IONIS PHARMACEUTICALS INCIONSEarnings & Financial Report
Ionis Pharmaceuticals, Inc. is a biotechnology company that specializes in discovering and developing antisense therapy, as well as RNA interference and CRISPR therapeutics. The company was founded in 1989 is based in Carlsbad, California. The company was previously known as Isis Pharmaceuticals until December 2015.
IONS Q4 FY2025 Key Financial Metrics
Revenue
$203.3M
Gross Profit
$195.4M
Operating Profit
$-214.5M
Net Profit
$-229.4M
Gross Margin
96.1%
Operating Margin
-105.5%
Net Margin
-112.8%
YoY Growth
-10.3%
EPS
$-1.35
IONIS PHARMACEUTICALS INC Q4 FY2025 Financial Summary
IONIS PHARMACEUTICALS INC reported revenue of $203.3M (down 10.3% YoY) for Q4 FY2025, with a net profit of $-229.4M (down 119.8% YoY) (-112.8% margin). Cost of goods sold was $8.0M, operating expenses totaled $409.8M.
Key Financial Metrics
| Total Revenue | $203.3M |
|---|---|
| Net Profit | $-229.4M |
| Gross Margin | 96.1% |
| Operating Margin | -105.5% |
| Report Period | Q4 FY2025 |
Revenue Breakdown
IONIS PHARMACEUTICALS INC Q4 FY2025 revenue of $203.3M breaks down across 7 segments, led by Products at $58.0M (28.5% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Products | $58.0M | 28.5% |
| Spinraza Royalties | $54.0M | 26.6% |
| Collaborative Agreement Revenue | $52.4M | 25.8% |
| Wainus Royalties | $16.0M | 7.9% |
| Wainua Joint Development Revenue | $9.6M | 4.7% |
| Other Commercial | $7.6M | 3.8% |
| Other Royalties | $5.7M | 2.8% |
IONIS PHARMACEUTICALS INC Revenue by Segment — Quarterly Trend
IONIS PHARMACEUTICALS INC revenue by segment across the last 4 reported quarters, showing how each business line (such as Products and Spinraza Royalties) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Products | $58.0M | — | — | — |
| Spinraza Royalties | $54.0M | $55.9M | — | $48.0M |
| Collaborative Agreement Revenue | $52.4M | — | — | $45.0M |
| Wainus Royalties | $16.0M | $13.3M | $10.4M | $9.4M |
| Wainua Joint Development Revenue | $9.6M | $9.7M | $12.4M | $10.4M |
IONIS PHARMACEUTICALS INC Annual Revenue by Year
IONIS PHARMACEUTICALS INC annual revenue history includes year-by-year totals (for example, 2025 revenue was $943.7M).
IONIS PHARMACEUTICALS INC Quarterly Revenue & Net Profit History
IONIS PHARMACEUTICALS INC results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $203.3M | -10.3% | $-229.4M | -112.8% |
| Q3 FY2025 | $156.7M | +17.1% | $-128.6M | -82.1% |
| Q2 FY2025 | $452.0M | +100.7% | $123.6M | 27.3% |
| Q1 FY2025 | $131.6M | +10.1% | $-146.9M | -111.6% |
| Q4 FY2024 | $226.6M | -30.2% | $-104.3M | -46.1% |
| Q3 FY2024 | $133.8M | -7.2% | $-140.5M | -105.0% |
| Q2 FY2024 | $225.3M | +19.6% | $-66.3M | -29.4% |
| Q1 FY2024 | $119.5M | -8.4% | $-142.8M | -119.5% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $119.5M | $225.3M | $133.8M | $226.6M | $131.6M | $452.0M | $156.7M | $203.3M |
| YoY Growth | -8.4% | 19.6% | -7.2% | -30.2% | 10.1% | 100.7% | 17.1% | -10.3% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $2.76B | $2.69B | $3.08B | $3.00B | $2.81B | $2.99B | $3.03B | $3.52B |
| Liabilities | $2.47B | $2.43B | $2.42B | $2.42B | $2.34B | $2.35B | $2.42B | $3.03B |
| Equity | $296.5M | $263.7M | $662.5M | $588.4M | $475.7M | $631.7M | $618.0M | $489.1M |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $-149.9M | $-119.9M | $-115.0M | $-116.1M | $-150.8M | $151.3M | $-131.4M | $-137.7M |