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Financials · IONS

Ionis Pharmaceuticals Inc. (IONS) financials

For the twelve months ended Jun 30, 2026, Ionis Pharmaceuticals Inc. reported $874.09M of revenue and -$565.17M of net income.

Revenue, TTM
$874.09M
Revenue growth, YoY
-7.4%
Net income, TTM
-$565.17M
Net margin
-64.7%
Free cash flow, TTM
-$560.84M
EPS, diluted, TTM
-$3.46
Cash
$350.06M
P/S
7.49
Market cap
$6.55B
Annual revenue$943.71M
FY2016FY2025
Annual net income-$381.39M
FY2016FY2025
Annual free cash flow-$320.03M
FY2016FY2025

IONS revenue and earnings growth

IONS revenueQ2 2026$267.95M

Quarter YoY
-40.7%
QoQ
+8.9%
FY YoY
+33.8%
5Y CAGR
+5.3%
10Y CAGR
+12.8%

IONS revenue was $267.95M in fiscal Q2 2026 (ended Jun 30, 2026), down 40.7% from a year earlier and up 8.9% from the prior quarter. For the full fiscal 2025 it was $943.71M, up 33.8% from fiscal 2024. Compound annual growth was +5.3% over 5 years and +12.8% over 10 years. It rose in 7 of the last 10 fiscal years.

IONS net incomeQ2 2026-$114.65M

IONS net income was -$114.65M in fiscal Q2 2026 (ended Jun 30, 2026), compared with $123.55M a year earlier. For the full fiscal 2025 it was -$381.39M, compared with -$453.90M in fiscal 2024.

IONS EPSQ2 2026-$0.69

IONS diluted EPS was -$0.69 in fiscal Q2 2026 (ended Jun 30, 2026), compared with $0.70 a year earlier. For the full fiscal 2025 it was -$2.38, compared with -$3.04 in fiscal 2024.

IONS free cash flowQ2 2026$549.45M

Quarter YoY
+295.2%

IONS free cash flow was $549.45M in fiscal Q2 2026 (ended Jun 30, 2026), up 295.2% from a year earlier. For the full fiscal 2025 it was -$320.03M, compared with -$546.23M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$943.71M$705.14M$787.65M$587.37M$810.46M$729.26M$1.12B$599.67M$514.18M$372.78M
Cost of revenue$15.91M$11.21M$9.13M$14.12M$10.84M$11.95M$4.38M$1.82M$0$0
Gross profit$927.80M$693.92M$778.51M$573.25M$799.61M$717.32M$1.12B$597.85M$514.18M$372.78M
Research and development$915.62M$901.53M$899.63M-$638.20M$531.00M$461.50M$411.90M$372.50M$340.40M
Selling, general and admin$393.87M$267.47M$232.62M$150.29M$186.35M$354.32M$286.64M$244.62M$108.49M$48.62M
Operating income-$381.68M-$475.08M-$353.73M-$410.19M-$30.19M-$172.08M$365.88M-$61.37M$31.05M-$20.16M
Interest expense$17.26M$16.99M$12.66M$8.12M$9.35M$9.51M$12.44M$44.79M$44.75M$38.80M
Pre-tax income-$379.60M-$460.07M-$333.96M-$257.99M-$29.15M-$134.55M$338.77M-$76.16M-$16.76M-$57.47M
Income tax$1.79M-$6.17M$32.32M$11.74M-$551.0K$345.19M$51.51M-$291.14M-$5.98M$2.93M
Net income-$381.39M-$453.90M-$366.29M-$269.72M-$28.60M-$444.26M$278.14M$273.74M$346.0K-$60.40M
EPS, basic-$2.38-$3.04-$2.56-$1.90-$0.20-$3.18$2.00$2.09$0.15-$0.50
EPS, diluted-$2.38-$3.04-$2.56-$1.90-$0.20-$3.18$1.90$2.07$0.15-$0.50
Diluted shares160.0M149.5M143.2M141.8M141.0M139.6M153.2M134.1M126.1M120.9M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$372.26M$242.08M$399.27M$276.47M$869.19M$397.66M$683.29M$278.82M$129.63M$84.69M
Short-term investments$2.31B$2.06B$1.93B$1.71B$1.25B-----
Inventory$10.05M$12.51M$7.44M$22.03M$24.81M$21.96M$18.18M$8.58M$9.98M-
Current assets$2.99B$2.62B$2.64B$2.20B$2.35B$2.13B$2.72B$2.21B$1.17B$797.93M
Total assets$3.52B$3.00B$2.99B$2.53B$2.61B$2.39B$3.23B$2.67B$1.32B$912.47M
Current liabilities$781.57M$309.32M$448.09M$311.56M$240.55M$598.90M$273.00M$280.29M$243.61M$133.78M
Short-term debt$432.12M$165.0K$157.0K$151.0K------
Long-term debt$1.33B$1.20B$1.24B$1.18B-$539.11M$785.50M---
Total debt$1.76B$1.20B$1.24B$1.18B-$539.11M$785.50M---
Total liabilities$3.03B$2.42B$2.60B$1.96B$1.84B$1.65B$1.55B$1.48B$957.49M$812.90M
Shareholders' equity$489.09M$588.35M$386.69M$572.89M$771.74M$743.28M$1.58B$1.10B$365.28M$39.61M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow-$268.58M-$500.95M-$307.51M-$274.37M$30.80M$35.89M$345.63M$602.91M$174.15M-$112.11M
Capital expenditures$51.44M$45.28M$23.80M$15.72M$11.96M$35.12M$30.91M$13.61M$34.76M$7.11M
Free cash flow-$320.03M-$546.23M-$331.32M-$290.09M$18.84M$772.0K$314.72M$589.30M$139.38M-$119.21M
Investing cash flow-$277.78M-$134.03M-$214.13M-$262.64M$194.91M$274.48M-$41.27M-$929.56M-$358.29M$56.60M
Financing cash flow$675.84M$478.06M$644.08M-$55.30M$245.93M-$596.61M$100.02M$475.87M$229.09M$11.39M
Share repurchases---$0$0$90.55M$34.40M$0$0-
Stock-based compensation$133.87M$130.20M$105.81M$100.26M$120.68M$230.12M$146.57M$131.31M$85.97M$72.11M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY33.8%-10.5%34.1%-27.5%11.1%-35.0%87.2%16.6%37.9%31.4%
Net income growth, YoY------1.6%79015.9%--
EPS growth, YoY-------8.2%1280.0%--
Gross margin98.3%98.4%98.8%97.6%98.7%98.4%99.6%99.7%100.0%100.0%
Operating margin-40.4%-67.4%-44.9%-69.8%-3.7%-23.6%32.6%-10.2%6.0%-5.4%
Net margin-40.4%-64.4%-46.5%-45.9%-3.5%-60.9%24.8%45.6%0.1%-16.2%
Free cash flow margin-33.9%-77.5%-42.1%-49.4%2.3%0.1%28.0%98.3%27.1%-32.0%
Return on equity-78.0%-77.1%-94.7%-47.1%-3.7%-59.8%17.6%24.9%0.1%-152.5%
Return on assets-10.8%-15.1%-12.3%-10.6%-1.1%-18.6%8.6%10.3%0.0%-6.6%
Current ratio3.838.475.907.079.753.569.977.884.805.96
Debt to equity3.602.043.212.05-0.730.50---

Source: XBRL data Ionis Pharmaceuticals Inc. files with the SEC, latest filing dated Jul 29, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

IONS peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
IONS$874.09M-7.4%-$565.17M-64.7%$6.55B
LLY$86.46B+45.5%$27.58B31.9%$1.27T
JNJ$99.33B+7.8%$16.09B16.2%$664.95B
ABBV$66.01B+10.7%$10.34B15.7%$514.92B
MRK$67.38B+4.9%$2.45B3.6%$361.71B
NVS$54.53B+8.4%$13.98B25.6%$310.17B
AZN$58.74B+8.6%$10.22B17.4%$289.10B
ABT$48.23B+10.0%$4.70B9.7%$190.39B
NVODKK 309.06B+6.4%DKK 102.43B33.1%$178.51B

IONS FAQ

9 questions
  • What is IONS revenue?
    Ionis Pharmaceuticals Inc. (IONS) reported $874.09M of revenue for the twelve months ended Jun 30, 2026. That is down 7.4% from the year before. Revenue for fiscal 2025 was $943.71M.
  • Is IONS profitable?
    No. Ionis Pharmaceuticals Inc. reported a net loss of $565.17M for the twelve months ended Jun 30, 2026.
  • How much cash and debt does IONS have?
    Ionis Pharmaceuticals Inc. reported $350.06M in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is IONS revenue growing?
    Ionis Pharmaceuticals Inc.'s revenue changed +33.8% in fiscal 2025, to $943.71M. Its compound annual growth rate was +5.3% over 5 years and +12.8% over 10 years.
  • What is IONS gross margin?
    Ionis Pharmaceuticals Inc.'s gross profit was $858.07M on $874.09M of revenue for the twelve months ended Jun 30, 2026, a gross margin of 98.2%.
  • What is IONS free cash flow?
    Ionis Pharmaceuticals Inc. generated -$560.84M of free cash flow for the twelve months ended Jun 30, 2026, which is operating cash flow of -$496.43M less capital expenditures.
  • What is IONS earnings per share?
    Diluted earnings per share were -$3.46 for the twelve months ended Jun 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did IONS last report financial results?
    The latest statements here come from Ionis Pharmaceuticals Inc.'s 10-Q filed on Jul 29, 2026, covering the period ended Jun 30, 2026.
  • Where does this IONS financial data come from?
    Quantisnow builds these statements from the structured XBRL data Ionis Pharmaceuticals Inc. files with the SEC. It is provided for information only and is not investment advice.