STAT+: Ionis Pharmaceuticals shares plummet after slow rollout of biotech’s triglyceride-lowering drug
Ionis Pharmaceuticals lost more than $1 billion in market value on Monday after the company slashed sales projections for a triglyceride-lowering drug the biotech and Wall Street analysts believe is a potential blockbuster.
Key points
- Third quarter sales came in at $9 million, well below Wall Street consensus expectations of $21 million during the quarter.
- Continue to STAT+ to read the full story….
The firm announced that it expects the drug, Tryngolza, to bring in $50 million in sales by the end of this year, compared to Ionis’ previous forecast of $100 to $110 million.
Shares that traded at more than $39 when the market opened within hours sank below $28, a drop of around 25%.
How this summary was made: extractive summary — built from the sources' own reporting. It is drawn only from the reporting of the sources listed below — read the originals for full detail. How we summarize →
Advertisement
Every article behind this summary — 1 article from 1 outlet
Get stories like this in your inbox.
Subscribe — it's freeOne free email at 6am — your topics, deduplicated, five minutes. No account, no paywall.