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Ionis Pharmaceuticals IONS Q4 2025 Annual earnings

Reported February 25, 2026 · Before market open

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

Next report

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

Financials

Q4 2025

Income statement

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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

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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

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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

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

Returns & leverage

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

Segments

By product

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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

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Ionis Operations$203.3M-10.3%

FAQ

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 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 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.