Ionis Pharmaceuticals shares fell 22.8% to $30.45 by about 2:23 p.m. Eastern on Monday, down $8.98 from Friday’s close of $39.42. These figures reflect trading in progress.
The drop followed the company’s third-quarter report, in which it lowered its 2026 sales forecast for Tryngolza to about $50 million from $100 million to $110 million. Ionis said Tryngolza’s launch in severe hypertriglyceridemia is ramping more slowly than expected. The drug generated $9 million in U.S. net sales in the third quarter.
The stock fell as low as $27.75 during the session.
Total revenue was $243 million for the quarter, and the loss was $0.66 a share. Ionis kept its 2026 total revenue outlook of $875 million to $900 million and its $110 million to $120 million forecast for Dawnzera. Management said on the earnings call that it still expects Tryngolza to top $3 billion in peak annual sales and moved its target for sustained positive cash flow to 2029 from 2028, according to coverage of the call.
Investors will watch Tryngolza’s prescription trends in the coming quarters.
