Filing Flows › Ionis Pharmaceuticals (IONS) › Q3 2026
Ionis Pharmaceuticals (IONS) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 9, 2026
Ionis Pharmaceuticals (IONS) reported revenue of $243M for the third quarter 2026 (Q3 2026), +55% from a year earlier and -9% from the quarter before. Operating margin was -53.8%, net loss $110M (45.3% of revenue).
Ionis Pharmaceuticals, Q3 2026: revenue $243M (+55% year over year), operating margin -53.8%, net loss $110M, operating cash flow −$179M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $243M | -9% | +55% |
| Operating profit | −$131M | — | — |
| Net earnings | −$110M | — | — |
| Operating cash flow | −$179M | -132% | — |
What changed
Revenue was $242.7M in Q3 2026, up 55% year over year and down 9% from the previous quarter. Collaborative Agreement Revenue was the largest line at 42% of revenue. Collaborative Agreement Revenue added $71.3M year over year (up 227%), 83% of the total change. TRYNGOLZA Sales, Net declined 71%.
Operating costs exceeded revenue by $130.7M, an operating margin of -53.8%. Total costs grew 18% against revenue growth of 55%. The fastest-growing cost line was SG&A (+59%). The quarter ended with a net loss of $110.0M, narrower than the previous quarter's $114.6M loss.
Operating cash flow was −$179.4M. Non-cash charges added back $4.3M of depreciation and amortization and $43.4M of share-based compensation. Working capital and other items used $117.2M. Capital expenditures of $12.7M exceeded it, leaving free cash flow of −$192.1M.
Questions
What was Ionis Pharmaceuticals' revenue in the third quarter 2026?
Ionis Pharmaceuticals (IONS) reported revenue of $243M for the third quarter 2026 (Q3 2026), +55% from a year earlier and -9% from the quarter before.
Was Ionis Pharmaceuticals profitable in the third quarter 2026?
Operating loss was $131M (-53.8% of revenue) and net loss $110M.