Ionis Pharmaceuticals lost more than $1 billion in market value on Monday after the company slashed sales projections for a triglyceride-lowering drug the biotech and Wall Street analysts believe is a potential blockbuster.
The firm announced that it expects the drug, Tryngolza, to bring in $50 million in sales by the end of this year, compared to Ionis’ previous forecast of $100 to $110 million. Third quarter sales came in at $9 million, well below Wall Street consensus expectations of $21 million during the quarter.
The stock reaction was swift. Shares that traded at more than $39 when the market opened within hours sank below $28, a drop of around 25%.
This article is exclusive to STAT+ subscribers
Unlock this article — plus daily coverage and analysis of the pharma industry — by subscribing to STAT+.
Already have an account? Log in
To read the rest of this story subscribe to STAT+.
Source: www.statnews.com
