Filing Flows › Ionis Pharmaceuticals (IONS) › Q1 2026
Ionis Pharmaceuticals (IONS) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 29, 2026
Ionis Pharmaceuticals (IONS) reported revenue of $246M for the first quarter 2026 (Q1 2026), +87% from a year earlier and +21% from the quarter before. Operating margin was -47.7%, net loss $92.5M (37.6% of revenue).
Ionis Pharmaceuticals, Q1 2026: revenue $246M (+87% year over year), operating margin -47.7%, net loss $92.5M, operating cash flow −$793M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $246M | +21% | +87% |
| Operating profit | −$117M | — | — |
| Net earnings | −$92.5M | — | — |
| Operating cash flow | −$793M | — | — |
What changed
Revenue was $246.1M in Q1 2026, up 87% year over year and up 21% from the previous quarter. Collaborative Agreement Revenue was the largest line at 49% of revenue. Collaborative Agreement Revenue added $75.6M year over year (up 168%), 66% of the total change. Other Royalties declined 42%.
Operating costs exceeded revenue by $117.4M, an operating margin of -47.7%. Total costs grew 31% against revenue growth of 87%. The fastest-growing cost line was Cost of revenue (+104%). The quarter ended with a net loss of $92.5M, narrower than the previous quarter's $229.4M loss. Non-operating items added $25.1M, -27% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$792.8M. Non-cash charges added back $4.0M of depreciation and amortization and $43.3M of share-based compensation. Working capital and other items used $747.5M. Capital expenditures of $21.8M exceeded it, leaving free cash flow of −$814.6M.
Questions
What was Ionis Pharmaceuticals' revenue in the first quarter 2026?
Ionis Pharmaceuticals (IONS) reported revenue of $246M for the first quarter 2026 (Q1 2026), +87% from a year earlier and +21% from the quarter before.
Was Ionis Pharmaceuticals profitable in the first quarter 2026?
Operating loss was $117M (-47.7% of revenue) and net loss $92.5M.