Ionis Stock Falls 21% After Cutting TRYNGOLZA Sales Guidance to About $50 Million

Ionis Pharmaceuticals (Nasdaq: IONS) fell 21.4% on Monday, Nov. 9, 2026, closing at $31.00 from a previous close of $39.42. The S&P 500 ETF (SPY) rose 2.37% that session, and volume ran at about 7.7 times its normal level.

The drop followed the company's third-quarter results, released in an 8-K filed before the open with a press release. In it, Ionis lowered its 2026 product sales guidance for TRYNGOLZA to about $50 million from a previous range of $100 million to $110 million. The company said the sHTG launch was ramping more gradually than expected.

Launch ramp slower than planned

TRYNGOLZA generated U.S. net product sales of $9 million in the third quarter and $41 million in the first nine months of 2026. Chief Executive Brett P. Monia said initial sales progress had been more gradual than anticipated, while adding that the company remains confident in the drug's long-term growth potential.

Other guidance held

Ionis reaffirmed its 2026 total revenue guidance of $875 million to $900 million, its non-GAAP operating loss guidance of $425 million to $475 million, and its cash, cash equivalents and short-term investments guidance of more than $1.6 billion. DAWNZERA product sales guidance of $110 million to $120 million was also unchanged.

Quarter results

Total revenue for the third quarter was $243 million, up from $157 million a year earlier. Net loss was $110 million, or $0.66 per share, compared with a loss of $129 million, or $0.80 per share, in the same quarter of 2025. The company ended the quarter with cash and short-term investments of $1.9 billion.