Q1 25 EPS
$-0.93
BEAT +9.86%
Est. $-1.03
Q1 25 Revenue
$132.0M
BEAT +7.75%
Est. $122.5M
vs S&P Since Q1 25
+115.9%
BEATING MARKET
IONS +144.9% vs S&P +29.0%
Market Reaction
Did IONS Beat Earnings? Q1 2025 Results
Ionis Pharmaceuticals delivered a stronger-than-expected first quarter for 2025, posting a net loss of $0.93 per share against a consensus estimate of $1.03, a 9.86% beat, while revenue of $132.00 million cleared analyst forecasts by 7.75% and grew 1… Read more Ionis Pharmaceuticals delivered a stronger-than-expected first quarter for 2025, posting a net loss of $0.93 per share against a consensus estimate of $1.03, a 9.86% beat, while revenue of $132.00 million cleared analyst forecasts by 7.75% and grew 10.5% year-over-year. The headline numbers were powered by a 28% surge in commercial revenue to $76.00 million, fueled by expanding SPINRAZA royalties of $48.00 million, growing WAINUA royalties of $9.00 million as that therapy launched internationally, and the first meaningful contributions from newly approved TRYNGOLZA. Looking ahead, the company significantly raised its full-year 2025 guidance, now targeting revenue of $725.00 million to $750.00 million, well above the prior floor of $600.00 million, buoyed by a $280.00 million upfront payment from Ono Pharmaceutical for the sapablursen licensing deal. With a PDUFA date for donidalorsen set for August 21, 2025, and Phase 3 olezarsen data expected in the third quarter, Ionis is advancing toward what management describes as sustained positive cash flow.
Key Takeaways
- • TRYNGOLZA launch generated first-ever direct product revenue of over $6 million in first full quarter
- • SPINRAZA royalty revenue increased to $48 million from $38 million year-over-year
- • WAINUA royalty revenue grew to $9 million from $1 million as global launches expanded
- • Commercial revenue increased 28% year-over-year to $76 million
- • Lower R&D expenses as several late-stage studies ended partially offset higher SG&A
IONS YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
IONS Revenue by Segment
With YoY comparisons, source: SEC Filings
“With an encouraging start to the TRYNGOLZA launch for familial chylomicronemia syndrome, the first of four independent launches expected over the next two years, Ionis' new chapter as a fully integrated, commercial-stage biotechnology company is well underway. We look forward to continued momentum this year, including our second independent launch for donidalorsen in hereditary angioedema and Phase 3 results for olezarsen for severe hypertriglyceridemia in the third quarter. We also continue to advance our next wave of wholly owned neurology medicines, including ION582 for Angelman syndrome, which is on track to start Phase 3 development shortly. Our advancing pipeline of transformational medicines, together with strong commercial and financial execution, position Ionis to deliver increasing value for all stakeholders.”
— Brett P. Monia, Q1 2025 Earnings Press Release
IONS Earnings Trends
IONS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
IONS EPS Trend
Earnings per share: estimate vs actual
IONS Revenue Trend
Quarterly revenue: estimate vs actual
IONS Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $-0.56 | — | $246.0M | +25.50% |
| Q4 25 MISS FY | $-1.33 | $-1.41 | -6.02% | $203.0M | +29.23% |
| FY Full Year | $-1.66 | $-2.38 | -42.96% | $944.0M | +5.18% |
| Q3 25 BEAT | $-1.05 | $-0.80 | +23.99% | $157.0M | +20.30% |
| Q2 25 BEAT | $0.16 | $0.70 | +326.05% | $452.0M | +51.18% |
| Q1 25 BEAT | $-1.03 | $-0.93 | +9.86% | $132.0M | +7.75% |