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Ionis Pharmaceuticals IONS Q2 2026 earnings

Reported July 29, 2026 · Before market open

Revenue$268.0MBeat by $78.9M
EPS-$0.69Beat by $0.39
Revenue estimate$189.1M
EPS estimate-$1.08
“In the second half of this year, we expect multiple important milestones, including approval of zilganersen for Alexander disease, positioning us for our first independent launch from our leading neurology portfolio. We also expect results from the landmark pelacarsen Lp(a) HORIZON cardiovascular outcomes trial and the global launch of bepirovirsen for chronic hepatitis B. With our advancing pipeline and growing commercial momentum, Ionis is on track to deliver accelerating value to patients and all Ionis stakeholders.”
Brett P. Monia

Next report

Nov 4, 2026 (in 2 months)
Revenue estimate$181.8M
EPS estimate-$1.22

Financials

Q2 2026

Income statement

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Revenue$267.9M-40.7%
Gross profit$265.2M-40.8%
Operating income-$102.3M-173%
Net income-$114.6M-193%
EPS (diluted)-$0.69-199%

Balance sheet

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Cash & equivalents$350.1M+17.7%
Total debt$262.5M-67.0%
Total equity$439.7M-30.4%
Total assets$3.0B+0.3%

Cash flow

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CapEx$16.1M+30.7%

Valuation & ratios

Valuation

as of 08/27/26
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Market cap$10.53B+54.5%
Enterprise value$10.44B+42.8%
P/S12.1×+4.8×

Profitability

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Gross margin98.2%-0.7pp
Operating margin-68%-234pp
Net margin-64.7%-299pp

Returns & leverage

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Return on equity-105.5%+336pp
Debt / equity0.6×-0.7×
Current ratio7.9×+5.0×

Segments

By product

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Research And Development Revenue$149.3M-57.2%
Collaborative Agreement Revenue$133.1M-60.5%
Commercial$118.6M+15.4%
Royalty$76.0M+8.6%
Spinraza Royalties$53.5M-1.6%

By segment

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Ionis Operations$267.9M-40.7%

FAQ

When did Ionis Pharmaceuticals report Q2 2026 earnings?
Ionis Pharmaceuticals (IONS) reported Q2 2026 earnings on July 29, 2026 before market open.
What were Ionis Pharmaceuticals's Q2 2026 revenue and EPS?
Ionis Pharmaceuticals reported revenue of $268.0M and eps of $-0.69 for Q2 2026.
Did Ionis Pharmaceuticals beat estimates in Q2 2026?
Revenue beat the consensus estimate of $189.1M by $78.9M. EPS beat the consensus estimate of $-1.08 by $0.39.
How did Ionis Pharmaceuticals's Q2 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 40.7% from $452.0M a year earlier.
Where can I find Ionis Pharmaceuticals's Q2 2026 SEC filings?
You can read the 8-K earnings release (0001140361-26-029960) and the 10-Q periodic report (0000874015-26-000251) directly on SEC EDGAR. The filing index links above go to sec.gov.