Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) Q4 2022 Earnings Call Transcript

Eugene Schneider: Yes. hereditary, of course, is what we’re trying to target is we have the ATTRACT study of tafamidis as a sort of a guidepost. It’s — remember, it was done at a different time with different diagnostic options and attention to this disease. So just because they’ve enrolled roughly 25% of hereditary patients as a percentage of total population. That’s kind of the guidepost. It’s going to be difficult to achieve that, but we’re — that’s what we’re targeting somewhere in the 20%, 25% range.

Brett Monia: Thank you, Gena. Maybe we have time for one last question.

Operator: And the last question comes from Do Kim with Piper Sandler.

Do Kim : I’ll keep it to one. I just want to SP550450295 Follow-up on the royalty pharma agreement and how best are you going to recognize the upfront payment? And if any of that is factored into the revenue guidance for this year?

Beth Hougen: Sure. So the $500 million payment we received in January is essentially increasing our cash. So you’ll see that in our Q1 cash balance there’ll be an offsetting liability for the payments we need to make to Royalty Pharma. And 100% of our SPINRAZA royalties will continue to be booked to the top line in revenue. So it’s already factored into our revenue guidance. Again, assuming a similar split of commercial and R&D revenues really reflects that 100% of the SPINRAZA royalties on the top line revenue. And we’ll give some more detail at Q1 once we complete the detailed accounting treatment with our auditors.

Brett Monia: Thank you, Do. Thanks, everybody. Thanks for joining us on today’s call and for participating. We’re really looking ahead to a very successful 2023. We plan to continue our positive momentum and delivering on our key commercial pipeline and technology objectives for the year, and we look forward to providing updates to all of you as we make progress throughout the year. So until then, thanks very much for participating, and have a great day.

Operator: Good bye. This concludes our conference. Thank you for attending today’s presentation. You may all now disconnect.