Filing Flows › Ionis Pharmaceuticals (IONS) › Q4 2025
Ionis Pharmaceuticals (IONS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Ionis Pharmaceuticals (IONS) reported revenue of $203M for the fourth quarter 2025 (Q4 2025), -10% from a year earlier and +30% from the quarter before. Operating margin was -105.5%, net loss $229M (112.8% of revenue).
Ionis Pharmaceuticals, Q4 2025: revenue $203M (-10% year over year), operating margin -105.5%, net loss $229M, operating cash flow −$138M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $203M | +30% | -10% |
| Operating profit | −$214M | — | — |
| Net earnings | −$229M | — | — |
| Operating cash flow | −$138M | — | — |
What changed
Revenue was $203.3M in Q4 2025, down 10% year over year and up 30% from the previous quarter. Product was the largest line at 29% of revenue.
Operating costs exceeded revenue by $214.5M, an operating margin of -105.5%. Total costs grew 24% against a revenue fall of 10%. The fastest-growing cost line was Cost of revenue (+108%). The quarter ended with a net loss of $229.4M, wider than the previous quarter's $128.6M loss.
Operating cash flow was −$137.7M. Non-cash charges added back $3.9M of depreciation and amortization and $43.3M of share-based compensation. Working capital and other items added $44.5M. Capital expenditures of $21.3M exceeded it, leaving free cash flow of −$159.0M.
Questions
What was Ionis Pharmaceuticals' revenue in the fourth quarter 2025?
Ionis Pharmaceuticals (IONS) reported revenue of $203M for the fourth quarter 2025 (Q4 2025), -10% from a year earlier and +30% from the quarter before.
Was Ionis Pharmaceuticals profitable in the fourth quarter 2025?
Operating loss was $214M (-105.5% of revenue) and net loss $229M.