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Other financials

Income statement

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Revenue$267.9M-40.7%
Gross profit$265.2M-40.8%
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:OperatingIncomeLoss.

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
Research, development and patent217,107217,460427,280418,219
Selling, general and administrative150,39690,622300,755166,872
Total operating expenses370,242312,233733,756590,705
Income (loss) from operations(102,293)139,816(219,714)(7,045)
Other income (expense):
Investment income20,23024,68745,71349,354
Interest expense(4,618)(4,114)(9,778)(8,223)
Interest expense related to sale of future royalties(17,506)(18,648)(34,843)(37,470)

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Ionis Pharmaceuticals's operating income?
Ionis Pharmaceuticals (IONS) reported operating income of -$102.29M in Q2 2026.
How has Ionis Pharmaceuticals's operating income changed year-over-year?
Ionis Pharmaceuticals's operating income decreased by 173.2% year-over-year, from $139.82M to -$102.29M.
What is the long-term trend for Ionis Pharmaceuticals's operating income?
Over 4 years (2021 to 2025), Ionis Pharmaceuticals's operating income has grown at a 88.6% compound annual growth rate (CAGR), from -$30.19M to -$381.69M.
What does operating income mean?
Gross profit minus all operating expenses (SG&A, R&D, D&A). Measures the profit from core business operations before interest, taxes, and non-operating items.

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