Companies /Healthcare

Ionis Pharmaceuticals Inc

NASDAQ: IONS Biotechnology
$62.53
▼ $0.83 (−1.30%) today
Markets open · 3:53pm ET

Q2 2026 Earnings

Reported Jul 29, 2026, 7:31am ET · SEC source
$-0.69
Beat +21.44%
EPS · est. $-0.88
$268.0M
Beat +40.99%
Revenue · est. $190.1M
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−6%−4%−2%0Jul 29Jul 30report 7:31am ETearnings−0.4%−4.8%
−6%−4%−2%0Jul 29Jul 30earnings−0.4%−4.8%
IONS −4.8%S&P 500 −0.4%
−6%−4%−2%0Jul 29Jul 30report 7:31am ETearnings+0.7%−4.8%
−6%−4%−2%0Jul 29Jul 30earnings+0.7%−4.8%
IONS −4.8%NASDAQ +0.7%
−8%−4%0+4%Jul 28Aug 6report 7:31am ETearnings+3.8%−3.5%
−8%−4%0+4%Jul 28Aug 6earnings+3.8%−3.5%
IONS −3.5%S&P 500 +3.8%
−5%0+5%Jul 28Aug 6report 7:31am ETearnings+5.1%−3.5%
−5%0+5%Jul 28Aug 6earnings+5.1%−3.5%
IONS −3.5%NASDAQ +5.1%
−2.28%
Day of report
−1.41%
Next session
+0.28%
One week

Did IONS Beat Earnings? Q2 2026 Results

Ionis Pharmaceuticals delivered a stronger-than-expected second quarter, with losses narrowing considerably as the company beat both top and bottom line estimates despite a sharp headline revenue decline. The RNA medicine specialist posted a GAAP net loss of $0.69 per share, beating the $0.88 consensus estimate by 21.44%, while revenue of $268.00 million exceeded the $190.09 million analyst forecast by 40.99%. The reported 40.7% year-over-year revenue drop is largely a presentation artifact, reflecting the absence of a $280.00 million one-time Ono Pharmaceutical license payment recognized in Q2 2025; management noted that on a comparable basis, revenue grew 56%. Commercial momentum from DAWNZERA, which posted $26.00 million in Q2 net product sales, a 63% jump from Q1, and the newly launched TRYNGOLZA drove the core business forward, though the <a href="https://247wallst.com/investing/2026/07/10/ionis-pharmaceuticals-drops-another-9-as-bad-news-piles-up/">recent setbacks facing the company</a> have kept investor sentiment cautious, particularly with Arrowhead Pharmaceuticals advancing a competing triglyceride drug toward FDA filing. Ionis reaffirmed full-year guidance and its 2028 cash-flow breakeven target.

Key Takeaways
  • Revenue increased 56% year over year in Q2 excluding one-time sapablursen upfront payment
  • DAWNZERA Q2 net product sales increased 63% sequentially from Q1 2026
  • Commercial revenue increased 15% year over year in Q2 driven by DAWNZERA product sales
  • Substantial R&D revenue from multiple partnered programs advancing under collaborations
  • SPINRAZA generated $402 million in global sales in Q2 resulting in $54 million royalties (reported as $53M in tables)
  • WAINUA generated $70 million in global sales in Q2 resulting in $16 million royalties

“With the approval of TRYNGOLZA in late June, Ionis is bringing the first and only treatment to reduce triglycerides and acute pancreatitis to people living with severe hypertriglyceridemia. We are encouraged by the early launch momentum and look forward to accelerating growth from TRYNGOLZA and our other wholly owned medicines in the quarters and years to come.”

Ionis Pharmaceuticals CEO, on the earnings call

Forward Guidance & Outlook

Ionis reaffirmed its 2026 financial guidance despite the CARDIO-TTRansform setback, citing strong first-half execution and positive second-half outlook. TRYNGOLZA full-year product sales are expected at $100-110 million, and DAWNZERA full-year product sales at $110-120 million. Full-year operating expenses are expected to grow in the low-teens percentage range year-over-year. The company remains on track to achieve cash-flow breakeven in 2028. Key second-half catalysts include zilganersen PDUFA (September 22, 2026), bepirovirsen PDUFA (October 26, 2026), pelacarsen Lp(a) HORIZON trial results, and sHTG launch ramp for TRYNGOLZA.

IONS YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$200.0M$400.0M$452.0M$268.0MRevenue
$0$200.0M$400.0MRevenue

IONS Revenue by Segment

Collaborative Agreement Revenue
SPINRAZA Royalties$53.0M−1.9%
TRYNGOLZA$5.0M−73.7%
DAWNZERA$26.0M
WAINUA Royalties$16.0M+60.0%
TEGSEDI and WAYLIVRA
WAINUA Joint Development Revenue
Other Commercial Revenue

Figures from SEC filings and company reports. Not investment advice.