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Segments

By product

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Research And Development Revenue$149.33M-57.2%
Collaborative Agreement Revenue$133.14M-60.5%
Commercial$118.62M+15.4%
Royalty$75.96M+8.6%
Spinraza Royalties$53.49M-1.6%
Wainus Royalties$16.44M+57.8%

By segment

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Ionis Operations$267.95M-40.7%

Other financials

Income statement

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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:RevenueFromContractWithCustomerExcludingAssessedTax.

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
Collaborative agreement revenue133,137336,921253,797381,951
WAINUA joint development revenue16,18912,37233,81122,785
Total research and development revenue149,326349,293287,608404,736
Total revenue267,949452,049514,042583,660
Expenses:
Cost of sales2,7394,1515,7215,614
Research, development and patent217,107217,460427,280418,219
Selling, general and administrative150,39690,622300,755166,872

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Ionis Pharmaceuticals's total revenue?
Ionis Pharmaceuticals (IONS) reported total revenue of $267.95M in Q2 2026.
How has Ionis Pharmaceuticals's total revenue changed year-over-year?
Ionis Pharmaceuticals's total revenue decreased by 40.7% year-over-year, from $452.05M to $267.95M.
What is the long-term trend for Ionis Pharmaceuticals's total revenue?
Over 4 years (2021 to 2025), Ionis Pharmaceuticals's total revenue has grown at a 3.9% compound annual growth rate (CAGR), from $810.46M to $943.71M.
What does total revenue mean?
The aggregate of all revenue from the company's operations — the top line from which all profitability metrics are derived.

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