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. 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. Third quarter sales came in at $9 million, well below Wall Street consensus expectations of $21 million during the quarter. The stock reaction was swift. Shares that traded at more than $39 when the market opened within hours sank below $28, a drop of around 25%. STAT+ Exclusive Story Already have an account? Log in This article is exclusive to STAT+ subscribers Unlock this article — plus daily coverage and analysis of the pharma industry — by subscribing to STAT+. Already have an account? Log in View All Plans To read the rest of this story subscribe to STAT+. Subscribe