The financials
Ionis Pharmaceuticals, Inc. by the numbers
Ionis Pharmaceuticals, Inc. (IONS) reported revenue of $268M in Q2 2026 (quarter ended June 30, 2026), down 41% from the same quarter a year earlier. That came with a gross margin of 99% and net loss of $115M. For the full year FY2025, revenue was $944M (+34% year on year) and net income −$381M. Its largest product in 2026-Q2 was Royalty at $76M, 28% of the disclosed total, just ahead of Spinraza Royalties at 19%.
| Income statement | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenue | $268M | $452M | −41% |
| Gross profit | $265M | $448M | −41% |
| Operating income | −$102M | $140M | to a loss |
| Net income | −$115M | $124M | to a loss |
| Diluted EPS | −$0.69 | $0.70 | to a loss |
| Product | Revenue | Share |
|---|---|---|
| Royalty | $76M | 28% |
| Spinraza Royalties | $53M | 19% |
| Salanersen | $45M | 16% |
| DAWNZERA Sales | $27M | 9.6% |
| Sapablursen | $20M | 7.3% |
| Wainus Royalties | $16M | 6.0% |
| Wainua Joint Development | $16M | 5.9% |
| Other Commercial | $12M | 4.2% |
| Other Royalties | $6.0M | 2.2% |
| Tryngolza | $4.6M | 1.7% |
Business Segments
Revenue split by product segment, from SEC XBRL filings.
Latest period: Q2 2026Total $275.8M (+50%)
Wainus Royalties grew +58% year on yearTryngolza -76% year on year
Segment Latestquarter on quarteryear on year
- Royalty$76.0M$76.0MQoQ +30%year on year +8.6%+30%+8.6%
- Spinraza Royalties$53.5M$53.5MQoQ +22%year on year -1.6%+22%-1.6%
- Salanersen$45.0M$45.0MQoQ -year on year ---
- DAWNZERA Sales$26.6M$26.6MQoQ +68%year on year -+68%-
- Sapablursen$20.0M$20.0MQoQ -year on year ---
- Wainus Royalties$16.4M$16.4MQoQ +53%year on year +58%+53%+58%
- Wainua Joint Development$16.2M$16.2MQoQ -8.1%year on year +31%-8.1%+31%
- Other Commercial$11.5M$11.5MQoQ +76%year on year -15%+76%-15%
- Other Royalties$6.0M$6.0MQoQ +55%year on year +16%+55%+16%
- Tryngolza$4.6M$4.6MQoQ -83%year on year -76%-83%-76%
- License Of Sapablursen--QoQ -year on year ---
- Other--QoQ -year on year ---
- Research And Development Services For Sapablursen--QoQ -year on year ---
- Tegsedi And Waylivra--QoQ -year on year ---