Filing Flows › Ionis Pharmaceuticals (IONS) › Q1 2025
Ionis Pharmaceuticals (IONS) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 30, 2025
Ionis Pharmaceuticals (IONS) reported revenue of $132M for the first quarter 2025 (Q1 2025), +10% from a year earlier and -42% from the quarter before. Operating margin was -111.6%, net loss $147M (111.6% of revenue).
Ionis Pharmaceuticals, Q1 2025: revenue $132M (+10% year over year), operating margin -111.6%, net loss $147M, operating cash flow −$151M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $132M | -42% | +10% |
| Operating profit | −$147M | — | — |
| Net earnings | −$147M | — | — |
| Operating cash flow | −$151M | — | — |
What changed
Revenue was $131.6M in Q1 2025, up 10% year over year and down 42% from the previous quarter. SPINRAZA Royalties was the largest line at 36% of revenue. SPINRAZA Royalties added $9.6M year over year (up 25%), 79% of the total change. Other Commercial Revenue declined 44%.
Operating costs exceeded revenue by $146.9M, an operating margin of -111.6%. Total costs grew 4% against revenue growth of 10%. The fastest-growing cost line was SG&A (+45%). The quarter ended with a net loss of $146.9M, wider than the previous quarter's $104.3M loss.
Operating cash flow was −$150.8M. Non-cash charges added back $2.8M of depreciation and amortization and $29.7M of share-based compensation. Working capital and other items used $36.4M. Capital expenditures of $12.6M exceeded it, leaving free cash flow of −$163.4M.
Questions
What was Ionis Pharmaceuticals' revenue in the first quarter 2025?
Ionis Pharmaceuticals (IONS) reported revenue of $132M for the first quarter 2025 (Q1 2025), +10% from a year earlier and -42% from the quarter before.
Was Ionis Pharmaceuticals profitable in the first quarter 2025?
Operating loss was $147M (-111.6% of revenue) and net loss $147M.