME) designation to Ionis Pharmaceuticals’ IONIS-HTTRx, an investigational therapy for the treatment of Huntington’s disease. IONIS- HTTRx demonstrated the reduction of the mutant huntingtin protein, which is the underlying cause of Huntington’s disease. IONIS- HTTRx is the first drug candidate to demonstrate its potential to reduce the huntingtin protein.
The PRIME designation by the EMA to IONIS-HTTRx is expected to help Ionis Pharmaceuticals accelerate the review timelines after it has filed a marketing authorization application. The PRIME designation also helps increase interactions with the EMA.
The IONIS-HTTRx program is part of Ionis Pharmaceuticals’ and Roche’s (RHHBY) collaboration for the development of therapies for Huntington’s disease, which uses Ionis Pharmaceuticals’ antisense oligonucleotide (or ASO) technology. Roche plans to conduct a pivotal trial of IONIS-HTTRx to evaluate the safety and efficacy in adult individuals with Huntington’s disease.
The First Trust NYSE Arca Biotechnology Index Fund (FBT) invests ~3.28%, ~3.77%, and ~3.73%, respectively, of its total portfolio holdings in Ionis Pharmaceuticals, Neurocrine Biosciences (NBIX), and Seattle Genetics (SGEN).