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Ionis Pharmaceuticals (IONS) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 29, 2026
Ionis Pharmaceuticals (IONS) reported revenue of $268M for the second quarter 2026 (Q2 2026), -41% from a year earlier and +9% from the quarter before. Operating margin was -38.2%, net loss $115M (42.8% of revenue).
Ionis Pharmaceuticals, Q2 2026: revenue $268M (-41% year over year), operating margin -38.2%, net loss $115M, operating cash flow $566M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $268M | +9% | -41% |
| Operating profit | −$102M | — | -173% |
| Net earnings | −$115M | — | -193% |
| Operating cash flow | $566M | — | +274% |
| Free cash flow | $549M | — | +295% |
What changed
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.
Questions
What was Ionis Pharmaceuticals' revenue in the second quarter 2026?
Ionis Pharmaceuticals (IONS) reported revenue of $268M for the second quarter 2026 (Q2 2026), -41% from a year earlier and +9% from the quarter before.
Was Ionis Pharmaceuticals profitable in the second quarter 2026?
Operating loss was $102M (-38.2% of revenue) and net loss $115M.