Ionis Pharmaceuticals (IONS) reported strong Q1 financial results, driven by increased commercial and royalty revenues, leading to an upward revision of their full-year 2025 revenue guidance, Oppenheimer said in a report emailed Thursday.

Ionis Pharmaceuticals reported a narrower Q1 net loss of $0.93 per diluted share, compared to $0.98 a year earlier, with revenue rising to $132 million from $119 million.

"[Ionis] raised its FY25 revenue guidance from >$600M to the updated $725-750M, driven by recent licensing agreements with [Ono Pharmaceutical] on sapablursen and with Sobi on the ex-US rights to olezarsen," Oppenheimer said.

Tryngolza, a treatment for familial chylomicronemia syndrom, launched with $6 million in Q1 sales, with Ionis reporting positive trends in patient conversion, identification, and reimbursement. The royalties for Spinraza, a treatment for spinal muscular atrophy, climbed to $48 million, while Wainua, a treatment for hereditary transthyretin-mediated amyloidosis with polyneuropathy, generated $39 million in sales, yielding $9 million in royalty revenue for Ionis, the report said.

Ionis outlined upcoming developments, including shortened timelines for olezarsen's phase 3 trials in severe hypertriglyceridemia, the launch of a phase 3 trial for ION582 in Angelman syndrome, and a strategic shift toward investing in wholly-owned programs to reduce reliance on Spinraza royalties and unlock more value from its Antisense Oligonucleotide, or ASO platform, the report said.

Oppenheimer has an outperform rating on Ionis, with a price target of $78.

Shares of the biotechnology company were up more than 3% in recent Thursday trading.

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