Friday 6 November 2026 Export IONS’s income statement to Excel — free account

Ionis Pharmaceuticals, Inc.

Ionis Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $943.7 million, up 33.8% from fiscal 2024.

Revenue: −40.7%
EPS: −188.5%
Free cash flow: +299.3%
Total debt: +116.0%

Quarter to June 2026, against a year earlier

Insider buying

39.48 0.68 +1.75%

Follow IONS

Alert me

Market cap: $6.5B
P/E: 0.0×
Fwd P/E: −12.2×
Dividend yield: —
F-score: 4/9
Altman Z: 2.12
Beneish M: −3.13
Dividend safety: n/a

Overview Business Profile Segments Valuation Filings

Ionis Pharmaceuticals, Inc. (IONS) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2019: revenue by segment, and margins
Ionis Core	859	76.49%
Akcea Therapeutics	489	43.52%
Gross margin		99.61%
Operating margin		32.59%
Pre-tax margin		30.18%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Also reported: a second breakdown of the same revenue
Collaborative Agreement Revenue	466 49.36%	333 47.17%	353 44.77%	207 35.28%	468 57.75%	365 49.99%	—	—	—	—
SPINRAZA Royalties	212 22.49%	216 30.65%	240 30.52%	242 41.25%	268 33.04%	287 39.30%	293 26.10%	238 39.68%	113 21.89%	1 0.24%
TRYNGOLZA Sales	108 11.39%	0 0.00%	0 0.00%	—	—	—	—	—	—	—
WAINUA Royalties	49 5.20%	20 2.87%	0 0.00%	0 0.00%	—	—	—	—	—	—
WAINUA Joint Development Revenue	42 4.46%	79 11.26%	126 16.05%	77 13.07%	0 0.00%	0 0.00%	—	—	—	—
Other Royalties	24 2.56%	21 2.98%	32 4.12%	—	—	—	—	—	—	—
DAWNZERA Sales	8 0.83%	0 0.00%	0 0.00%	—	—	—	—	—	—	—
Other Revenue	—	—	—	31 5.28%	19 2.36%	8 1.11%	17 1.53%	15 2.46%	7 1.45%	22 5.87%
Commercial Revenue	—	—	—	—	—	365	352	255	120	23
Other Commercial Revenue	—	—	—	61	75	—	—	—	—	—
Product Sales, Net	115	—	—	—	—	—	—	—	—	—
Research and Development Revenue	—	—	—	—	—	365	—	—	—	—
Royalty Revenue	286	257	273	—	—	—	—	—	—	—
Revenue	944	705	788	587	810	729	1,123	600	514	373

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013
Ionis Operations	944 100.00%	705 100.00%	788 100.00%	587 100.00%	—	—	—	—	—	—	—	—
Ionis Core	—	—	—	—	623 85.42%	859 76.49%	642 107.05%	525 102.14%	385 103.39%	286 100.94%	214 100.00%	150 102.16%
Akcea Therapeutics	—	—	—	—	152 20.89%	489 43.52%	65 10.82%	43 8.44%	0 0.00%	0 0.00%	0 0.00%	0 0.00%
Eliminations	—	—	—	—	(46) (6.31%)	(225) (20.01%)	(107) (17.87%)	(54) (10.58%)	(13) (3.39%)	(3) (0.94%)	—	(3) (2.16%)
Revenue	944	705	788	587	729	1,123	600	514	373	284	214	147

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013
Ionis Core	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Akcea Therapeutics	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.