Ionis Pharmaceuticals, Inc. (IONS) Income Statement
IONS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsIONS revenue and net income
Where IONS's revenue goes
2025Each bar shows an amount and its share of revenue. IONS kept −40.4% of revenue as net income.
IONS profit margins
IONS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +33.9% | +17.1% | +5.3% | +12.8% |
| Gross profit | +33.7% | +17.4% | +5.3% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
IONS quarterly EPS vs estimates
Ionis Pharmaceuticals beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 4, 2026 (estimate $-1.20).
IONS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $944.0M | $705.1M | $787.6M | $587.4M | $810.5M | $729.0M | $1.12B | $599.7M | $514.2M | $346.6M |
| Cost of revenue | $16.0M | $11.2M | $9.1M | $14.1M | $10.8M | $12.0M | $4.0M | $1.8M | $374.6M | $344.3M |
| Gross profit | $928.0M | $693.9M | $778.5M | $573.3M | $799.6M | $717.0M | $1.12B | $597.9M | $514.2M | $2.3M |
| Research & development | $916.0M | $901.5M | $899.6M | $833.0M | $643.0M | $535.0M | $466.0M | $414.6M | $374.6M | $344.3M |
| Sales, general & admin | $393.9M | $267.5M | $232.6M | $150.3M | $186.0M | $354.0M | $287.0M | $244.6M | $108.5M | $48.6M |
| Total operating expenses | $1.31B | $1.17B | $1.13B | $983.4M | $829.8M | $889.0M | $753.0M | $659.2M | $483.1M | $392.9M |
| Operating income | −$382.0M | −$475.1M | −$353.7M | −$410.2M | −$30.2M | −$172.0M | $366.0M | −$61.4M | $31.0M | −$46.3M |
| Interest income | — | — | — | — | — | — | $3.4M | $14.6M | $36.6M | $33.3M |
| Interest expense | $90.5M | $90.5M | $81.5M | $8.1M | $9.3M | $45.0M | $49.0M | $44.8M | $44.8M | $38.8M |
| Income before taxes | −$380.0M | −$460.1M | −$334.0M | −$258.0M | −$29.1M | −$170.0M | $347.0M | −$76.2M | −$16.8M | −$83.6M |
| Income taxes | $1.0M | −$6.2M | $32.3M | $11.7M | −$551,000 | $317.0M | $44.0M | −$291.1M | −$6.0M | $2.9M |
| Net income | −$381.0M | −$453.9M | −$366.3M | −$269.7M | −$28.6M | −$487.0M | $294.0M | $273.7M | $346,000 | −$86.6M |
| EBITDA | −$284.3M | −$353.7M | −$235.9M | −$227.8M | −$5.2M | −$154.8M | $382.0M | −$18.8M | $36.3M | −$37.3M |
| EPS (diluted) | −$1.83 | −$2.39 | −$2.00 | −$2.35 | $0.49 | −$0.36 | $2.20 | −$0.14 | −$0.04 | −$0.69 |
| Gross margin | 98.3% | 98.4% | 98.8% | 97.6% | 98.7% | 98.4% | 99.6% | 99.7% | 100.0% | 0.7% |
| Operating margin | −40.5% | −67.4% | −44.9% | −69.8% | −3.7% | −23.6% | 32.6% | −10.2% | 6.0% | −13.4% |
| Net margin | −40.4% | −64.4% | −46.5% | −45.9% | −3.5% | −66.8% | 26.2% | 45.6% | 0.1% | −25.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $267.9M | $246.1M | $203.0M | $156.7M | $452.0M | $131.6M | $226.6M | $133.8M | $225.2M | $119.5M | $119.5M | $144.2M |
| Cost of revenue | $2.7M | $3.0M | $8.0M | $2.3M | $4.2M | $1.5M | $3.8M | $1.1M | $4.2M | $2.2M | $2.2M | $2.2M |
| Gross profit | $265.2M | $243.1M | $195.0M | $154.4M | $447.9M | $130.1M | $222.7M | $132.7M | $221.1M | $117.3M | $117.3M | $142.0M |
| Research & development | $217.1M | $210.2M | $280.0M | $217.8M | $217.5M | $200.8M | $245.5M | $219.8M | $222.1M | $214.2M | $214.2M | $215.0M |
| Sales, general & admin | $150.4M | $150.4M | $130.2M | $96.8M | $90.6M | $76.3M | $88.1M | $61.6M | $65.1M | $52.6M | $53.0M | $70.0M |
| Total operating expenses | $367.5M | $360.5M | $410.0M | $314.6M | $308.1M | $277.0M | $333.6M | $281.4M | $287.2M | $266.9M | $266.9M | $285.3M |
| Operating income | −$102.3M | −$117.4M | −$215.0M | −$160.2M | $139.8M | −$146.9M | −$110.8M | −$148.7M | −$66.1M | −$149.5M | −$149.5M | −$143.3M |
| Interest income | — | — | — | — | — | — | — | — | — | $49,000 | — | — |
| Interest expense | $22.1M | $22.5M | $22.7M | $22.2M | $22.8M | $22.9M | $22.9M | $22.7M | $22.8M | $22.1M | $22.1M | $22.0M |
| Income before taxes | −$113.4M | −$92.3M | −$228.0M | −$128.4M | $123.5M | −$146.8M | −$107.0M | −$144.1M | −$66.2M | −$142.7M | −$142.7M | −$140.8M |
| Income taxes | −$1.3M | $218,000 | $1.0M | $213,000 | −$20,000 | $116,000 | −$2.7M | −$3.6M | $64,000 | $75,000 | $75,000 | $6.6M |
| Net income | −$114.6M | −$92.5M | −$229.0M | −$128.6M | $123.6M | −$146.9M | −$104.3M | −$140.5M | −$66.3M | −$142.8M | −$142.8M | −$147.4M |
| EBITDA | −$105.3M | −$68.5M | −$202.7M | −$103.3M | $150.2M | −$120.0M | −$80.5M | −$117.4M | −$37.8M | −$116.5M | −$116.5M | −$114.8M |
| EPS (diluted) | −$0.70 | −$0.30 | −$1.15 | −$0.61 | $0.85 | −$0.92 | −$0.43 | −$0.95 | −$0.24 | −$0.77 | −$0.06 | −$0.85 |
| Gross margin | 99.0% | 98.8% | 96.1% | 98.5% | 99.1% | 98.9% | 98.3% | 99.2% | 98.2% | 98.2% | 98.2% | 98.5% |
| Operating margin | −38.2% | −47.7% | −105.9% | −102.2% | 30.9% | −111.6% | −48.9% | −111.1% | −29.3% | −125.1% | −125.1% | −99.3% |
| Net margin | −42.8% | −37.6% | −112.8% | −82.1% | 27.3% | −111.6% | −46.1% | −105.0% | −29.4% | −119.5% | −119.5% | −102.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in IONS's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
IONS financial results
In fiscal year 2025 (ended December 31, 2025), Ionis Pharmaceuticals reported revenue of $944.0 million, up 33.9% from the year before. It had a net loss of $381.0 million, a net profit margin of −40.4%. Diluted earnings per share came to −$1.83. Over five years revenue grew at an average rate of 5.3% a year.
See the IONS stock overview for the latest quote and news, or the IONS chart for price history and technical indicators.
IONS income statement FAQ
What is Ionis Pharmaceuticals's annual revenue?
Ionis Pharmaceuticals reported total revenue of $944.0 million for fiscal year 2025, which ended on December 31, 2025. That was up 33.9% from $705.1 million the previous year.
Is Ionis Pharmaceuticals profitable?
No. Ionis Pharmaceuticals reported a net loss of $381.0 million in fiscal 2025, a net profit margin of −40.4%; its operating margin was −40.5%.
What is Ionis Pharmaceuticals's gross margin?
Ionis Pharmaceuticals's gross margin was 98.3% in fiscal 2025: for every $100 of revenue, Ionis Pharmaceuticals kept $98 after the direct cost of its products and services.
How much does Ionis Pharmaceuticals spend on research and development?
Ionis Pharmaceuticals spent $916.0 million on research and development in fiscal 2025, 97.0% of revenue.
How fast is Ionis Pharmaceuticals growing?
Revenue grew 5.3% a year on average over the last five fiscal years, from $729.0 million to $944.0 million.
What are Ionis Pharmaceuticals's earnings per share?
Ionis Pharmaceuticals earned $-1.83 per diluted share in fiscal 2025, compared with $-2.39 a year earlier.
When will Ionis Pharmaceuticals report its next earnings?
Ionis Pharmaceuticals is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 before the market opens.
When does Ionis Pharmaceuticals's fiscal year end?
Ionis Pharmaceuticals's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.