Ionis Pharmaceuticals shares fell for a second day on Tuesday, closing 9.1% lower at $28.19, after the drug maker halved its full-year sales forecast for its cholesterol drug Tryngolza. The shares had already plunged 21.4% on Monday to $31.00, leaving them about 28% below Friday's close of $39.42.

The sell-off came despite third-quarter results that beat Wall Street expectations on both revenue and earnings. Ionis reported revenue of $243 million for the three months to 30 September, up 55% on a year earlier once a $280 million one-time payment received in the prior year is excluded. The loss narrowed to $0.66 a share, better than the $1.23 loss analysts had expected, while revenue comfortably beat the $178 million consensus.

Tryngolza launch disappoints

Investors focused instead on Tryngolza, which treats severe hypertriglyceridemia. The drug generated only $9 million of sales in its first full quarter since approval for that use, and management cut its 2026 sales forecast for the drug to about $50 million, down from $100 million to $110 million. Ionis said the launch had been more gradual than expected, although it still expects the drug to reach more than $3 billion in peak annual sales.

There was better news elsewhere in the portfolio. Sales of Dawnzera, which treats hereditary angioedema, rose 40% on the previous quarter to $37 million, and total commercial revenue grew 18% to $136 million. Ionis kept its full-year 2026 revenue guidance of $875 million to $900 million and ended the quarter with $1.9 billion in cash and investments.

Analysts cut targets as lawyers circle

HC Wainwright cut its price target on the stock to $70 from $100 on Tuesday. Ionis also pushed back its target for reaching cash-flow breakeven by a year, to 2029, after Phase 3 setbacks and the slower Tryngolza launch. On Tuesday, law firm Wolf Popper said it was investigating potential claims on behalf of Ionis investors, citing the guidance cut and the share-price fall.

Ionis said its pipeline still offered long-term value, but the market's verdict this week was clear: a strong quarter was not enough to offset a flagship launch falling well short of the plan. Read the full reports at Morningstar and GlobeNewswire.

Frequently asked questions

Why did Ionis shares fall? The company cut its 2026 Tryngolza sales forecast to about $50 million from $100 million to $110 million, after the drug sold only $9 million in the third quarter.

Did Ionis beat earnings expectations? Yes. Third-quarter revenue of $243 million beat the $178 million consensus, and the $0.66 per-share loss was narrower than the $1.23 loss analysts expected.

How far have the shares fallen this week? From Friday's close of $39.42 to Tuesday's close of $28.19, a fall of about 28% in two sessions.