Higher Near-Term Spinraza Expectations Raise Ionis' FVE to $47; Peak Sales Remain Below Consensus
We are marginally increasing our fair value for Ionis to $47 per share from $46 to account for our increased royalty expectations for Spinraza, a spinal muscular atrophy drug, over the near term. The stocks for both Ionis and Biogen dropped on the news of slowing Spinraza sales growth in the U.S. in Biogen’s third-quarter earnings. We expect the drug to continue on a strong launch trajectory outside the U.S., with growth in U.S. sales weighed by current patients moving to the significantly less ...Ionis Pharmaceuticals is engaged in discovering and developing RNA-targeted therapeutics. The company has two commercial medicines, SPINRAZA and TEGSEDI. SPINRAZA (nusinersen) injection for intrathecal use is a survival motor neuron-2, directed antisense oligonucleotide indicated for the treatment of spinal muscular atrophy in pediatric and adult patients. TEGSEDI (inotersen) injection is a Generation 2+ antisense medicine and an approved subcutaneous RNA-targeting medicine designed to treat people with polyneuropathy caused by hereditary transthyretin amyloidosis.
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