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Ionis Pharmaceuticals (IONS) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Jul 29, 2026 · Ionis Pharmaceuticals (IONS) Q2 2026 earnings results →
Q2 2026 Revenue down 41% year over year to $268M · 43¢ of every $1 of revenue lost · operating margin -38.2%
Ionis Pharmaceuticals made $268M in Q2 2026 (-41% Y/Y): Research and Development Revenue $150M, Royalty $76.0M, DAWNZERASales $26.6M. Operating margin -38.2%, net loss $115M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Jul 29, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $267.9M in Q2 2026, down 41% year over year and up 9% from the previous quarter. Commercial was the largest line at 44% of revenue. Tryngolza lost $14.7M year over year (down 76%), 8% of the total change.
Operating costs exceeded revenue by $102.3M, an operating margin of -38.2%. Total costs grew 19% against a revenue fall of 41%. The fastest-growing cost line was SG&A (+66%). The quarter ended with a net loss of $114.6M, wider than the previous quarter's $92.5M loss.
Operating cash flow was $565.5M (up 274% year over year). Non-cash charges added back $4.1M of depreciation and amortization and $45.6M of share-based compensation. Working capital and other items added $630.4M. Capital expenditures of $16.1M left free cash flow of $549.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Jul 29, 2026 | $268M | -41% | -38.2% | −$115M | $566M |
| Q1 2026 | 10-Q | Apr 29, 2026 | $246M | +87% | -47.7% | −$92.5M | −$793M |
| Q4 2025 | 10-K | Feb 26, 2026 | $203M | -10% | -105.5% | −$229M | −$138M |
| Q3 2025 | 10-Q | Oct 29, 2025 | $157M | +17% | -102.2% | −$129M | −$131M |
| Q2 2025 | 10-Q | Jul 30, 2025 | $452M | +101% | 30.9% | $124M | $151M |
| Q1 2025 | 10-Q | Apr 30, 2025 | $132M | +10% | -111.6% | −$147M | −$151M |
| Q4 2024 | 10-K | Feb 19, 2025 | $227M | -30% | -48.9% | −$104M | −$116M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Ionis Pharmaceuticals
For three decades, we have invented medicines that bring better futures to people with serious diseases. As a pioneer in RNA-targeted medicines with a deep understanding of disease biology and an industry-leading drug discovery technology, we are driven to deliver innovative, life-changing advances for patients. In the last year, we delivered on our strategy to create accelerating value for all our stakeholders. With two independent commercial launches now underway, we transitioned into a fully integrated commercial-stage biotechnology company. We currently have seven marketed medicines to treat serious diseases: TRYNGOLZA (olezarsen), DAWNZERA (donidalorsen), WAINUA (eplontersen), SPINRAZA (nusinersen), QALSODY (tofersen), TEGSEDI (inotersen) and WAYLIVRA (volanesorsen).
In its own words, from its 10-K, filed Feb 26, 2026.
Ionis Pharmaceuticals against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -41% against the peers' median +7%. Operating margin: -38.2% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| IONS Ionis Pharmaceuticals | Q2 2026 | $268M | -41% | -38.2% |
| JNJ Johnson & Johnson | Q3 2026 | $25.4B | +6% | 0.1% |
| LLY ELI Lilly | Q3 2026 | $24.4B | +39% | 34.5% |
| MRK Merck | Q3 2026 | $18.1B | +5% | 30.7% |
| ABBV AbbVie | Q3 2026 | $17.4B | +10% | 36.0% |
| PFE Pfizer | Q3 2026 | $16.6B | -0.4% | 20.4% |
| BMY Bristol Myers Squibb | Q3 2026 | $13.1B | +7% | 19.4% |
| ABT Abbott Laboratories | Q3 2026 | $13.0B | +14% | 10.4% |
| REGN Regeneron Pharmaceuticals | Q3 2026 | $5.1B | +36% | 40.0% |
Source: Ionis Pharmaceuticals 10-Q on SEC EDGAR · CIK 874015 · Pharmaceutical Preparations
13F: who owns IONS and who is buying
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History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results