Ionis Pharmaceuticals Inc. (IONS)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$874.1M

Revenue growth

-7.4%

Net income, last twelve months

-$565.2M

Earnings per share

-$3.46

Gross margin

98.2%

Operating margin

-68.0%

Net margin

-64.7%

Free cash flow

-$560.8M

Return on equity

-128.5%

Market value

$7.4B

Cash

$350.1M

Debt

$1.3B

Debt to equity

3.01

Shares outstanding

165.6M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 29 July 2026.

• Revenue growth excluding prior-year payment. Second quarter total revenue was $268 million, against $452 million a year earlier. Excluding the one-time sapablursen upfront payment recognized in 2025, revenue grew 56% in the quarter and 69% in the first half.
• Net loss versus prior-year profit. GAAP net loss was $115 million, or $0.69 per diluted share, against net income of $124 million, or $0.70 per diluted share, a year earlier. First-half net loss was $207 million.
• Operating loss on GAAP basis. GAAP loss from operations was $102 million, against income of $140 million a year earlier. On a non-GAAP basis the loss from operations was $57 million, compared with income of $170 million.
• TRYNGOLZA sales fell on lower price. TRYNGOLZA U.S. net product sales were $5 million in the second quarter, against $19 million a year earlier, and $32 million for the first half. Management cited a reduced net price effective April 1, 2026.
• sHTG approval and early launch. Management said the sHTG U.S. launch is showing early momentum after the June 2026 approval. A marketing application for sHTG is under review in the European Union.
• DAWNZERA sales rose 63% sequentially. DAWNZERA U.S. net product sales were $26 million in the second quarter and $42 million for the first half, with second-quarter sales up 63% from the first quarter of 2026.
• DAWNZERA launch outside U.S. underway. DAWNZERA launch outside the U.S. is underway, with new market approvals in the European Union.
• SPINRAZA global sales and royalties. SPINRAZA global sales were $402 million in the second quarter, resulting in royalty revenue of $54 million to Ionis.
• WAINUA sales and royalties. WAINUA global sales were $70 million in the second quarter, with royalty revenue of $16 million. Management said global launches continue and additional submissions are in progress.
• Collaboration revenue below prior-year upfront. Collaborative agreement revenue was $133 million, against $337 million a year earlier. The prior-year figure included a $280 million upfront payment for the global license of sapablursen to Ono.
• Program payments under collaborations. Research and development revenue reflected multiple payments for programs advancing under Ionis's R&D collaborations, according to the company.
• Operating expenses rose on launches. GAAP operating expenses were $370 million, against $312 million a year earlier. Management said the increase was primarily from commercial investment in TRYNGOLZA and DAWNZERA and launch preparation for zilganersen.
• Selling, general and administrative expense rose. Selling, general and administrative expense was $150 million, against $91 million a year earlier. First-half selling, general and administrative expense was $301 million.
• Equity compensation excluded from non-GAAP. Non-GAAP operating expenses were $325 million, excluding $45 million of equity compensation expense that the company described as non-cash.

Company events

The newest 8-K filings of 324 held.

Every filing

The newest filings with the SEC of 720 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

561 funds held it at 30 Jun 2026: 250 added and 162 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Eli Lilly & Co. (LLY): revenue $79.7B, market value $1.21T
• Johnson & Johnson (JNJ): revenue $99.3B, market value $652.9B
• AbbVie Inc. (ABBV): revenue $64.4B, market value $506.1B
• Merck & Co., Inc. (MRK): revenue $66.6B, market value $348.1B
• Novartis AG (NVS): revenue $54.5B, market value $297.8B
• AstraZeneca PLC (AZN): revenue $58.7B, market value $263.1B
• Abbott Laboratories (ABT): revenue $46.6B, market value $177.7B
• Novo Nordisk A/S (NVO): revenue $46.8B, market value $171.0B
• Pfizer Inc. (PFE): revenue $63.7B, market value $168.0B
• Vertex Pharmaceuticals Inc. (VRTX): revenue $12.6B, market value $134.2B

What the company does

Ionis Pharmaceuticals develops medicines that target RNA, the molecule that carries out the instructions encoded in DNA. It has seven marketed medicines: TRYNGOLZA, DAWNZERA, WAINUA, SPINRAZA, QALSODY, TEGSEDI and WAYLIVRA. The company sells TRYNGOLZA and DAWNZERA itself in the U.S., co-commercializes WAINUA there with AstraZeneca, and relies on partners for the rest of its marketed medicines. As of 19 February 2026 it employed 1,402 people, most of them in the U.S.

What it sells

TRYNGOLZA (olezarsen) is approved as an adjunct to diet to reduce triglycerides in adults with familial chylomicronemia syndrome, or FCS. It is approved in the U.S., the EU and Canada. DAWNZERA (donidalorsen) is approved in the U.S. and the EU to prevent attacks of hereditary angioedema in patients 12 years of age and older.

WAINUA (eplontersen) treats the polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults and is approved in the U.S., the EU, China and other countries. SPINRAZA treats spinal muscular atrophy, and Biogen commercializes it worldwide. QALSODY treats ALS in adults with a SOD1 gene mutation. It is approved in the U.S., EU, China and Japan, and Biogen commercializes it worldwide. TEGSEDI and WAYLIVRA are sold in Europe through distribution agreements with Swedish Orphan Biovitrum AB, or Sobi. PTC Therapeutics commercializes both in Brazil. TEGSEDI has been discontinued in North America.

How it earns money

The company records product sales from the medicines it sells itself. It also collects royalties on partnered medicines. Biogen pays tiered royalties of 11 percent to 15 percent on SPINRAZA and on QALSODY. For WAINUA, the company is eligible for royalties of up to mid-20 percent on U.S. sales and tiered royalties up to the high teens outside the U.S. PTC pays royalties in the mid-20 percent range on TEGSEDI and WAYLIVRA. On Sobi's sales of TEGSEDI and WAYLIVRA, the company earns a distribution fee.

Partnerships also bring research and development revenue in the form of license fees, upfront payments and milestone payments. The company has also sold a minority interest in its future SPINRAZA and pelacarsen royalties to Royalty Pharma.

Who it works with

AstraZeneca co-develops WAINUA globally and holds the rights to commercialize it outside the U.S. Biogen holds SPINRAZA and QALSODY and has options on certain neurology programs. GSK is responsible for bepirovirsen in chronic hepatitis B, and Novartis for pelacarsen. Roche handles sefaxersen and tominersen. Ono has taken sapablursen. Otsuka commercializes DAWNZERA in Europe and the Asia-Pacific region and has rights to ulefnersen worldwide. Sobi has rights to TRYNGOLZA outside the U.S., Canada and China, and Theratechnologies has rights in Canada for DAWNZERA and olezarsen.

Technology and manufacturing

Ionis medicines use oligonucleotides, small sequences of modified RNA, to change how a gene is expressed. The company works with antisense and small interfering RNA, and it has a collaboration with Metagenomi on gene editing. Newer tools include its mesyl phosphoramidate backbone chemistry, a Bicycle Therapeutics peptide collaboration and a Vect-Horus license aimed at crossing the blood-brain barrier.

It makes most of the active ingredients for its research and development in its own facility in Carlsbad, California. That facility is a 26,800 square foot building the company bought in 2017. A 25,800 square foot support building there is leased through October 2031. Contract manufacturers produce commercial supply of TRYNGOLZA, DAWNZERA and the finished product for TEGSEDI and WAYLIVRA. Biogen supplies SPINRAZA and QALSODY, and AstraZeneca supplies WAINUA.

What is in development

The company has nine medicines in Phase 3 development. Three are wholly owned and six are partnered. Olezarsen for severe hypertriglyceridemia is under FDA review, and the filing gives an action date of 30 June 2026. Zilganersen for Alexander disease had its New Drug Application submitted in January 2026, and the company says it is not aware of other medicines in clinical development for that disease. Obudanersen for Angelman syndrome is in a Phase 3 study. Partnered late-stage programs include eplontersen in ATTR cardiomyopathy, pelacarsen, sefaxersen, ulefnersen and bepirovirsen.

Its people

No employees are covered by collective bargaining agreements. Average employee turnover in 2025 was 7 percent, against 20 percent for life sciences and medical device companies in a survey the filing cites. Benefits include stock options, restricted stock units and an Employee Stock Purchase Plan.

*From Ionis Pharmaceuticals's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/874015/000087401526000115/form10k.htm)*

From the company's 10-K.