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Ionis Pharmaceuticals IONS Commercial — Revenue

Other product segments

Research And Development Revenue
$138.28M+149%
Collaborative Agreement Revenue
$120.66M+168%
Royalty
$58.32M-9.1%
Spinraza Royalties
$43.71M-9.0%
Tryngolza
$27.1M+331%
Wainua Joint Development Revenue
$17.62M+69.2%
Wainus Royalties
$10.71M+14.3%
Other Commercial
$6.53M+14.3%
Other Royalties
$3.9M-42.5%

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AXSMProduct — Revenue
$189.4M+57.4%
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BBIONet Product Revenue — Revenue
$71.5M
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BTSGCommercial Insurance — Revenue
$1.01B+41.7%
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ESCommercial — Revenue from Contract with Customer, Including Assessed Tax
$1.24B+9.7%

Other financials

Income statement

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Revenue$246.1M+87.0%
Gross profit$243.1M+86.8%
Operating income-$117.4M+20.0%
Net income-$92.5M+37.0%
EPS (diluted)-$0.56+39.8%

Balance sheet

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Cash & equivalents$173.4M-34.4%
Total debt$691.7M+334%
Total equity$491.4M+3.3%
Total assets$3.4B+22.6%

Cash flow

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Operating cash flow-$792.8M-426%
CapEx$21.8M+73.0%
Free cash flow-$814.6M-399%

Valuation

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Market cap$12.25B+159%
Enterprise value$12.77B+175%
P/S11.6×+5.0×

Profitability

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Gross margin98.4%-0.2pp
Operating margin-33.3%-11.0pp
Net margin-30.9%-10.5pp
FCF margin-77.4%+35.3pp

Returns & leverage

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Return on equity-67.6%-20.3pp
Debt / equity1.4×+1.1×
Current ratio4.1×-5.6×

Where this comes from

Reported directly by Ionis Pharmaceuticals in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The official record: Ionis Pharmaceuticals’s 10-Q, filed April 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Ionis Pharmaceuticals's commercial — revenue?
Ionis Pharmaceuticals (IONS) reported commercial — revenue of $107.81M in Q1 2026.
How has Ionis Pharmaceuticals's commercial — revenue changed year-over-year?
Ionis Pharmaceuticals's commercial — revenue increased by 41.5% year-over-year, from $76.17M to $107.81M.
What is the long-term trend for Ionis Pharmaceuticals's commercial — revenue?
Over 4 years (2021 to 2025), Ionis Pharmaceuticals's commercial — revenue has grown at a 6.2% compound annual growth rate (CAGR), from $342.4M to $435.85M.
What does commercial — revenue mean?
The total revenue earned from selling commercial pharmaceutical products to customers.
How do you interpret commercial — revenue?
An increase indicates successful market adoption and growing demand for the company's commercialized drug portfolio. A decrease may signal increased competition, patent expirations, or challenges in market access and reimbursement.
How does commercial — revenue compare across companies?
Comparable to net product sales reported by other biotechnology and pharmaceutical companies, excluding milestone payments or royalty income.