Companies /Healthcare

Ionis Pharmaceuticals Inc

NASDAQ: IONS Biotechnology
$62.43
▼ $0.93 (−1.47%) today
Markets closed · 9:04am ET

Q4 2025 Earnings

Reported Feb 25, 2026, 7:00am ET · SEC source
$-1.41
Miss −15.98%
EPS · est. $-1.22
$203.0M
Beat +30.02%
Revenue · est. $156.1M
−2.3%
Trailing market
IONS vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+3%Feb 25Feb 26report 7:00am ETearnings−0.6%−2.1%
0+3%Feb 25Feb 26earnings−0.6%−2.1%
IONS −2.1%S&P 500 −0.6%
0+3%Feb 25Feb 26report 7:00am ETearnings−0.8%−2.1%
0+3%Feb 25Feb 26earnings−0.8%−2.1%
IONS −2.1%NASDAQ −0.8%
−3%0+3%Feb 24Mar 4report 7:00am ETearnings−0.6%−3.7%
−3%0+3%Feb 24Mar 4earnings−0.6%−3.7%
IONS −3.7%S&P 500 −0.6%
−3%0+3%Feb 24Mar 4report 7:00am ETearnings+0.1%−3.7%
−3%0+3%Feb 24Mar 4earnings+0.1%−3.7%
IONS −3.7%NASDAQ +0.1%
−5.29%
Day of report
−0.41%
Next session
−1.83%
One week
−10.85%
30 days

S&P 500 over the same 30 days: −8.52%.

Did IONS Beat Earnings? Q4 2025 Results

Ionis Pharmaceuticals delivered a mixed fourth quarter for fiscal 2025, beating revenue expectations by a wide margin while falling short on the bottom line. The Carlsbad-based RNA medicines company posted revenue of $203.00 million, clearing the $157.09 million consensus estimate by 29.23%, though the result still represented a 10.4% decline year over year. On earnings, Ionis reported a GAAP diluted loss of $1.41 per share, missing the $1.33 consensus estimate by 6.02%, as operating expenses climbed to $418.00 million from $337.00 million in the prior-year period, reflecting heavy investment in its independent commercial launches. The revenue beat was powered largely by TRYNGOLZA, which generated $50.00 million in Q4 net product sales, a 56% sequential increase, while total commercial revenue reached $141.00 million, up 64% year over year. Looking ahead, Ionis guided for full-year 2026 revenue of $800.00 to $825.00 million, representing roughly 20% growth excluding the one-time sapablursen payment, with management reiterating its target to reach cash flow breakeven by 2028.

Key Takeaways
  • TRYNGOLZA net product sales of $50 million in Q4, 56% sequential increase, $108 million for full year 2025
  • Commercial revenue up 64% year over year in Q4 2025
  • DAWNZERA generating $7 million in first full quarter on market with encouraging early launch momentum
  • Royalty revenue from SPINRAZA and WAINUA contributing to commercial revenue growth
  • $280 million sapablursen upfront payment from Ono Pharmaceutical recognized in Q2 2025

“2025 was a defining year for Ionis, marked by the successful execution of our first two independent launches and multiple positive data readouts across our pipeline, positioning Ionis for continued success in 2026.”

Ionis Pharmaceuticals CEO, on the earnings call

Forward Guidance & Outlook

For full year 2026, Ionis guides total revenue of $800-$825 million, representing approximately 20% year-over-year growth (excluding the one-time $280 million sapablursen upfront payment recognized in 2025). Non-GAAP operating loss is expected at $500-$550 million, similar to 2025 excluding the sapablursen payment, as the company invests in go-to-market activities for ongoing and upcoming independent launches including the expansion of its sales force ahead of the expected olezarsen sHTG launch. Cash, cash equivalents and short-term investments are expected to be approximately $1.6 billion at year-end 2026 after repaying 2026 Convertible Notes. The company expects a modest increase in non-GAAP operating expenses. Management anticipates achieving cash flow breakeven in 2028, driven by growing product revenues and additional royalties.

IONS YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$-4,000,000,000$-2,000,000,000$0$226.6M$203.0MRevenue$222.8M$195.0MGross Profit$-3,583,333,333$-215,000,000Operating Income
$-4,000,000,000$-2,000,000,000$0RevenueGross ProfitOperating Income

IONS Revenue by Segment

Collaborative Agreement Revenue
SPINRAZA Royalties$54.0M
TRYNGOLZA$50.0M
DAWNZERA$7.0M
WAINUA Royalties$16.0M
TEGSEDI and WAYLIVRA
WAINUA Joint Development Revenue
Other Commercial Revenue

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