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Dec 31, 2025
Ionis Q4 2025 Earnings Report
Ionis reported higher fourth quarter 2025 revenue driven by growing commercial product sales, while operating losses widened due to increased launch investments.
Key Takeaways
In Q4 2025, Ionis generated total revenue of 203000000, including 57000000 in net product sales and 76000000 in royalty revenue, while reporting a GAAP net loss of 229000000 and a non-GAAP net loss of 186000000 amid continued investment in commercial launches.
Total revenue was 203000000, compared with 227000000 in Q4 2024, reflecting growth in commercial revenue.
Net product sales were 57000000, driven by TRYNGOLZA and DAWNZERA launches.
Royalty revenue totaled 76000000, including 54000000 from SPINRAZA and 16000000 from WAINUA.
GAAP net loss was 229000000, with non-GAAP net loss of 186000000 due to higher operating expenses.
Revenue by Segment
Forward Guidance
For full year 2026, Ionis expects revenue of 800000000 to 825000000 and non-GAAP operating loss of 500000000 to 550000000, with cash, cash equivalents and short-term investments of approximately 1600000000.
Positive Outlook
- Revenue guidance of 800000000 to 825000000 for 2026.
- Expectation of approximately 20% year-over-year revenue growth in 2026.
- Multiple anticipated product launches in 2026.
- Growing product revenue contribution from independent launches.
- Strong year-end cash and short-term investments balance.
Challenges Ahead
- Projected non-GAAP operating loss of 500000000 to 550000000 in 2026.
- Continued investment in go-to-market activities expected to keep expenses elevated.
- GAAP net loss of 229000000 in Q4 2025.
- Non-GAAP net loss of 186000000 in Q4 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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