Ionis Pharmaceuticals in Carlsbad Reported $508 million in 2017 revenue, a 46.3 percent increase over the previous year, driven by rising drug royalties.

Revenue climbed due in part to Spinraza, a spinal muscular atrophy drug that Ionis developed, and that commercial partner Biogen began selling more than a year ago.

Fourth quarter revenue was $172 million, $12 million higher than the same period in 2016.

In addition, the company went from a $46 million operating loss in 2016 to operating income of $25 million in 2017. It reported a net loss of $17.3 million in 2017, versus $86.6 million the prior year.

"In 2017, our accomplishments were remarkable. The historic launch of Spinraza and the acceptance of our regulatory filings for Inotersen and Volanesorsen, which set up potential launches of these two drugs in 2018, combined with our strong financial performance, demonstrate our ability to execute across all areas of our business,” said CEO Stanley Crooke in a news release.