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Zymeworks vs Ionis Pharmaceuticals: ZYME and IONS compared
Zymeworks is the larger company: $256M of revenue in its latest quarter (Q3 2026) against $243M for Ionis Pharmaceuticals (Q3 2026). Zymeworks is growing faster (+829% against +55% a year earlier). Zymeworks is more profitable, with an operating margin of 69.2% against -53.8%.
Where the money goes: ZYME and IONS
Zymeworks (ZYME) · Q3 2026
Zymeworks, Q3 2026: revenue $256M (+829% year over year), operating margin 69.2%, net earnings $174M, operating cash flow −$24.0M. 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.
| Zymeworks (ZYME) | Ionis Pharmaceuticals (IONS) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $256M | $243M |
| Revenue growth, Y/Y | +829% | +55% |
| Operating margin | 69.2% | -53.8% |
| Net earnings | $174M | −$110M |
| Net margin | 67.7% | -45.3% |
| Operating cash flow | −$24.0M | −$179M |
| Market value | $1.9B | $7.1B |
| Analysts’ mean target | $41.50 | $84.13 |
Where the revenue comes from
Zymeworks
- License and milestone revenue: $250M (97%)
- Royalty and other revenue: $4.9M (2%)
- Viatris collaboration agreement revenue: $1.5M (1%)
Ionis Pharmaceuticals
- Commercial Revenue: $136M (56%)
- Research and Development Revenue: $107M (44%)
Questions
Which is bigger, Zymeworks or Ionis Pharmaceuticals?
Zymeworks is the larger company: $256M of revenue in its latest quarter (Q3 2026) against $243M for Ionis Pharmaceuticals (Q3 2026).
Is Zymeworks or Ionis Pharmaceuticals growing faster?
Zymeworks is growing faster (+829% against +55% a year earlier).
Which is more profitable, Zymeworks or Ionis Pharmaceuticals?
Zymeworks is more profitable, with an operating margin of 69.2% against -53.8%.
More: Zymeworks earnings · how Zymeworks 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 9, 2026; 10-Q filed Nov 9, 2026). Fiscal quarters can end on different dates. Not investment advice.