How did Ionis Pharmaceuticals' revenue and expenses shift in Q4 2024?

Ionis Pharmaceuticals experienced a significant increase in total revenue, reaching $226.58 million in Q4 2024, up from $169.36 million in the previous quarter, while the cost of goods sold remained stable at $3.83 million. However, there was a notable rise in R&D expenses, reaching $245.49 million, up from $216.47 million in the prior quarter, indicating a heightened investment in research and development. Additionally, SG&A (Selling, General, and Administrative) expenses also increased, reaching $34.56 million, up from $29.89 million in the previous quarter, suggesting a growth in operational expenses. Overall, Ionis Pharmaceuticals demonstrated robust revenue growth and significant investments in both R&D and SG&A activities.