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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:ResearchAndDevelopmentExpense.

The source filing: Ionis Pharmaceuticals’s 10-K, filed February 26, 2026.

Filed
Feb 26, 2026, 4:25 PM EST
Fiscal year
FY2026
Accession
0000874015-26-000115
Line itemYear Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
Total revenue943,711705,138787,647
Expenses:
Cost of sales15,90911,2159,133
Research, development and patent915,619901,530899,625
Selling, general and administrative393,867267,474232,619
Total operating expenses1,325,3951,180,2191,141,377
Loss from operations(381,684)(475,081)(353,730)
Other income (expense):

Item 15. Exhibits and Financial Statement Schedules

FAQ

What is Ionis Pharmaceuticals's R&D?
Ionis Pharmaceuticals (IONS) reported R&D of $228.9M in Q4 2025.
How has Ionis Pharmaceuticals's R&D changed year-over-year?
Ionis Pharmaceuticals's R&D increased by 1.6% year-over-year, from $225.38M to $228.9M.
What is the long-term trend for Ionis Pharmaceuticals's R&D?
Over 2 years (2023 to 2025), Ionis Pharmaceuticals's R&D has grown at a 0.9% compound annual growth rate (CAGR), from $899.63M to $915.62M.
What does R&D mean?
Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

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