Ionis Pharmaceuticals, Inc.
ionis.comWhat Do They Do?
Develops RNA-targeted medicines for people with serious diseases, including neurological and cardiometabolic conditions.
10-K for FY2025, filed Feb 26, 2026
How Do They Make Money?
Research and development collaborations are the largest revenue stream (54%): partners pay for research as work progresses, licenses when delivered, and milestones when achieved. Ionis also sells medicines, earns royalties when partners sell them, and receives cost-share funding for WAINUA development.
10-K for FY2025, filed Feb 26, 2026We recognize collaborative agreement revenue in one of two ways, over time or at a point in time. We recognize revenue over time when we…View ↗
We recognize revenue from product sales when the customer obtains control of our product in the amount of the transaction price, which is…View ↗
We recognize royalty revenue in the period in which the counterparty sells the related product and recognizes the related revenue, which in…View ↗
Milestone payments: We include variable consideration in the transaction price when it is probable. We typically include milestone payments…View ↗
Our financial results for the years ended December 31, 2025 and 2024 reflected the cost-sharing provisions related to our collaboration…View ↗
-
10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service ↗
$943.7M
-
10-K for FY2025, filed Feb 26, 2026
$943.7M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product Sales, Net
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
12%
FY2022: 5.1%
|
Product Sales, Net, FY2025
$115.3M Sources
|
Sold outright |
|
Royalty Revenue
Licensed
10-K for FY2025, filed Feb 26, 2026 |
30% |
Royalty Revenue, FY2025
$285.5M Sources
|
Licensed |
|
Other Commercial Revenue
|
3.7%
FY2022: 10%
|
Other Commercial Revenue, FY2025
$35M Sources
|
|
|
Commercial Revenue
|
46%
FY2022: 52%
|
Commercial Revenue, FY2025
$435.8M Sources
|
|
|
Collaborative Agreement Revenue
Mix
10-K for FY2025, filed Feb 26, 2026 |
49%
FY2022: 35%
|
Collaborative Agreement Revenue, FY2025
$465.8M Sources
|
Mix |
|
WAINUA Joint Development Revenue
Recurring
|
4.5%
FY2022: 13%
|
WAINUA Joint Development Revenue, FY2025
$42.1M Sources
|
Recurring |
|
Research and Development Revenue
|
54%
FY2022: 48%
|
Research and Development Revenue, FY2025
$507.9M Sources
|
Who Are Their Customers?
Ionis independently commercializes TRYNGOLZA and DAWNZERA in the U.S.; partners commercialize WAINUA and SPINRAZA, while Sobi distributes TEGSEDI and WAYLIVRA in Europe.
10-K for FY2025, filed Feb 26, 2026TRYNGOLZA is approved in the United States, or U.S., as an adjunct to diet to reduce triglycerides in adults with familial chylomicronemia…View ↗
DAWNZERA is approved in the U.S. for prophylaxis to prevent attacks of hereditary angioedema, or HAE, in adult and pediatric patients 12…View ↗
WAINUA is approved in the U.S., EU, China and numerous other countries for the treatment of the polyneuropathy of hereditary…View ↗
SPINRAZA is a global market leader for the treatment of patients with spinal muscular atrophy, or SMA. Our partner, Biogen, is responsible…View ↗
TEGSEDI is approved in the EU, Canada and Brazil for the treatment of ATTRv-PN in adults. We currently sell TEGSEDI in Europe through our…View ↗
WAYLIVRA is approved in the EU and Brazil as an adjunct to diet in adult patients with genetically confirmed FCS and at high risk for…View ↗
Do Revenues Turn Into Profits?
No. It lost $381.4M in FY2025.
10-K for FY2025, filed Feb 26, 2026
−$381.7MView ↗
10-K for FY2025, filed Feb 26, 2026
−$381.4MView ↗
10-K for FY2025, filed Feb 26, 2026
−$320MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 29, 2026
−$114.6MView ↗
- ▼ Now a loss
- vs $123.6M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 29, 2026
Open tableView ↗
-
Sep 4, 2026
FDA approves zilganersen for Alexander disease
Ionis will make ZANVASTRO available in the U.S.; Recordati holds exclusive development and commercialization rights elsewhere.
Sources
8-K, filed Sep 4, 2026
On September 3, 2026, Ionis announced that the U.S. FDA has approved ZANVASTRO™ (zilganersen) for the treatment of AxD in pediatric and…View ↗
-
Jun 24, 2026
FDA approves TRYNGOLZA for severe hypertriglyceridemia
The medicine is approved to reduce triglycerides and acute pancreatitis risk in adults with severe hypertriglyceridemia.
Sources
8-K, filed Jun 24, 2026
On June 24, 2026, Ionis announced that the U.S. FDA has approved TRYNGOLZA® (olezarsen) as an adjunct to diet to reduce triglycerides and…View ↗
Growing. Revenue grew 16% in 4 years, from $810.5M in FY2021 to $943.7M in FY2025, about 4% a year.
Expanded marketed portfolio
The marketed portfolio expanded from SPINRAZA, TEGSEDI and WAYLIVRA to include TRYNGOLZA, DAWNZERA, WAINUA and QALSODY.
10-K for FY2022, filed Feb 22, 2023 10-K for FY2025, filed Feb 26, 2026We currently have three marketed medicines: SPINRAZA, TEGSEDI and WAYLIVRA. Additionally, we have two medicines that will add to our…View ↗
In the last year, we delivered on our strategy to create accelerating value for all our stakeholders. With two independent commercial…View ↗
More direct U.S. sales
The earlier report described sales through Sobi and PTC; the latest report says Ionis independently commercializes TRYNGOLZA and DAWNZERA in the U.S.
10-K for FY2022, filed Feb 22, 2023 10-K for FY2025, filed Feb 26, 2026
Who Do They Compete With?
Competes with Arrowhead Pharmaceuticals, Roche, NorthSea Therapeutics, Eli Lilly, Takeda, BioCryst, CSL Behring, Pharvaris, Intellia, Alnylam, Pfizer, BridgeBio, AstraZeneca, Novo Nordisk, Novartis, Ultragenyx, Neuren, Gilead Sciences, Arbutus Biopharma, and Replicor
10-K for FY2025, filed Feb 26, 2026Medicine Company Medicine Description(1) Phase(1) Route of Administration(1) Redemplo (Plozasiran) Arrowhead Pharmaceuticals Targets…View ↗
Loading...
