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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:ShareBasedCompensation.

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 itemSix Months Ended / June 30, 2026Six Months Ended / June 30, 2025
Amortization of debt issuance costs4,1503,288
Non-cash royalty revenue related to sale of royalties(22,387)(24,894)
Non-cash interest related to sale of future royalties34,53837,165
Stock-based compensation expense88,87059,408
Loss (gain) on investments, net(12,401)20,471
Non-cash losses related to other assets481297
Changes in operating assets and liabilities:
Contracts receivable7,21439,608

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Ionis Pharmaceuticals's stock-based comp?
Ionis Pharmaceuticals (IONS) reported stock-based comp of $45.6M in Q2 2026.
How has Ionis Pharmaceuticals's stock-based comp changed year-over-year?
Ionis Pharmaceuticals's stock-based comp increased by 53.6% year-over-year, from $29.69M to $45.6M.
What is the long-term trend for Ionis Pharmaceuticals's stock-based comp?
Over 4 years (2021 to 2025), Ionis Pharmaceuticals's stock-based comp has grown at a 2.6% compound annual growth rate (CAGR), from $120.68M to $133.87M.
What does stock-based comp mean?
Total non-cash stock-based compensation expense for equity awards (RSUs, options, ESPP), added back to net income in cash flow reconciliation.

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