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Ionis Pharmaceuticals IONS Royalty — Revenue

Other product segments

Research And Development Revenue
$149.33M-57.2%
Collaborative Agreement Revenue
$133.14M-60.5%
Commercial
$118.62M+15.4%
Spinraza Royalties
$53.49M-1.6%
Wainus Royalties
$16.44M+57.8%
Wainua Joint Development Revenue
$16.19M+30.9%
Other Commercial
$11.53M-14.8%
Other Royalties
$6.04M+16.1%
Tryngolza
$4.57M-76.3%

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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:RevenueFromContractWithCustomerExcludingAssessedTax.

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:
Commercial revenue:
Product sales, net$$31,139$19,273$74,09425,561
Royalty revenue75,95869,952134,282134,117
Other commercial revenue11,52613,53118,05819,246
Total commercial revenue118,623102,756226,434178,924
Research and development revenue:
Collaborative agreement revenue133,137336,921253,797381,951

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Ionis Pharmaceuticals's royalty — revenue?
Ionis Pharmaceuticals (IONS) reported royalty — revenue of $75.96M in Q2 2026.
How has Ionis Pharmaceuticals's royalty — revenue changed year-over-year?
Ionis Pharmaceuticals's royalty — revenue increased by 8.6% year-over-year, from $69.95M to $75.96M.
What is the long-term trend for Ionis Pharmaceuticals's royalty — revenue?
Over 2 years (2023 to 2025), Ionis Pharmaceuticals's royalty — revenue has grown at a 2.3% compound annual growth rate (CAGR), from $272.8M to $285.53M.
What does royalty — revenue mean?
This metric represents the gross revenue recognized from royalty payments earned through the licensing of intellectual property and proprietary technology to third-party partners. It reflects the commercial success of drugs developed by the company but marketed and sold by external collaborators. This stream is a critical indicator of the company's ability to monetize its R&D pipeline without incurring the full costs of commercialization.

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