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IONIS PHARMACEUTICALS INC（IONS）与OCTAVE SPECIALTY GROUP INC（OSG）财务数据对比。点击上方公司名可切换其他公司
IONIS PHARMACEUTICALS INC的季度营收约是OCTAVE SPECIALTY GROUP INC的2.0倍（$203.3M vs $104.2M），OCTAVE SPECIALTY GROUP INC净利率更高（-6.6% vs -112.8%，领先106.2%），OCTAVE SPECIALTY GROUP INC同比增速更快（66.0% vs -10.3%），过去两年OCTAVE SPECIALTY GROUP INC的营收复合增速更高（42.9% vs 30.4%）
IONIS制药是1989年成立的生物科技企业，总部位于美国加利福尼亚州卡尔斯巴德，专注于反义疗法、RNA干扰及CRISPR疗法的研发，2015年12月前曾以Isis制药的名称运营。
奥克塔夫专业集团是一家专业保险控股企业，主营定制化财产与意外伤害保险产品，核心业务聚焦超额剩余保险领域，为北美地区的商业及个人客户提供定制化风险保障解决方案。
IONS vs OSG — 直观对比
营收规模更大
IONS
是对方的2.0倍
$104.2M
营收增速更快
OSG
高出76.3%
-10.3%
净利率更高
OSG
高出106.2%
-112.8%
两年增速更快
OSG
近两年复合增速
30.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $203.3M | $104.2M |
| 净利润 | $-229.4M | $-6.9M |
| 毛利率 | 96.1% | — |
| 营业利润率 | -105.5% | — |
| 净利率 | -112.8% | -6.6% |
| 营收同比 | -10.3% | 66.0% |
| 净利润同比 | -119.8% | — |
| 每股收益（稀释后） | $-1.35 | $-0.13 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收IONSOSG
| Q1 26 | — | $104.2M | ||
| Q4 25 | $203.3M | $66.9M | ||
| Q3 25 | $156.7M | $66.6M | ||
| Q2 25 | $452.0M | $55.0M | ||
| Q1 25 | $131.6M | $62.8M | ||
| Q4 24 | $226.6M | $65.2M | ||
| Q3 24 | $133.8M | $70.0M | ||
| Q2 24 | $225.3M | $51.0M |
净利润IONSOSG
| Q1 26 | — | $-6.9M | ||
| Q4 25 | $-229.4M | $-29.7M | ||
| Q3 25 | $-128.6M | $-112.6M | ||
| Q2 25 | $123.6M | $-72.7M | ||
| Q1 25 | $-146.9M | $-44.7M | ||
| Q4 24 | $-104.3M | $-20.9M | ||
| Q3 24 | $-140.5M | $-27.5M | ||
| Q2 24 | $-66.3M | $-750.0K |
毛利率IONSOSG
| Q1 26 | — | — | ||
| Q4 25 | 96.1% | — | ||
| Q3 25 | 98.5% | — | ||
| Q2 25 | 99.1% | — | ||
| Q1 25 | 98.9% | — | ||
| Q4 24 | 98.3% | — | ||
| Q3 24 | 99.2% | — | ||
| Q2 24 | 98.2% | — |
营业利润率IONSOSG
| Q1 26 | — | — | ||
| Q4 25 | -105.5% | -76.7% | ||
| Q3 25 | -102.2% | -48.2% | ||
| Q2 25 | 30.9% | -41.8% | ||
| Q1 25 | -111.6% | -24.1% | ||
| Q4 24 | -48.9% | -55.5% | ||
| Q3 24 | -111.1% | -29.7% | ||
| Q2 24 | -29.3% | -28.9% |
净利率IONSOSG
| Q1 26 | — | -6.6% | ||
| Q4 25 | -112.8% | -73.8% | ||
| Q3 25 | -82.1% | -169.1% | ||
| Q2 25 | 27.3% | -132.3% | ||
| Q1 25 | -111.6% | -71.3% | ||
| Q4 24 | -46.1% | -55.1% | ||
| Q3 24 | -105.0% | -39.3% | ||
| Q2 24 | -29.4% | -1.5% |
每股收益（稀释后）IONSOSG
| Q1 26 | — | $-0.13 | ||
| Q4 25 | $-1.35 | $-0.82 | ||
| Q3 25 | $-0.80 | $-2.35 | ||
| Q2 25 | $0.70 | $-1.54 | ||
| Q1 25 | $-0.93 | $-1.22 | ||
| Q4 24 | $-0.66 | $-11.75 | ||
| Q3 24 | $-0.95 | $-0.63 | ||
| Q2 24 | $-0.45 | $-0.02 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $2.7B | — |
| 总债务越低越好 | $1.8B | $117.1M |
| 股东权益账面价值 | $489.1M | $833.6M |
| 总资产 | $3.5B | $2.3B |
| 负债/权益比越低杠杆越低 | 3.71× | 0.14× |
8季度趋势，按日历期对齐
现金及短期投资IONSOSG
| Q1 26 | — | — | ||
| Q4 25 | $2.7B | $146.4M | ||
| Q3 25 | $2.2B | $27.5M | ||
| Q2 25 | $2.3B | $22.5M | ||
| Q1 25 | $2.1B | $34.1M | ||
| Q4 24 | $2.3B | $157.2M | ||
| Q3 24 | $2.5B | $40.8M | ||
| Q2 24 | $2.1B | $14.6M |
总债务IONSOSG
| Q1 26 | — | $117.1M | ||
| Q4 25 | $1.8B | $117.6M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.3B | $0 | ||
| Q3 24 | — | $518.0M | ||
| Q2 24 | — | $515.0M |
股东权益IONSOSG
| Q1 26 | — | $833.6M | ||
| Q4 25 | $489.1M | $715.8M | ||
| Q3 25 | $618.0M | $843.4M | ||
| Q2 25 | $631.7M | $859.8M | ||
| Q1 25 | $475.7M | $852.2M | ||
| Q4 24 | $588.4M | $798.4M | ||
| Q3 24 | $662.5M | $1.5B | ||
| Q2 24 | $263.7M | $1.4B |
总资产IONSOSG
| Q1 26 | — | $2.3B | ||
| Q4 25 | $3.5B | $2.2B | ||
| Q3 25 | $3.0B | $2.1B | ||
| Q2 25 | $3.0B | $8.5B | ||
| Q1 25 | $2.8B | $8.3B | ||
| Q4 24 | $3.0B | $8.1B | ||
| Q3 24 | $3.1B | $9.3B | ||
| Q2 24 | $2.7B | $8.2B |
负债/权益比IONSOSG
| Q1 26 | — | 0.14× | ||
| Q4 25 | 3.71× | 0.16× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.13× | 0.00× | ||
| Q3 24 | — | 0.35× | ||
| Q2 24 | — | 0.38× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-137.7M | — |
| 自由现金流经营现金流 - 资本支出 | $-159.0M | — |
| 自由现金流率自由现金流/营收 | -78.2% | — |
| 资本支出强度资本支出/营收 | 10.5% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-320.0M | — |
8季度趋势，按日历期对齐
经营现金流IONSOSG
| Q1 26 | — | — | ||
| Q4 25 | $-137.7M | $-52.3M | ||
| Q3 25 | $-131.4M | $-41.2M | ||
| Q2 25 | $151.3M | $2.1M | ||
| Q1 25 | $-150.8M | $-12.6M | ||
| Q4 24 | $-116.1M | $762.0K | ||
| Q3 24 | $-115.0M | $48.9M | ||
| Q2 24 | $-119.9M | $20.4M |
自由现金流IONSOSG
| Q1 26 | — | — | ||
| Q4 25 | $-159.0M | — | ||
| Q3 25 | $-136.7M | — | ||
| Q2 25 | $139.0M | — | ||
| Q1 25 | $-163.4M | — | ||
| Q4 24 | $-141.6M | — | ||
| Q3 24 | $-124.0M | — | ||
| Q2 24 | $-126.1M | — |
自由现金流率IONSOSG
| Q1 26 | — | — | ||
| Q4 25 | -78.2% | — | ||
| Q3 25 | -87.2% | — | ||
| Q2 25 | 30.8% | — | ||
| Q1 25 | -124.1% | — | ||
| Q4 24 | -62.5% | — | ||
| Q3 24 | -92.7% | — | ||
| Q2 24 | -56.0% | — |
资本支出强度IONSOSG
| Q1 26 | — | — | ||
| Q4 25 | 10.5% | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 2.7% | — | ||
| Q1 25 | 9.6% | — | ||
| Q4 24 | 11.3% | — | ||
| Q3 24 | 6.8% | — | ||
| Q2 24 | 2.8% | — |
现金转化率IONSOSG
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.22× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
IONS
| Products | $58.0M | 29% |
| Spinraza Royalties | $54.0M | 27% |
| Collaborative Agreement Revenue | $52.4M | 26% |
| Wainus Royalties | $16.0M | 8% |
| Wainua Joint Development Revenue | $9.6M | 5% |
| Other Commercial | $7.6M | 4% |
| Other Royalties | $5.7M | 3% |
OSG
| Commissions | $68.2M | 65% |
| Other | $20.6M | 20% |
| Servicing and other fees | $9.4M | 9% |
| Program fees | $3.6M | 3% |
| Investment income | $2.4M | 2% |
