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Axsome Therapeutics vs Ionis Pharmaceuticals: AXSM and IONS compared
Axsome Therapeutics is the larger company: $260M of revenue in its latest quarter (Q3 2026) against $243M for Ionis Pharmaceuticals (Q3 2026). Ionis Pharmaceuticals is growing faster (+55% against +52% a year earlier). Axsome Therapeutics is more profitable, with an operating margin of -4.3% against -53.8%.
Where the money goes: AXSM and IONS
Axsome Therapeutics (AXSM) · Q3 2026
Axsome Therapeutics, Q3 2026: revenue $260M (+52% year over year), operating margin -4.3%, net loss $12.9M, operating cash flow −$9.5M. The chart follows the revenue to costs, profit and cash.
Ionis Pharmaceuticals (IONS) · Q3 2026
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.
| Axsome Therapeutics (AXSM) | Ionis Pharmaceuticals (IONS) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $260M | $243M |
| Revenue growth, Y/Y | +52% | +55% |
| Operating margin | -4.3% | -53.8% |
| Net earnings | −$12.9M | −$110M |
| Net margin | -5.0% | -45.3% |
| Operating cash flow | −$9.5M | −$179M |
| Market value | $8.8B | $7.1B |
| Analysts’ mean target | $265.86 | $84.13 |
Where the revenue comes from
Axsome Therapeutics
- Product: $250M (96%)
- Royalty and Milestone Revenue: $9.7M (4%)
Ionis Pharmaceuticals
- Commercial Revenue: $136M (56%)
- Research and Development Revenue: $107M (44%)
Questions
Which is bigger, Axsome Therapeutics or Ionis Pharmaceuticals?
Axsome Therapeutics is the larger company: $260M of revenue in its latest quarter (Q3 2026) against $243M for Ionis Pharmaceuticals (Q3 2026).
Is Axsome Therapeutics or Ionis Pharmaceuticals growing faster?
Ionis Pharmaceuticals is growing faster (+55% against +52% a year earlier).
Which is more profitable, Axsome Therapeutics or Ionis Pharmaceuticals?
Axsome Therapeutics is more profitable, with an operating margin of -4.3% against -53.8%.
More: Axsome Therapeutics earnings · how Axsome Therapeutics makes money · Ionis Pharmaceuticals earnings · how Ionis Pharmaceuticals makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 2, 2026; 10-Q filed Nov 9, 2026). Fiscal quarters can end on different dates. Not investment advice.