Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) Q3 2019 Earnings Conference Call - Final Transcript

Nov 06, 2019 • 11:30 am ET


Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) Q3 2019 Earnings Conference Call - Final Transcript


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Good morning and welcome to Ionis Pharmaceuticals Third Quarter 2019 Financial Results Conference Call. [Operator Instructions]. At this time I would like to turn the call over to Wade Walke Vice President Investor Relations to lead off the call. Please begin.

D. Wade Walke

Thank you Sean. Before we begin I encourage everyone to go to the Investors section of the Ionis website to find the press release and related financial tables including a reconciliation of the GAAP to non-GAAP financial measures that we will discuss today. We believe non-GAAP financial results better represent the economics of our business and how we manage our business. We have also posted slides on our website to accompany our discussion today. With me on today's call are Stan Crooke Chairman of the Board and Chief Executive Officer; Beth Hougen Chief Financial Officer; and Brett Monia Chief Operating Officer. I would like to draw your attention to slide three which contains our forward-looking language statement. We'll be making forward-looking statements which are based on our current expectations and beliefs. These statements are subject to certain risks and uncertainties so our actual results may differ materially. I encourage you to consult the risk factors discussed in our SEC filings for additional details.

And with that I'll turn the call over to Stan.

Stanley T. Crooke

Thanks Wade and good morning everyone. Thank you for joining us. Our commitment to innovation has led to the increase in value of our commercial medicines our pipeline and technology which today is reflected in our robust financial performance. Because of our strong performance for the first 9 months of this year we are significantly increasing our 2019 guidance to a significant improvement. We're on track to deliver approximately $1 billion of revenue more than $375 million in operating income and more than $300 million in net income. This means that we expect to deliver our fourth year of operating income and our third year of net income. We're achieving these strong results by continuing to invest as aggressively as justified across every element of our business.

We're achieving successes and making progress broadly throughout the business and we're extremely pleased with SPINRAZA's continued blockbuster performance. SPINRAZA is the worldwide foundation of care for the treatment of all SMA patients of all ages supported by growing body of data Entering Facebook getting stronger the longer they are treated with the product. We're already seeing positive momentum at Akcea since Damien assumed his leadership role. Damien is adding key new members to the Akcea leadership team which we feel is necessary to help the organization reach its commercial and development goal. The first of several addition to the senior management team is Kyle Jenne who was recently promoted to Chief Commercial Officer after leading Akcea's U.S. commercialization of TEGSEDI and WAYLIVRA.

Importantly we're beginning to see momentum build with TEGSEDI and WAYLIVRA. Akcea is expanding the market opportunities of TEGSEDI across the world. With approval in Brazil TEGSEDI is now the first RNA-targeted therapy approved for the treatment