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Segments

By segment

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Ionis Operations$130.08M+60.4%

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:SellingGeneralAndAdministrativeExpense.

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
Expenses:
Cost of sales2,7394,1515,7215,614
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

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Ionis Pharmaceuticals's SG&A?
Ionis Pharmaceuticals (IONS) reported SG&A of $150.4M in Q2 2026.
How has Ionis Pharmaceuticals's SG&A changed year-over-year?
Ionis Pharmaceuticals's SG&A increased by 66.0% year-over-year, from $90.62M to $150.4M.
What is the long-term trend for Ionis Pharmaceuticals's SG&A?
Over 4 years (2021 to 2025), Ionis Pharmaceuticals's SG&A has grown at a 20.6% compound annual growth rate (CAGR), from $186.35M to $393.87M.
What does SG&A mean?
Combined selling expenses (sales force, marketing, distribution) and general & administrative costs (management, legal, accounting, facilities) — the broadest opex category.

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