What Ionis Pharmaceuticals, Inc. told the SEC could break it.

Ionis's revenue is concentrated in a few pharma collaborations — Biogen (31%) and AstraZeneca (16%) together ~47% of 2025 revenue — and Biogen can terminate its SPINRAZA/QALSODY collaborations at any time, which would force Ionis to seek additional funding and could harm commercialization.

“In addition, our collaborations with Biogen may not continue for various reasons. Biogen can terminate our collaborations at any time. If Biogen stops developing or commercializing SPINRAZA or QALSODY, we would have to seek or spend additional funding, and SPINRAZA's or QALSODY's commercialization may be harmed.”

Ionis relies on third-party contract manufacturers (CMOs) — many located outside the US — to supply drug substance and/or product for TRYNGOLZA, DAWNZERA, WAINUA and WAYLIVRA; supply disruption, cGMP non-compliance, or tariffs on raw materials/equipment/drug substance would raise costs and could interrupt commercial supply.

“We rely on third-party manufacturers to supply the drug substance and drug product for TRYNGOLZA, DAWNZERA and WAINUA and drug product for WAYLIVRA. The operations of our suppliers, many of which are located outside of the United States, are subject to additional risks that are beyond our control. For example, tariffs on the raw materials, components, or equipment we use to manufacture our products, or on our drug substance or finished products, will increase our manufacturing costs.”