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Ionis Pharmaceuticals IONS Ionis Operations — Cost of Goods Sold

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Other financials

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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Operating cash flow-$792.8M-426%
CapEx$16.1M+30.7%
Free cash flow-$814.6M-399%

Valuation

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Market cap$9.01B+38.9%
Enterprise value$8.92B+27.7%
P/S10.3×+3.4×

Profitability

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Gross margin98.2%-0.7pp
Operating margin-68%-234pp
Net margin-64.7%-299pp
FCF margin-77.4%+35.3pp

Returns & leverage

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

Where this comes from

Reported directly by Ionis Pharmaceuticals in its filing.

Tagged under the XBRL concept us-gaap:CostOfGoodsAndServicesSold.

The source filing: Ionis Pharmaceuticals’s 10-Q, filed July 29, 2026.

Filed
Jul 29, 2026, 5:05 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0000874015-26-000251
Line itemThree Months Ended / June 30, 2026Three Months Ended / June 30, 2025Six Months Ended / June 30, 2026Six Months Ended / June 30, 2025
Revenue$$267,949$452,049$514,042583,660
Less:
Cost of sales2,5633,5415,3984,904
Drug discovery29,12030,25557,67757,244
Drug development103,958117,689208,140230,635
Medical affairs11,3187,82621,30713,468
Manufacturing and development chemistry20,63921,54540,94735,826
R&D support26,97420,60749,40541,159

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Ionis Pharmaceuticals's ionis operations — cost of goods sold?
Ionis Pharmaceuticals (IONS) reported ionis operations — cost of goods sold of $2.56M in Q2 2026.
How has Ionis Pharmaceuticals's ionis operations — cost of goods sold changed year-over-year?
Ionis Pharmaceuticals's ionis operations — cost of goods sold decreased by 27.6% year-over-year, from $3.54M to $2.56M.
What is the long-term trend for Ionis Pharmaceuticals's ionis operations — cost of goods sold?
Over 3 years (2022 to 2025), Ionis Pharmaceuticals's ionis operations — cost of goods sold has grown at a 1.4% compound annual growth rate (CAGR), from $13.45M to $14.01M.
What does ionis operations — cost of goods sold mean?
This represents the direct costs associated with manufacturing and supplying the drugs or services sold by the segment. It includes raw materials, production labor, and overhead directly attributable to the production of commercialized pharmaceutical products.

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