CARLSBAD, Calif., May 9, 2019 /PRNewswire/ -- Ionis
Pharmaceuticals, Inc. (Nasdaq: IONS) today reported its financial
results for the first quarter of 2019 and recent business
highlights.
"Our strong first quarter results put us on track to achieve our
2019 goals. We added commercial revenue from the first full quarter
of the TEGSEDI launch to our growing commercial revenue from
SPINRAZA. WAYLIVRA is now our third antisense medicine approved in
just over two years, and we look forward to launching in
Europe next quarter through our
affiliate, Akcea," said Stanley T.
Crooke, M.D., Ph.D., chairman of the board and chief
executive officer of Ionis. "This week, data presented from our
medicines targeting Huntington's disease and SOD1-ALS once again
demonstrate the potential for our antisense technology to provide
benefit in disease measures for patients with serious and
previously untreatable diseases. Both medicines are in Phase 3
clinical trials with potential to support rapid paths to patients.
Novartis licensed our most advanced LICA medicine,
AKCEA-APO(a)-LRx, targeting the millions of patients
worldwide with Lp(a)-driven cardiovascular disease. Novartis'
decision to advance AKCEA-APO(a)-LRx into a Phase 3
cardiovascular outcomes study further validates the potential of
our rapidly expanding LICA pipeline to treat a broad range of
diseases, including those for large patient populations. We plan to
advance our next LICA medicine, AKCEA-TTR-LRx targeting
TTR amyloidosis, into Phase 3 development in the second half of
this year. We believe our accomplishments in the first quarter of
2019 position us for continued success. The power of our efficient
technology and business strategy give us confidence that we can
continue to deliver sustainable financial growth while aggressively
investing in our commercial medicines and advancing our pipeline
and our technology."
First Quarter 2019 Financial Results and Highlights
- Revenues more than doubled compared to Q1 2018
-
- Total revenue was $297 million
compared to $144 million in Q1
2018.
- Commercial revenue from SPINRAZA® (nusinersen) was
$60 million compared to $41 million in Q1 2018.
- TEGSEDI™ (inotersen) product sales were $7 million in its first full quarter on the
market and $9 million since launching
in Q4 2018.
- R&D revenue included $150
million from Novartis for its license of
AKCEA-APO(a)-LRx and $35
million from Roche when it enrolled the first patient in the
Phase 3 study of IONIS-HTTRx (RG6042) in patients with
Huntington's disease.
- Achieved substantial operating income and net
income
-
- Operating income and net income were $121 million and $84
million, respectively, compared to an operating loss and net
loss of $3 million and $1 million, respectively, in Q1 2018, all on a
GAAP basis.
- Non-GAAP operating income and net income were $167 million and $126
million, respectively, compared to $25 million for both non-GAAP operating income
and net income in Q1 2018.
- Operating expenses increased in the first quarter primarily due
to Ionis' investment in commercializing TEGSEDI.
- Substantial cash position grew to $2.3 billion enabling aggressive investment
broadly across Ionis' business
"We achieved another quarter of strong financial performance
with both operating income and net income in the first quarter of
2019, substantially outperforming the same quarter in 2018. Our
revenues in the first quarter were composed of growing commercial
revenues from SPINRAZA royalties and TEGSEDI product sales, on top
of substantial R&D revenues, driven in large part by the
one-time $150 million license fee
from Novartis for AKCEA-APO(a)-LRx. Looking ahead, we
expect growing revenues this year from SPINRAZA, TEGSEDI and our
partnered programs. And we also look forward to adding revenue
following the EU launch of WAYLIVRA," said Elizabeth L. Hougen, chief financial officer of
Ionis. "We are on track to achieve our 2019 financial guidance of
net income and more than $100 million
in operating income, both on a non-GAAP basis. Our goal is to
continue to be profitable while investing in our commercial
products, our pipeline and our technology."
All non-GAAP amounts referred to in this press release exclude
non-cash compensation expense related to equity awards. Please
refer to the reconciliation of non-GAAP and GAAP measures, which is
provided later in this release.
Recent Business Highlights
- SPINRAZA – the worldwide standard-of-care for the
treatment of people with all forms of spinal muscular
atrophy
-
- Biogen reported worldwide sales of SPINRAZA of $518 million in the first quarter of 2019, a 42
percent increase compared to Q1 2018, driven primarily by increased
penetration in existing markets, new country launches and continued
uptake in the U.S. by children and adult patients.
- There were more than 7,500 SMA patients from over 40 countries
on SPINRAZA treatment at the end of the first quarter of 2019,
including commercial patients and patients in the expanded access
program and clinical trials.
- SPINRAZA data from the ongoing NURTURE and SHINE open-label
extension studies demonstrated continued durable efficacy and
reinforced the safety profile of SPINRAZA in patients treated for
up to 6 years, as presented by Biogen at the 2019 AAN Annual
Meeting.
- TEGSEDI – launch underway in multiple markets for the
treatment of polyneuropathy of hereditary transthyretin amyloidosis
(hATTR) in adult patients
-
- TEGSEDI product sales were $7
million in its first full quarter on the market and
$9 million since launching in Q4
2018.
- TEGSEDI received a positive Final Evaluation Document (FED)
from the National Institute for Health and Care Excellence (NICE)
authorizing reimbursement for the treatment of patients with
polyneuropathy due to hATTR amyloidosis in England.
- Data presented at AAN from the TEGSEDI NEURO-TTR open-label
extension study demonstrated long-term efficacy and safety in
patients with hATTR.
- WAYLIVRA® (volanesorsen) – approved in the EU for
the treatment of adults with genetically confirmed familial
chylomicronemia syndrome (FCS) at high risk for
pancreatitis
-
- Akcea's preparations to launch in the EU are underway,
beginning in Germany in Q3
2019.
- Launch in additional EU countries is planned in 2020.
- Earned a $6 million milestone
payment from PTC Therapeutics for the EU approval of WAYLIVRA.
- Roche presented nine-month data from the ongoing Phase 1/2
open-label extension study of IONIS-HTTRx (RG6042) in
patients with Huntington's disease at AAN, demonstrating continued
and sustained reductions in mutant huntingtin protein with
bi-monthly dosing.
-
- Based on these data, Roche amended the dosing regimen in the
Phase 3 study of IONIS-HTTRx (RG6042) in patients with
Huntington's disease to replace the monthly dosing regimen with a
tri-annual (every four months) dosing regimen.
- Biogen presented data from the Phase 1/2 study of tofersen
(IONIS-SOD1Rx) in ALS patients with SOD-1 mutations
(SOD1-ALS) at AAN, demonstrating benefit in clinical measures of
ALS disease progression after three months of treatment.
-
- Tofersen is in a Phase 3 clinical study that could support a
rapid path to patients.
- Biogen is collaborating with regulators to further define the
scope of the clinical data package required to support
registration.
- Ionis generated a $7.5 million
milestone payment for advancing a new target for an unidentified
neurological disease under its 2018 strategic neurology
collaboration with Biogen.
- Brett P. Monia, Ph.D., chief
operating officer of Ionis was appointed to the Ionis board of
directors.
Key Upcoming Data Events
- Open-label extension study of IONIS-HTTRx (RG6042)
in patients with Huntington's disease
- Phase 1/2 study of AKCEA-TTR-LRx in healthy
volunteers
- BROADEN study of WAYLIVRA in patients with familial partial
lipodystrophy (FPL)
- Development program targeting FXI for the treatment of patients
with clotting disorders
- Development program for the treatment of patients with HBV
infection
- Phase 2 study of IONIS-GHR-LRx in patients with
acromegaly
- Phase 1 study of IONIS-ENAC-2.5Rx in healthy
volunteers
Revenue
Ionis' revenue for the first quarter of 2019 was $297 million compared to $144 million for the same period in 2018 and was
comprised of the following (amounts in millions):
|
|
Three months
ended,
|
|
|
March 31,
|
|
|
2019
|
|
2018
|
Revenue:
|
|
|
Commercial
revenue:
|
|
|
|
|
SPINRAZA
royalties
|
|
$60
|
|
$41
|
TEGSEDI product sales,
net
|
|
7
|
|
-
|
Licensing and royalty
revenue
|
|
1
|
|
1
|
Total commercial
revenue
|
|
68
|
|
42
|
R&D
Revenue:
|
|
|
|
|
Amortization from
upfront payments
|
|
36
|
|
27
|
Milestone
payments
|
|
40
|
|
7
|
License
fees
|
|
150
|
|
62
|
Other
services
|
|
3
|
|
6
|
Total R&D
revenue
|
|
229
|
|
102
|
Total
revenue
|
|
$297
|
|
$144
|
In the first quarter of 2019, Ionis significantly increased both
commercial revenue and R&D revenue. Commercial revenue from
SPINRAZA royalties increased more than 45 percent. The Company also
added growing TEGSEDI product sales to its commercial revenue.
Ionis' R&D revenue substantially increased in the first
quarter of 2019 due to the $150
million and $35 million the
Company earned from Novartis and Roche, respectively.
In the second quarter of 2019, Alnylam announced it licensed
Ionis' technology to Regeneron. Once the transaction closes, Ionis
expects to earn $20 million in
sublicensing revenue.
Operating Expenses
Operating expenses for the first quarter of 2019 on a GAAP basis
were $176 million and on a non-GAAP basis were $130
million. These amounts compare to GAAP operating expenses for the
first quarter of 2018 of $147 million and non-GAAP operating
expenses of $119 million. The
increase in operating expenses was principally due to Ionis'
investments in the global launch of TEGSEDI.
Income Tax Expense
Ionis recorded income tax expense of $31
million for the three months ended March 31, 2019, compared to $15,000 for the same period in 2018. The increase
in its income tax expense was primarily due to Ionis' expectation
that it will generate U.S. federal and state taxable income in
2019. Ionis' 2019 income tax expense has two components. The first
component relates to federal income taxes. Ionis expects to
utilize its deferred tax assets to offset its U.S. federal taxable
income. The other component of Ionis' income tax expense
relates to the estimated cash taxes it will pay for its state
income taxes. Although Ionis is recording the expense for its
state income taxes in 2019, Ionis will not have to make the
majority of the payment for this liability until the first quarter
of 2020.
Net (Income) Loss Attributable to Noncontrolling Interest in
Akcea
At March 31, 2019, Ionis owned
approximately 76 percent of Akcea. The shares of Akcea third
parties own represent an interest in Akcea's equity that Ionis does
not control. However, because Ionis continues to maintain overall
control of Akcea through its voting interest, Ionis reflects the
assets, liabilities and results of operations of Akcea in Ionis'
consolidated financial statements. Ionis reflects the
noncontrolling interest attributable to other owners of Akcea's
common stock in a separate line called "Net loss attributable to
noncontrolling interest in Akcea" on Ionis' statement of
operations. Ionis' net income attributable to noncontrolling
interest in Akcea for the first quarter of 2019 was $6
million, compared to a net loss attributable to noncontrolling
interest in Akcea of $9 million for
the same period in 2018.
Net Income (Loss) Attributable to Ionis Common
Stockholders
Ionis reported net income attributable to Ionis' common
stockholders of $84 million for the first quarter of 2019
compared to a net loss of $1 million
for the same period in 2018, both on a GAAP basis. On a non-GAAP
basis, Ionis reported net income attributable to Ionis' common
stockholders of $126 million for the first quarter of 2019
compared to $25 million for the same
period in 2018. The increase was primarily due to increases in
revenue.
For the first quarter of 2019, basic and diluted net income per
share were $0.63 and $0.62, respectively, compared to basic and
diluted net loss per share of $0.01
for the same period in 2018. All amounts are on a GAAP
basis.
Balance Sheet
Ionis added to its strong balance sheet, ending the first
quarter of 2019 with cash, cash equivalents and short-term
investments of $2.3 billion, compared to $2.1 billion at December
31, 2018.
Webcast and Conference Call
Today, at 11:30 a.m. Eastern Time,
Ionis will conduct a live webcast conference call to discuss this
earnings release and related activities. Interested parties may
listen to the call by dialing 877-443-5662 or access the webcast at
www.ionispharma.com. A webcast replay will be available for a
limited time.
About Ionis Pharmaceuticals, Inc.
As the leader in RNA-targeted drug discovery and development,
Ionis has created an efficient, broadly applicable, drug discovery
platform called antisense technology that can treat diseases where
no other therapeutic approaches have proven effective. Our drug
discovery platform has served as a springboard for actionable
promise and realized hope for patients with unmet needs. We created
the first and only approved treatment for children and adults with
spinal muscular atrophy as well as the world's first RNA-targeted
therapeutic approved for the treatment of polyneuropathy in adults
with hereditary transthyretin amyloidosis. Our sights are set on
all the patients we have yet to reach with a pipeline of more than
40 novel medicines designed to treat a broad range of diseases
including cardiovascular diseases, neurological diseases,
infectious diseases, pulmonary diseases and cancer.
To learn more about Ionis follow us on twitter @ionispharma or
visit http://ir.ionispharma.com/.
*Spinraza is marketed by Biogen.
Ionis' Forward-looking Statement
This press release includes forward-looking statements regarding
Ionis' business, financial guidance and the therapeutic and
commercial potential of SPINRAZA (nusinersen),
TEGSEDI (inotersen) and WAYLIVRA (volanesorsen) and
Ionis' technologies and products in development, including the
business of Akcea Therapeutics, Inc., Ionis' majority-owned
affiliate. Any statement describing Ionis' goals, expectations,
financial or other projections, intentions or beliefs is a
forward-looking statement and should be considered an at-risk
statement. Such statements are subject to certain risks and
uncertainties, particularly those inherent in the process of
discovering, developing and commercializing drugs that are safe and
effective for use as human therapeutics, and in the endeavor of
building a business around such drugs. Ionis' forward-looking
statements also involve assumptions that, if they never materialize
or prove correct, could cause its results to differ materially from
those expressed or implied by such forward-looking statements.
Although Ionis' forward-looking statements reflect the good faith
judgment of its management, these statements are based only on
facts and factors currently known by Ionis. As a result, you are
cautioned not to rely on these forward-looking statements. These
and other risks concerning Ionis' programs are described in
additional detail in Ionis' annual report on Form 10-K for the year
ended December 31, 2018, which
is on file with the SEC. Copies of this and other documents
are available from the Company.
In this press release, unless the context requires otherwise,
"Ionis," "Company," "we," "our," and "us" refers to Ionis
Pharmaceuticals and its subsidiaries.
Ionis Pharmaceuticals™ is a trademark of Ionis
Pharmaceuticals, Inc. Akcea Therapeutics™ is a trademark
of Akcea Therapeutics, Inc. TEGSEDI™ is a trademark of
Akcea Therapeutics, Inc. WAYLIVRA® is a trademark
of Akcea Therapeutics, Inc. SPINRAZA® is a
registered trademark of Biogen.
IONIS
PHARMACEUTICALS, INC.
SELECTED FINANCIAL
INFORMATION
Condensed
Consolidated Statements of Operations
(In Millions,
Except Per Share Data)
|
|
|
|
Three months
ended,
|
|
|
March 31,
|
|
|
2019
|
|
2018
|
|
|
|
|
|
(unaudited)
|
Revenue:
|
|
|
Commercial
revenue:
|
|
|
|
|
SPINRAZA
royalties
|
|
$60
|
|
$41
|
TEGSEDI product sales,
net
|
|
7
|
|
-
|
Licensing and royalty
revenue
|
|
1
|
|
1
|
Total commercial
revenue
|
|
68
|
|
42
|
Research and development revenue under collaborative
agreements
|
|
229
|
|
102
|
Total
revenue
|
|
297
|
|
144
|
Expenses:
|
|
|
|
|
Cost of products
sold
|
|
1
|
|
-
|
Research, development and patent
|
|
107
|
|
104
|
Selling, general and administrative
|
|
68
|
|
43
|
Total operating
expenses
|
|
176
|
|
147
|
Income (loss) from
operations
|
|
121
|
|
(3)
|
Other income
(expense):
|
|
|
|
|
Investment
income
|
|
12
|
|
3
|
Interest
expense
|
|
(12)
|
|
(10)
|
Income (loss) before
income tax benefit
|
|
121
|
|
(10)
|
|
|
|
|
|
Income tax
expense
|
|
(31)
|
|
-
|
|
|
|
|
|
Net income
(loss)
|
|
$90
|
|
$(10)
|
Net (income) loss
attributable to noncontrolling interest in Akcea Therapeutics,
Inc.
|
|
(6)
|
|
9
|
Net income (loss)
attributable to Ionis Pharmaceuticals, Inc. common
stockholders
|
|
$84
|
|
$(1)
|
|
|
|
|
|
Basic net income
(loss) per share
|
|
$0.63
|
|
$(0.01)
|
Diluted net income
(loss) per share
|
|
$0.62
|
|
$(0.01)
|
Shares used in
computing basic net income (loss) per share
|
|
138,582
|
|
125,330
|
Shares used in
computing diluted net income (loss) per share
|
|
141,537
|
|
125,330
|
IONIS
PHARMACEUTICALS, INC.
SELECTED FINANCIAL
INFORMATION
Condensed
Consolidating Statement of Operations
(In
Millions)
|
|
|
|
Three months
ended,
March 31,
2019
(unaudited)
|
|
|
|
|
Ionis
|
|
Akcea
|
|
Eliminations
|
|
Ionis
Consolidated
|
Revenue:
|
|
|
Commercial
revenue:
|
|
|
|
|
|
|
|
|
SPINRAZA
royalties
|
|
$60
|
|
$-
|
|
$-
|
|
$60
|
TEGSEDI product sales,
net
|
|
-
|
|
7
|
|
-
|
|
7
|
Licensing and royalty
revenue
|
|
1
|
|
-
|
|
-
|
|
1
|
Total commercial
revenue
|
|
61
|
|
7
|
|
-
|
|
68
|
Research and development revenue under collaborative
agreements
|
|
72
|
|
157
|
|
-
|
|
229
|
Intercompany revenue
|
|
88
|
|
-
|
|
(88)
|
|
-
|
Total
revenue
|
|
221
|
|
164
|
|
(88)
|
|
297
|
Expenses:
|
|
|
|
|
|
|
|
|
Cost of products
sold
|
|
-
|
|
2
|
|
(1)
|
|
1
|
Research, development and patent expenses
|
|
82
|
|
100
|
|
(75)
|
|
107
|
Selling, general and administrative
|
|
23
|
|
45
|
|
-
|
|
68
|
Profit/ loss share for
TEGSEDI commercialization activities
|
|
9
|
|
(9)
|
|
-
|
|
-
|
Total operating
expenses
|
|
114
|
|
138
|
|
(76)
|
|
176
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
107
|
|
26
|
|
(12)
|
|
121
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Investment
income
|
|
11
|
|
1
|
|
-
|
|
12
|
Interest
expense
|
|
(12)
|
|
-
|
|
-
|
|
(12)
|
Income before income
tax expense
|
|
106
|
|
27
|
|
(12)
|
|
121
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(31)
|
|
-
|
|
-
|
|
(31)
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$75
|
|
$27
|
|
(12)
|
|
$90
|
Net (income) loss
attributable to noncontrolling interest in Akcea Therapeutics,
Inc.
|
|
$-
|
|
$-
|
|
$(6)
|
|
$(6)
|
Net income (loss)
attributable to Ionis Pharmaceuticals, Inc. common
stockholders
|
|
$75
|
|
$27
|
|
$(18)
|
|
$84
|
IONIS
PHARMACEUTICALS, INC.
Reconciliation of
GAAP to Non-GAAP Basis:
Condensed
Consolidated Operating Expenses, Income (Loss) From Operations, and
Net Income (Loss)
(In
Millions)
|
|
|
|
Three months
ended,
March 31,
|
|
|
2019
|
|
2018
|
|
|
(unaudited)
|
As reported
research, development and patent expenses according to
GAAP
|
|
$107
|
|
$104
|
Excluding compensation expense related to equity
awards
|
|
(25)
|
|
(20)
|
|
|
|
|
|
Non-GAAP research,
development and patent expenses
|
|
$82
|
|
$84
|
|
|
|
|
|
As reported
selling, general and administrative expenses according to
GAAP
|
|
$68
|
|
$43
|
Excluding compensation expense related to equity
awards
|
|
(21)
|
|
(8)
|
|
|
|
|
|
Non-GAAP selling,
general and administrative expenses
|
|
$47
|
|
$35
|
|
|
|
|
|
As reported
operating expenses according to GAAP
|
|
$176
|
|
$147
|
Excluding compensation expense related to equity
awards
|
|
(46)
|
|
(28)
|
|
|
|
|
|
Non-GAAP operating
expenses
|
|
$130
|
|
$119
|
|
|
|
|
|
As reported income
(loss) from operations according to GAAP
|
|
$121
|
|
$(3)
|
Excluding compensation
expense related to equity awards
|
|
(46)
|
|
(28)
|
|
|
|
|
|
Non-GAAP income
from operations
|
|
$167
|
|
$25
|
|
|
|
|
|
As reported net
income (loss) attributable to Ionis Pharmaceuticals, Inc. common
stockholders according to GAAP
|
|
$84
|
|
$(1)
|
Excluding compensation
expense related to equity awards attributable to Ionis
Pharmaceuticals, Inc. common stockholders
|
|
(42)
|
|
(26)
|
|
|
|
|
|
Non-GAAP net
income attributable to Ionis Pharmaceuticals, Inc. common
stockholders according to GAAP
|
|
$126
|
|
$25
|
Reconciliation of GAAP to Non-GAAP Basis
As illustrated in the Selected Financial Information in this
press release, non-GAAP operating expenses, non-GAAP income (loss)
from operations, and non-GAAP net income (loss) were adjusted from
GAAP to exclude compensation expense related to equity awards,
which are non-cash. Ionis has regularly reported non-GAAP measures
for operating results as non-GAAP results. These measures are
provided as supplementary information and are not a substitute for
financial measures calculated in accordance with GAAP. Ionis
reports these non-GAAP results to better enable financial statement
users to assess and compare its historical performance and project
its future operating results and cash flows. Further, the
presentation of Ionis' non-GAAP results is consistent with how
Ionis' management internally evaluates the performance of its
operations.
IONIS
PHARMACEUTICALS, INC.
Condensed
Consolidated Balance Sheets
(In
Millions)
|
|
|
|
|
|
|
|
March 31,
|
|
December
31,
|
|
|
2019
|
|
2018
|
|
|
(unaudited)
|
|
|
Assets:
|
|
|
|
|
Cash, cash
equivalents and short-term investments
|
|
$2,254
|
|
$2,084
|
Contracts
receivable
|
|
10
|
|
13
|
Other current
assets
|
|
110
|
|
111
|
Property,
plant and equipment, net
|
|
134
|
|
132
|
Other
assets
|
|
328
|
|
328
|
Total assets
|
|
$2,836
|
|
$2,668
|
|
|
|
|
|
Liabilities and
stockholders' equity:
|
|
|
|
|
Other current
liabilities
|
|
$108
|
|
$
120
|
Current
portion of deferred contract revenue
|
|
145
|
|
160
|
1% convertible
senior notes
|
|
577
|
|
568
|
Long-term
obligations, less current portion
|
|
76
|
|
65
|
Long-term
deferred contract revenue
|
|
542
|
|
567
|
Total Ionis
stockholders' equity
|
|
1,208
|
|
1,049
|
Noncontrolling
interest in Akcea Therapeutics, Inc.
|
|
180
|
|
139
|
Total
stockholders' equity
|
|
1,388
|
|
1,188
|
Total liabilities and stockholders' equity
|
|
$2,836
|
|
$2,668
|
|
|
|
|
|
|
IONIS
PHARMACEUTICALS, INC.
Condensed
Consolidating Balance Sheet
(In
Millions)
|
|
|
|
March 31,
2019
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
Ionis
|
|
|
Ionis
|
|
Akcea
|
|
Eliminations
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents and short-term investments
|
|
$1,932
|
|
$322
|
|
$-
|
|
$2,254
|
Contracts
receivable
|
|
-
|
|
10
|
|
-
|
|
10
|
Other current
assets
|
|
102
|
|
19
|
|
(11)
|
|
110
|
Property,
plant and equipment, net
|
|
128
|
|
6
|
|
-
|
|
134
|
Other
assets
|
|
950
|
|
102
|
|
(724)
|
|
328
|
Total assets
|
|
$3,112
|
|
$459
|
|
$(735)
|
|
$2,836
|
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity:
|
|
|
|
|
|
|
|
|
Other current
liabilities
|
|
$87
|
|
$32
|
|
$(11)
|
|
$108
|
Current
portion of deferred contract revenue
|
|
123
|
|
22
|
|
-
|
|
145
|
1% convertible
senior notes
|
|
577
|
|
-
|
|
-
|
|
577
|
Long-term
obligations, less current portion
|
|
61
|
|
15
|
|
-
|
|
76
|
Long-term
deferred contract revenue
|
|
542
|
|
2
|
|
(2)
|
|
542
|
Total
stockholders' equity before noncontrolling interest
|
|
1,722
|
|
388
|
|
(902)
|
|
1,208
|
Noncontrolling
interest in Akcea Therapeutics, Inc.
|
|
-
|
|
-
|
|
180
|
|
180
|
Total
stockholders' equity
|
|
1,722
|
|
388
|
|
(722)
|
|
1,388
|
Total liabilities and
stockholders' equity
|
|
$3,112
|
|
$459
|
|
$(735)
|
|
$2,836
|
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SOURCE Ionis Pharmaceuticals, Inc.