Filing Flows › Ionis Pharmaceuticals (IONS) › Q1 2026 › vs Q1 2025
Ionis Pharmaceuticals (IONS) Q1 2026 vs Q1 2025 (year over year)
Ionis Pharmaceuticals's revenue rose $114M (+87%) from $132M in Q1 2025 to $246M in Q1 2026. The biggest changes: Research and Development Revenue +$82.8M (+149%); Commercial +$31.6M (+42%).
Ionis Pharmaceuticals, Q1 2026: revenue $246M (+87% year over year), operating margin -47.7%, net loss $92.5M, operating cash flow −$793M. The chart draws each line against Q1 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Collaborative Agreement Revenue | $121M | $45.0M | $75.6M | +168% |
| Spinraza Royalties | $43.7M | $48.0M | −$4.3M | -9% |
| Tryngolza | $27.1M | $6.3M | $20.8M | +331% |
| Wainua Joint Development Revenue | $17.6M | $10.4M | $7.2M | +69% |
| DAWNZERASales | $15.9M | $0 | $15.9M | — |
| Wainus Royalties | $10.7M | $9.4M | $1.3M | +14% |
| Other Commercial | $6.5M | $5.7M | $817K | +14% |
| Other Royalties | $3.9M | $6.8M | −$2.9M | -42% |
| Research and Development Revenue | $138M | $55.4M | $82.8M | +149% |
| Commercial | $108M | $76.2M | $31.6M | +42% |
| Revenue | $246M | $132M | $114M | +87% |
| Other income, net | $25.1M | $38K | $25.1M | 661× |
| Net loss | $92.5M | $147M | −$54.4M | -37% |
| Costs & expenses | $364M | $279M | $85.1M | +31% |
| Operating costs | $364M | $278M | $85.0M | +31% |
| Income tax | $218K | $116K | $102K | +88% |
| Cost of revenue | $3.0M | $1.5M | $1.5M | +104% |
| SG&A | $150M | $76.2M | $74.1M | +97% |
| Other operating costs | $210M | $201M | $9.4M | +5% |
| Operating cash sources | $840M | $183M | $657M | +358% |
| Depreciation & amortization | $4.0M | $2.8M | $1.2M | +41% |
| Share-based compensation | $43.3M | $29.7M | $13.6M | +46% |
| Cash used in operations | $793M | $151M | $642M | +426% |
| Net loss absorbed | $92.5M | $147M | −$54.4M | -37% |
| Working capital & other | $748M | $36.4M | $711M | 21× |
Questions
How much did Ionis Pharmaceuticals's revenue grow year over year in Q1 2026?
Ionis Pharmaceuticals's revenue rose $114M (+87%) from $132M in Q1 2025 to $246M in Q1 2026.
What drove Ionis Pharmaceuticals's revenue change in Q1 2026?
Research and Development Revenue +$82.8M (+149%); Commercial +$31.6M (+42%).