Skip to content
Optionomics
Get started

IONS earnings analysis

10-Q · Filed November 9, 2026 · Our reading of the company's report

The latest report

Ionis delivered strong year-over-year revenue growth to $242.7 million and narrowed its diluted EPS loss to $(0.66), supported by DAWNZERA launches, higher SPINRAZA royalties and collaboration payments. However, revenue…

Read full summary

Ionis delivered strong year-over-year revenue growth to $242.7 million and narrowed its diluted EPS loss to $(0.66), supported by DAWNZERA launches, higher SPINRAZA royalties and collaboration payments. However, revenue declined sequentially from $268.0 million, operating margin worsened to approximately negative 53.9% from negative 38.2%, and commercialization investment is pushing expenses higher. Liquidity remains substantial at $1.9 billion, but launch execution, payer pressure, pipeline setbacks and SPINRAZA patent litigation keep the overall outlook balanced.

Read the original on SEC.gov

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $1 Operating expenses $153 Left as operating profit $-54

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

Where revenue came from

The business segments reported by the company.

Commercial revenue 42.4% Research and development revenue 33.1% SPINRAZA royalties 21.6% TRYNGOLZA product sales 2.9%

Shares of the segments disclosed in this filing, largest first.

Reported figures

Earnings per share
$-0.66

What stood out

  • Revenue surged year over year

    Revenue was $242.7 million, up $86.0 million, or 54.9%, from $156.7 million a year ago, but down $25.3 million, or 9.4%, from $268.0 million in the prior quarter. Commercial revenue increased 18% year over year to $136.2 million, led by DAWNZERA sales of $36.8 million versus $0.7 million.

  • Operating loss improved year over year

    Gross margin was approximately 98.6%, versus 98.5% a year ago and 99.0% in the prior quarter, based on $3.3 million of cost of sales on $242.7 million of revenue. Operating margin improved to approximately negative 53.9% from negative 102.2% a year ago, although it deteriorated from negative 38.2% in the prior quarter.

  • EPS loss narrowed modestly

    Diluted EPS improved to $(0.66) from $(0.80) a year ago and $(0.69) in the prior quarter. Net loss narrowed to $110.0 million from $128.6 million year over year, while total operating expenses increased to $373.4 million from $316.9 million.

  • Collaboration revenue supported results

    R&D revenue was $106.5 million, up from $41.1 million a year ago, driven by multiple collaboration-related payments. Nine-month R&D revenue was $394.1 million versus $445.9 million, reflecting the prior-year $280.0 million sapablursen upfront payment.

  • Late-stage development costs declined

    Development spending excluding equity compensation declined to $101.3 million from $120.8 million year over year as several late-stage studies ended. Eplontersen spending declined to $13.3 million from $19.1 million and olezarsen spending declined to $10.6 million from $25.6 million.

  • Liquidity remains substantial

    Ionis had $1.9 billion of cash, cash equivalents and short-term investments as of September 30, 2026. Management stated these resources and planned future cash were sufficient for planned operations and contractual obligations totaling $1.8329 billion, including $770.0 million of 0% Notes due 2030.

What to watch

  • Independent launch costs are rising

    The filing newly emphasizes the execution risk of independently commercializing three medicines—TRYNGOLZA, DAWNZERA and ZANVASTRO—while SG&A excluding equity compensation increased to $135.4 million from $86.6 million year over year. Management expects operating expenses excluding equity compensation to continue increasing during the remainder of 2026.

  • Market access may constrain launches

    TRYNGOLZA’s sHTG launch may ramp more gradually than originally expected because it is creating a new market and prescriptions frequently require a medical exemption. The filing also reports increased payer price pressure for DAWNZERA in the competitive HAE market, while TRYNGOLZA sales were only $9.3 million in the quarter versus $31.8 million a year ago.

  • Pipeline and royalty risks increased

    Recent partnered-program setbacks increase pipeline and collaboration risk: the eplontersen CARDIO-TTRansform Phase 3 trial missed its composite endpoint through Week 140, while the pelacarsen Phase 3 Lp(a)HORIZON study failed its primary cardiovascular-event endpoint. In addition, a generic SPINRAZA ANDA litigation matter was filed on June 22, 2026, creating risk to the $69.4 million of quarterly SPINRAZA royalty revenue.

Management's outlook

The 10-Q does not provide explicit numeric revenue or EPS guidance. Management expects operating expenses excluding equity-award compensation to continue increasing during the remainder of 2026 and expects SG&A to increase as it continues investing in independent commercial launches.

Earlier filings 1

10-Q · April 29, 2026

Ionis Pharmaceuticals reported solid Q1 2026 results with revenue of $246 million, surpassing expectations by $51 million. However, EPS showed a larger loss than projected at -$1.16, compared to an expectation of -$0.80.

Smart money in IONS

Totals from the last full session. Insider and politician figures cover 90 days.

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.

See every IONS trade live.

The free pages stop at the last full session. Trader shows every trade as it prints.

Start tracking No card needed.