Filing Flows › Ionis Pharmaceuticals (IONS) › Q2 2025
Ionis Pharmaceuticals (IONS) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
Ionis Pharmaceuticals (IONS) reported revenue of $452M for the second quarter 2025 (Q2 2025), +101% from a year earlier and +243% from the quarter before. Operating margin was 30.9%, net earnings $124M (27.3% of revenue).
Ionis Pharmaceuticals, Q2 2025: revenue $452M (+101% year over year), operating margin 30.9%, net earnings $124M, operating cash flow $151M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $452M | +243% | +101% |
| Operating profit | $140M | — | — |
| Net earnings | $124M | — | — |
| Operating cash flow | $151M | — | — |
| Free cash flow | $139M | — | — |
What changed
Revenue was $452.0M in Q2 2025, up 101% year over year and up 243% from the previous quarter. Collaborative Agreement Revenue was the largest line at 75% of revenue. Collaborative Agreement Revenue added $195.4M year over year (up 138%), 86% of the total change. Spinraza Royalties declined 4%.
Operating profit was $139.8M, a 30.9% margin (up 60.3 points year over year). Total costs grew 7% against revenue growth of 101%. The fastest-growing cost line was SG&A (+39%). Net earnings were $123.6M. The effective tax rate was 0.0%.
Operating cash flow was $151.3M, 122% of net earnings. Non-cash charges added back $2.9M of depreciation and amortization and $29.7M of share-based compensation. Capital expenditures of $12.3M left free cash flow of $139.0M.
Questions
What was Ionis Pharmaceuticals' revenue in the second quarter 2025?
Ionis Pharmaceuticals (IONS) reported revenue of $452M for the second quarter 2025 (Q2 2025), +101% from a year earlier and +243% from the quarter before.
Was Ionis Pharmaceuticals profitable in the second quarter 2025?
Operating profit was $140M (30.9% of revenue) and net earnings $124M.