Inferra AI / Company / IONS

Ionis Pharmaceuticals Inc.

IONS · Health Care

Last earnings Jul 29, 2026

Key results

Revenuequarter

$54 million

revenue of $54 million and $212 million in the fourth quarter and the year ended December 31, 2025, respectively o High dose approved and launched in the EU

SEC original ↗Ionis Pharmaceuticals Inc. — Earnings release (8-K exhibit)EX-99Feb 25, 2026

Revenuefull-year

$212 million

revenue of $54 million and $212 million in the fourth quarter and the year ended December 31, 2025, respectively o High dose approved and launched in the EU

SEC original ↗Ionis Pharmaceuticals Inc. — Earnings release (8-K exhibit)EX-99Feb 25, 2026

revenue of $16 million and $49 million in the fourth quarter and the year ended December 31, 2025, respectively o Launches underway in numerous regions, including the EU

SEC original ↗Ionis Pharmaceuticals Inc. — Earnings release (8-K exhibit)EX-99Feb 25, 2026

AI analysis

Q2 2025 · reported Feb 25, 2026

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Revenue · Q2 2025

$54M

Full year: $212 million

EX-99 · Feb 25, 2026

The quarter in charts

Guidance ladder — revenue

Delivered vs the company's guided range

Q2 2025 delivered$54M

Guided range (company-stated)$2.7B · midpoint $2.7B

0$B

EX-99 · Feb 25, 2026 Guide as stated by the company; range and midpoint computed from the stated figure.

Headline figures

Metric	Q2 2025	Prior qtr	Year ago
Revenue	$54 million	—	—

EX-99 · Feb 25, 2026

Guidance · company-stated

Direction: Raised

Revenue$2.7 billion

“in the second quarter of 2025 Operating expenses for the year ended December 31, 2025 were in line with expectations and increased year over year from investments related to commercialization efforts for TRYNGOLZA, DAWNZERA and WAINUA Cash and short-term investments of $2.7 billion as of December 31, 2025, included refinancing proceeds Ionis plans to use to repay its 2026 Convertible Notes Fourth Quarter and Full Year 2025 Financial Results In 2025 we exceeded our revenue guidance, driven by growing commercial revenue from our independent launches and substantial R&D revenue from continued pipeline success, said Elizabeth L.”

Midpoint vs latest-quarter revenue+4900.0%computed from stated figures

Classified from the release's primary full-year outlook statement.

Next earningsNo verified date on fileNo date is estimated or imported

Capital allocation

Balance Sheet As of December 31, 2025, Ionis cash, cash equivalents and short-term investments increased to $2.7 billion, compared to $2.3 billion on December 31, 2024, primarily due to the refinancing proceeds Ionis received from its convertible debt issuance in the fourth quarter, which Ionis plans to use to repay its 2026 Convertible Notes.

Common stock from the following would have had an anti-dilutive effect on net loss per share: 1.75 percent convertible senior notes due 2028, or 1.75 % Notes due 2028; 0 percent convertible senior notes due 2026, or 0 % Notes due 2026; Note hedges related to the 0 % Notes due 2026; Warrants related to the 0 % Notes due 2026; Dilutive stock options; Unvested restricted stock units, or RSUs; Unvested performance restricted stock units, or PRSUs; and Employee Stock Purchase Plan, or ESPP.

What changed vs last quarter

Guide midpoint vs latest-quarter revenue +4900.0% computed from stated figures

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

Ionis Pharmaceuticals Inc. Q2 2025 — revenue of $54 million and $212 million in the fourth quarter and the year ended December 31, 2025, respectively o High dose approved and launched in the EU

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Guidance & outlook

Direction: Raised

Revenue: “in the second quarter of 2025 Operating expenses for the year ended December 31, 2025 were in line with expectations and increased year over year from investments related to commercialization efforts for TRYNGOLZA, DAWNZERA and WAINUA Cash and short-term investments of $2.7 billion as of December 31, 2025, included refinancing proceeds Ionis plans to use to repay its 2026 Convertible Notes Fourth Quarter and Full Year 2025 Financial Results In 2025 we exceeded our revenue guidance, driven by growing commercial revenue from our independent launches and substantial R&D revenue from continued pipeline success, said Elizabeth L.”

Revenue — Raised (“increased”)
“in the second quarter of 2025 Operating expenses for the year ended December 31, 2025 were in line with expectations and increased year over year from investments related to commercialization efforts for TRYNGOLZA, DAWNZERA and WAINUA Cash and short-term investments of $2.7 billion as of December 31, 2025, included refinancing proceeds Ionis plans to use to repay its 2026 Convertible Notes Fourth Quarter and Full Year 2025 Financial Results In 2025 we exceeded our revenue guidance, driven by growing commercial revenue from our independent launches and substantial R&D revenue from continued pipeline success, said Elizabeth L.”

Classified from the release's primary full-year outlook statement.