Ionis Pharmaceuticals (IONS) Q4 FY2025 earnings: revenue $203 million, down 10.3% on the year
Ionis Pharmaceuticals Inc. (IONS) reported revenue of $203 million for Q4 FY2025, the quarter ended 31 December 2025, down 10.3% on the same quarter a year earlier. Net income was -$229 million, and diluted earnings per share $-1.41. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue$203 milliondown 10.3%
Net income-$229 million
Diluted EPS$-1.41
QuarterQ4 FY2025ended 31 December 2025
The quarter, against the one before and a year earlier
| Line | Q4 FY2025 | Q3 FY2025 | Q4 FY2024 | Change on the year |
|---|---|---|---|---|
| Revenue | 203 | 157 | 227 | -10.3% |
| Cost of revenue | 8.0 | 2.3 | 3.8 | +107.8% |
| Gross profit | 195 | 154 | 223 | -12.3% |
| Gross margin | 96.1% | 98.5% | 98.3% | |
| Selling, general and administrative | 130 | 96.8 | 88.1 | +47.8% |
| Operating income | -214 | -160 | -111 | n/a |
| Operating margin | -105.5% | -102.2% | -48.9% | |
| Interest expense | 4.8 | 4.2 | 4.2 | +15.2% |
| Pre-tax income | -228 | -128 | -107 | n/a |
| Income tax | 1.5 | 0.2 | -2.7 | n/a |
| Net income | -229 | -129 | -104 | n/a |
| Net margin | -112.8% | -82.1% | -46.1% | |
| Diluted EPS | -$1.41 | -$0.80 | -$0.66 | n/a |
$ million except per share.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow and capital returned
| Line | Q4 FY2025 | Q3 FY2025 | Q4 FY2024 | Change on the year |
|---|---|---|---|---|
| Operating cash flow | -138 | -131 | -116 | n/a |
| Capital expenditure | 21.3 | 5.3 | 25.5 | -16.5% |
| Free cash flow | -159 | -137 | -142 | n/a |
| Free cash flow margin | -78.2% | -87.2% | -62.5% | |
| Cash from investing | -420 | 91.3 | 68.2 | n/a |
| Cash from financing | 591 | 81.2 | -44.1 | n/a |
| Depreciation and amortisation | 3.9 | 2.9 | 2.7 | +44.4% |
| Share-based compensation | 43.3 | 31.1 | 36.1 | +19.8% |
| Diluted shares, weighted | n/a | 160m | n/a | n/a |
| Shares outstanding at period end | 163m | 161m | 158m | +3.4% |
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet at quarter end
| Line | Q4 FY2025 | Q3 FY2025 | Q4 FY2024 | Change on the year |
|---|---|---|---|---|
| Shareholders' equity | 489 | 618 | 588 | -16.9% |
| Debt | 1,812 | 1,198 | 1,253 | +44.6% |
| Operating lease liabilities | 262 | 263 | 162 | +62.2% |
| Other liabilities | 960 | 954 | 1,000 | -4.0% |
| Total liabilities and equity | 3,524 | 3,033 | 3,004 | +17.3% |
| Fixed assets | 123 | 106 | 94.3 | +30.6% |
| Investments | 3,079 | 2,603 | 2,708 | +13.7% |
| Cash and equivalents | 372 | 338 | 242 | +53.8% |
| Inventory | 10.0 | 10.5 | 12.5 | -19.7% |
| Total assets | 3,524 | 3,033 | 3,004 | +17.3% |
Questions
What was Ionis Pharmaceuticals' revenue in Q4 FY2025?
Ionis Pharmaceuticals (IONS) reported revenue of $203 million for Q4 FY2025, the quarter ended 31 December 2025, down 10.3% on the same quarter a year earlier.
How much did Ionis Pharmaceuticals earn in Q4 FY2025?
Net loss for Q4 FY2025 was $229 million, and the diluted loss per share $1.41.
When did Ionis Pharmaceuticals report Q4 FY2025 results?
Ionis Pharmaceuticals filed its 10-K for the quarter ended 31 December 2025 with the SEC on 26 February 2026.
Quarterly results, the last 20 quarters
| Q3 FY2021 | Q4 FY2021 | Q1 FY2022 | Q2 FY2022 | Q3 FY2022 | Q4 FY2022 | Q1 FY2023 | Q2 FY2023 | Q3 FY2023 | Q4 FY2023 | Q1 FY2024 | Q2 FY2024 | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 133 | 440 | 142 | 134 | 160 | 152 | 131 | 188 | 144 | 325 | 119 | 225 | 134 | 227 | 132 | 452 | 157 | 203 | 246 | 268 |
| Cost of revenue | 3.1 | 2.2 | 4.2 | 4.7 | 1.5 | 3.7 | 1.3 | 2.5 | 2.2 | 3.1 | 2.2 | 4.2 | 1.1 | 3.8 | 1.5 | 4.2 | 2.3 | 8.0 | 3.0 | 2.7 |
| Gross profit | 130 | 438 | 138 | 129 | 158 | 148 | 129 | 186 | 142 | 321 | 117 | 221 | 133 | 223 | 130 | 448 | 154 | 195 | 243 | 265 |
| Gross margin | 98% | 99% | 97% | 96% | 99% | 98% | 99% | 99% | 98% | 99% | 98% | 98% | 99% | 98% | 99% | 99% | 99% | 96% | 99% | 99% |
| SG&A | 31.1 | 37.6 | 34.1 | 33.8 | 34.4 | 48.0 | 45.5 | 46.1 | 70.0 | 71.0 | 52.6 | 65.1 | 61.6 | 88.1 | 76.2 | 90.6 | 96.8 | 130 | 150 | 150 |
| Operating income | -85.8 | 221 | -57.5 | -85.5 | -59.2 | -208 | -114 | -90.2 | -143 | -6.1 | -150 | -66.1 | -149 | -111 | -147 | 140 | -160 | -214 | -117 | -102 |
| Operating margin | -65% | 50% | -41% | -64% | -37% | -137% | -87% | -48% | -99% | -2% | -125% | -29% | -111% | -49% | -112% | 31% | -102% | -105% | -48% | -38% |
| Interest expense | 2.3 | 2.2 | 2.1 | 2.1 | 2.1 | 1.7 | 1.6 | 2.3 | 4.2 | 4.6 | 4.2 | 4.5 | 4.2 | 4.2 | 4.1 | 4.1 | 4.2 | 4.8 | 5.2 | 4.6 |
| Pre-tax income | -83.8 | 225 | -64.1 | -103 | -46.7 | -44.3 | -113 | -77.4 | -141 | -2.8 | -143 | -66.2 | -144 | -107 | -147 | 124 | -128 | -228 | -92.3 | -113 |
| Tax rate | n/a | 0% | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | -0% | n/a | n/a | n/a | n/a |
| Net income | -82.5 | 225 | -65.2 | -105 | -47.0 | -52.4 | -124 | -85.3 | -147 | -9.3 | -143 | -66.3 | -140 | -104 | -147 | 124 | -129 | -229 | -92.5 | -115 |
| Net margin | -62% | 51% | -46% | -79% | -29% | -35% | -95% | -45% | -102% | -3% | -120% | -29% | -105% | -46% | -112% | 27% | -82% | -113% | -38% | -43% |
| Diluted EPS | -$0.58 | $1.41 | -$0.46 | -$0.74 | -$0.33 | -$0.37 | -$0.87 | -$0.60 | -$1.03 | -$0.06 | -$0.98 | -$0.45 | -$0.95 | -$0.66 | -$0.93 | $0.70 | -$0.80 | -$1.41 | -$0.56 | -$0.69 |
| Operating cash flow | -55.6 | 204 | -31.6 | -18.1 | -24.4 | -200 | -134 | -97.4 | -109 | 32.9 | -150 | -120 | -115 | -116 | -151 | 151 | -131 | -138 | -793 | 566 |
| Capital expenditure | 3.3 | 2.5 | 2.7 | 3.3 | 5.5 | 4.1 | 10.5 | 12.0 | 2.1 | n/a | 4.5 | 6.2 | 9.1 | 25.5 | 12.6 | 12.3 | 5.3 | 21.3 | 21.8 | 16.1 |
| Free cash flow | -58.9 | 201 | -34.4 | -21.4 | -30.0 | -204 | -144 | -109 | -111 | n/a | -154 | -126 | -124 | -142 | -163 | 139 | -137 | -159 | -815 | 549 |
| Buybacks | 0.0 | 0.0 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | 141m | 141m | 142m | 142m | 142m | 142m | 143m | 143m | 143m | 144m | 146m | 146m | 158m | 158m | 159m | 159m | 161m | 163m | 166m | 166m |
| Filing | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q |
Each quarter as filed, linked to its filing.
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Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.10-K for the period ended 31 December 2025, filed 26 February 2026: the filing.