Ionis Pharmaceuticals (IONS) shares rose 4% intraday after the firm reported Wednesday third-quarter earnings of $0.18 per diluted share, versus a loss of $0.03 per share in the same quarter a year ago. The result beat the $0.33 average per-share loss estimate of analysts surveyed by Capital IQ.
Revenue rose to $168 million from $145 million in the period ended in September a year ago, beating the $152.5-million CapIQ consensus.
Revising its full-year guidance, the company said it expected sales of $1 billion, versus a previous guidance of more than $725 million and the $838.1 million average analyst estimate compiled by Capital IQ.
“Our strong financial position is driven by growth in our commercial revenues primarily from spinraza’s continued blockbuster performance and substantial research and development revenues from our numerous partnerships, including our recent Pfizer (PFE) collaboration,” CFO Elizabeth Hougen said.
The company said its board has approved an initial share repurchase program of up to $125 million, and it may consider “additional” repurchases in the future.