Filing Flows › Ionis Pharmaceuticals (IONS) › Q3 2025
Ionis Pharmaceuticals (IONS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
Ionis Pharmaceuticals (IONS) reported revenue of $157M for the third quarter 2025 (Q3 2025), +17% from a year earlier and -65% from the quarter before. Operating margin was -102.2%, net loss $129M (82.1% of revenue).
Ionis Pharmaceuticals, Q3 2025: revenue $157M (+17% year over year), operating margin -102.2%, net loss $129M, operating cash flow −$131M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $157M | -65% | +17% |
| Operating profit | −$160M | -215% | — |
| Net earnings | −$129M | -204% | — |
| Operating cash flow | −$131M | -187% | — |
What changed
Revenue was $156.7M in Q3 2025, up 17% year over year and down 65% from the previous quarter. Spinraza Royalties was the largest line at 36% of revenue. Wainus Royalties added $7.9M year over year (up 148%), 35% of the total change. Wainua Joint Development Revenue declined 27%.
Operating costs exceeded revenue by $160.2M, an operating margin of -102.2%. Total costs grew 12% against revenue growth of 17%. The fastest-growing cost line was Cost of revenue (+118%). The quarter ended with a net loss of $128.6M, after a profit of $123.6M the previous quarter. Non-operating items added $31.8M, -25% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$131.4M. Non-cash charges added back $2.9M of depreciation and amortization and $31.1M of share-based compensation. Working capital and other items used $36.9M. Capital expenditures of $5.3M exceeded it, leaving free cash flow of −$136.7M.
Questions
What was Ionis Pharmaceuticals' revenue in the third quarter 2025?
Ionis Pharmaceuticals (IONS) reported revenue of $157M for the third quarter 2025 (Q3 2025), +17% from a year earlier and -65% from the quarter before.
Was Ionis Pharmaceuticals profitable in the third quarter 2025?
Operating loss was $160M (-102.2% of revenue) and net loss $129M.