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Ionis Pharmaceuticals vs Axsome Therapeutics: IONS and AXSM compared
Ionis Pharmaceuticals is the larger company: $268M of revenue in its latest quarter (Q2 2026) against $260M for Axsome Therapeutics (Q3 2026). Axsome Therapeutics is growing faster (+52% against -41% a year earlier). Axsome Therapeutics is more profitable, with an operating margin of -4.3% against -38.2%.
Where the money goes: IONS and AXSM
Ionis Pharmaceuticals (IONS) · Q2 2026
Ionis Pharmaceuticals, Q2 2026: revenue $268M (-41% year over year), operating margin -38.2%, net loss $115M, operating cash flow $566M. The chart follows the revenue to costs, profit and cash.
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) | Axsome Therapeutics (AXSM) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q3 2026 |
| Revenue | $268M | $260M |
| Revenue growth, Y/Y | -41% | +52% |
| Operating margin | -38.2% | -4.3% |
| Net earnings | −$115M | −$12.9M |
| Net margin | -42.8% | -5.0% |
| Operating cash flow | $566M | −$9.5M |
| Free cash flow | $549M | — |
| Market value | $7.1B | $8.8B |
| Analysts’ mean target | $84.13 | $265.86 |
Where the revenue comes from
Ionis Pharmaceuticals
- Research and Development Revenue: $150M (56%)
- Royalty: $76.0M (28%)
- DAWNZERASales: $26.6M (10%)
- Other Commercial: $11.5M (4%)
Axsome Therapeutics
- Product: $250M (96%)
- Royalty and Milestone Revenue: $9.7M (4%)
Questions
Which is bigger, Ionis Pharmaceuticals or Axsome Therapeutics?
Ionis Pharmaceuticals is the larger company: $268M of revenue in its latest quarter (Q2 2026) against $260M for Axsome Therapeutics (Q3 2026).
Is Ionis Pharmaceuticals or Axsome Therapeutics growing faster?
Axsome Therapeutics is growing faster (+52% against -41% a year earlier).
Which is more profitable, Ionis Pharmaceuticals or Axsome Therapeutics?
Axsome Therapeutics is more profitable, with an operating margin of -4.3% against -38.2%.
More: Ionis Pharmaceuticals earnings · how Ionis Pharmaceuticals makes money · Axsome Therapeutics earnings · how Axsome Therapeutics makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Jul 29, 2026; 10-Q filed Nov 2, 2026). Fiscal quarters can end on different dates. Not investment advice.