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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
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

Calculated from Ionis Pharmaceuticals’s reported figures.

Based on trailing twelve months.

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

Filed
Jul 29, 2026, 5:05 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0000874015-26-000251

FAQ

What is Ionis Pharmaceuticals's operating margin?
Ionis Pharmaceuticals (IONS) reported operating margin of -68% in Q2 2026.
How has Ionis Pharmaceuticals's operating margin changed year-over-year?
Ionis Pharmaceuticals's operating margin decreased by 140.9% year-over-year, from -28.2% to -68%.
What is the long-term trend for Ionis Pharmaceuticals's operating margin?
Over 5 years (2020 to 2025), Ionis Pharmaceuticals's operating margin has grown at a 11.4% compound annual growth rate (CAGR), from -23.6% to -40.4%.
What does operating margin mean?
Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.

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