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Ionis Pharmaceuticals

Ionis Pharmaceuticals (IONS) Q2 2026 Earnings

Reported Jul 29, 2026 at 7:31 AM ET · SEC Source

Q2 26 EPS

$-0.69

BEAT +21.44%

Est. $-0.88

Q2 26 Revenue

$268.0M

BEAT +40.99%

Est. $190.1M

vs S&P Since Q2 26

-5.0%

TRAILING MARKET

IONS +1.0% vs S&P +6.0%

Market Reaction

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… Read more 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 recent setbacks facing the company 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

IONS 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.

24/7 Wall St

IONS YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

IONS Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“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.”

— Brett P. Monia, Q2 2026 Earnings Press Release

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