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Ionis Pharmaceuticals IONS Ionis Operations — Drug Development Expenses

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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 ions:DrugDevelopmentExpenses.

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
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
Selling, general and administrative130,07581,081262,012148,061

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Ionis Pharmaceuticals's ionis operations — drug development expenses?
Ionis Pharmaceuticals (IONS) reported ionis operations — drug development expenses of $103.96M in Q2 2026.
How has Ionis Pharmaceuticals's ionis operations — drug development expenses changed year-over-year?
Ionis Pharmaceuticals's ionis operations — drug development expenses decreased by 11.7% year-over-year, from $117.69M to $103.96M.
What is the long-term trend for Ionis Pharmaceuticals's ionis operations — drug development expenses?
Over 3 years (2022 to 2025), Ionis Pharmaceuticals's ionis operations — drug development expenses has grown at a 4.5% compound annual growth rate (CAGR), from $426.23M to $486.2M.
What does ionis operations — drug development expenses mean?
These expenses cover the costs of conducting clinical trials, regulatory filings, and the advancement of drug candidates through the development lifecycle. It is a critical measure of the capital required to move assets toward commercial readiness.

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