IONS Q4 2025 Earnings — Ionis Pharmaceuticals, Inc. Revenue & Financial Results | Market Cap Arena

IONSIonis Pharmaceuticals, Inc.

$13B

Q4 2025 Earnings

Healthcare Biotechnology

Income Statement

Revenue

$203M-10.4% YoY

Gross Profit

$195M96.1% margin

Operating Income

-$215M-105.9% margin

Net Income

-$229M-112.8% margin

EPS (Diluted)

$-1.41

QoQ Revenue Growth

+29.5%

Cash Flow

Operating Cash Flow

-$138M

Free Cash Flow

-$159M

Stock-Based Comp.

$0

Balance Sheet

Total Assets

$3.5B

Total Liabilities

$3.0B

Stockholders' Equity

$489M

Cash & Equivalents

$372M

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$203M	$227M	-10.4%
Gross Profit	$195M	$223M	-12.5%
Operating Income	-$215M	-$111M	-94.0%
Net Income	-$229M	-$104M	-119.5%

Revenue Segments

Commercial Member

$217M61%

Royalty

$76M21%

Product

$64M18%