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How Ionis Pharmaceuticals (IONS) makes money
Ionis Pharmaceuticals (IONS) made $268M of revenue in the second quarter 2026 (Q2 2026), +19% from a year earlier. Research and Development Revenue brought in $150M (56%); Royalty brought in $76.0M (28%); DAWNZERASales brought in $26.6M (10%).
Drawing the Sankey…
Revenue by segment, Q2 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Research and Development Revenue | $150M | 55.8% | — | +23% |
| ↳ Commercial | $119M | 44.2% | — | +15% |
| ↳ Product | $31.1M | 11.6% | — | +62% |
| Royalty | $76.0M | 28.3% | — | +9% |
| ↳ Spinraza Royalties | $53.5M | 19.9% | — | -2% |
| ↳ Wainus Royalties | $16.4M | 6.1% | — | +58% |
| ↳ Other Royalties | $6.0M | 2.2% | — | +16% |
| DAWNZERASales | $26.6M | 9.9% | — | — |
| Other Commercial | $11.5M | 4.3% | — | -15% |
| Tryngolza | $4.6M | 1.7% | — | -76% |
Where each dollar of revenue goes
| Line | Q2 2026 | % of revenue |
|---|---|---|
| Revenue | $268M | 100.0% |
| Income tax | $1.3M | 0.5% |
| Operating cash flow | $566M | 210.7% |
| Free cash flow | $549M | 204.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q2 2026 | $268M | -41% |
| Q1 2026 | $246M | +87% |
| Q4 2025 | $203M | -10% |
| Q3 2025 | $157M | +17% |
| Q2 2025 | $452M | +101% |
| Q1 2025 | $132M | +10% |
| Q4 2024 | $227M | -30% |
From Ionis Pharmaceuticals' 10-Q filed Jul 29, 2026 (on EDGAR).
Questions
How does Ionis Pharmaceuticals make money?
Ionis Pharmaceuticals (IONS) made $268M of revenue in the second quarter 2026 (Q2 2026), +19% from a year earlier. Research and Development Revenue brought in $150M (56%); Royalty brought in $76.0M (28%); DAWNZERASales brought in $26.6M (10%).
What is Ionis Pharmaceuticals' biggest business?
Research and Development Revenue: $150M in the second quarter 2026, 56% of revenue, +23% from a year earlier.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.