Revenue fell 41% as operating income swung to $102M loss; CARDIO-TTRansform missed endpoint

Filed July 29, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 30, 2025 · ~2 min read

Key Changes

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  Operating income swung from $139.8M profit to $102.3M loss in Q2 2026, driven by 41% revenue decline (from $452M to $268M, primarily due to prior-year $280M sapablursen upfront) and 19% expense growth from commercialization investments.

  MD&A: Operating Results verify on EDGAR →
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  CARDIO-TTRansform Phase 3 trial for eplontersen in ATTR-CM missed primary endpoint in July 2026; adding eplontersen to standard of care did not provide statistically significant benefit on cardiovascular mortality and recurrent CV events.

  MD&A: Pipeline Updates verify on EDGAR →
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  DAWNZERA launched in August 2025 as second independent commercial product, contributing $26.5M in Q2 2026 sales; TRYNGOLZA received FDA approval for severe hypertriglyceridemia indication in June 2026, expanding addressable market.

  MD&A: Commercial Portfolio verify on EDGAR →