IONS - Embedded Expectations Analysis - 2019 04 30
Ionis Pharmaceuticals, Inc. (IONS:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 14.3x Uniform P/E, implying bearish expectations for the firm. Moreover, management may be concerned about the potential of ongoing drug trials, their ability to meet SPINRAZA growth expectations, and innovation capabilities.Specifically, management may be concerned about the potential and results of their AKCEA-TTR Phase III, late-stage medicine, SOD1, and AKCEA-APO(a) trials. In addition, they may lack confidence in their Novartis licensing partnership, and in their ability to meet SPINRAZA revenue growth and operating expense guidance, and commercialize and develop their medicines. Moreover, they may be exaggerating their innovation capabilities and technology efficiencies, and may be downplaying concerns about SPINRAZA competition.
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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