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Ionis Pharmaceuticals IONS Q4 2025 Annual earnings

Reported February 25, 2026 · Before market open

Revenue$203.0MBeat by $46.9MDiluted EPS-$1.41Miss by $0.17
Revenue estimate$156.1M
EPS estimate-$1.24

Next report

Aug 5, 2026 (In 3 weeks)
Revenue estimate$190.4M
EPS estimate-$0.92

Financials

Q4 2025

Income statement

See full
Revenue$203.3M-10.3%
Gross profit$195.4M-12.3%
Operating income-$214.5M-93.5%
Net income-$229.4M-120%
EPS (diluted)-$1.41-114%

Balance sheet

See full
Cash & equivalents$372.3M+53.8%
Total debt$2.5B+1,005%
Total equity$489.1M-16.9%
Total assets$3.5B+17.3%

Cash flow

See full
Operating cash flow-$137.7M-18.6%
CapEx$21.3M-16.5%
Free cash flow-$159.0M-12.3%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$12.81B+132%
Enterprise value$14.91B+171%
P/S13.6×+5.7×

Profitability

See full
Gross margin98.3%-0.1pp
Operating margin-40.4%-11.5pp
Net margin-40.4%-11.0pp

Returns & leverage

See full
Return on equity-70.8%-13.7pp
Debt / equity5×+4.7×
Current ratio3.8×-4.6×

Segments

By product

See full
Commercial$141.3M+64.9%
Royalty$75.7M—
Research And Development Revenue$62.0M-56.0%
Spinraza Royalties$54.0M-15.1%
Collaborative Agreement Revenue$52.4M-45.9%

By segment

See full
Ionis Operations$203.3M-10.3%

Versus estimates

Revenue

Q1 2026$246.0MBeat by $50.4M
Q4 2025$203.0MBeat by $46.9M
Q4 2025$156.7MBeat by $3.1M
Q2 2025$452.0MBeat by $320.3MQ1 2025$131.6MMiss by $19.0MQ4 2024$226.6MBeat by $95.4M

Diluted EPS

Q1 2026-$0.56Beat by $0.29
Q4 2025-$1.41Miss by $0.17
Q4 2025-$0.61Beat by $0.54
Q2 2025$0.86Beat by $0.59Q1 2025-$0.75Beat by $0.36Q4 2024-$0.66Beat by $0.43

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Questions, answered.

When did Ionis Pharmaceuticals report Q4 2025 earnings?
Ionis Pharmaceuticals (IONS) reported Q4 2025 earnings on February 25, 2026 before market open.
What were Ionis Pharmaceuticals's Q4 2025 revenue and EPS?
Ionis Pharmaceuticals reported revenue of $203.0M and diluted EPS of $-1.41 for Q4 2025.
Did Ionis Pharmaceuticals beat estimates in Q4 2025?
Revenue beat the consensus estimate of $156.1M by $46.9M. EPS missed the consensus estimate of $-1.24 by $0.17.
How did Ionis Pharmaceuticals's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 10.4% from $226.6M a year earlier and diluted EPS declined 113.6% from $-0.66.
Where can I find Ionis Pharmaceuticals's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001140361-26-006718) and the 10-K periodic report (0000874015-26-000115) directly on SEC EDGAR. The filing index links above go to sec.gov.