Q2 25 EPS
$0.70
BEAT +326.05%
Est. $0.16
Q2 25 Revenue
$452.0M
BEAT +51.18%
Est. $299.0M
vs S&P Since Q2 25
+60.0%
BEATING MARKET
IONS +74.1% vs S&P +14.0%
Market Reaction
Did IONS Beat Earnings? Q2 2025 Results
Ionis Pharmaceuticals delivered a blowout second quarter, posting earnings per share of $0.70 against a consensus estimate of just $0.16, a beat of 326.05%, while revenue doubled year-over-year by 100.7% to $452.00 million, clearing Wall Street's $29… Read more Ionis Pharmaceuticals delivered a blowout second quarter, posting earnings per share of $0.70 against a consensus estimate of just $0.16, a beat of 326.05%, while revenue doubled year-over-year by 100.7% to $452.00 million, clearing Wall Street's $299.00 million forecast by 51.18%. The single biggest driver was a $280.00 million upfront licensing payment from Ono Pharmaceutical for global rights to sapablursen, which pushed collaborative agreement revenue to $337.00 million and swung GAAP operating income to $140.00 million from a $66.00 million loss a year ago. Layered on top, TRYNGOLZA generated $19.00 million in net product sales in just its second full quarter on the market, while SPINRAZA royalties contributed $54.00 million to a 43% rise in commercial revenue. Shares climbed roughly 8% in pre-market trading following the report. Buoyed by the momentum, Ionis raised its full-year 2025 revenue guidance for the second time, now targeting $825.00 million to $850.00 million, with a potential FDA decision on donidalorsen for hereditary angioedema expected August 21, 2025, representing the company's next independent commercial launch.
Key Takeaways
- • TRYNGOLZA net product sales of $19 million in Q2 2025 in its second full quarter on the market
- • Revenue doubled year-over-year driven by TRYNGOLZA launch, increased royalties, and R&D revenues
- • $280 million upfront payment from Ono Pharmaceutical for global license of sapablursen
- • Commercial revenue increased 43% year-over-year to $103 million
- • SPINRAZA global sales of $393 million generating $54 million in royalties
- • WAINUA sales of $44 million generating $10 million in royalties, up from $4 million in Q2 2024
IONS YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
IONS Revenue by Segment
With YoY comparisons, source: SEC Filings
“During the second quarter, we continued to build momentum across our business. Our strong performance included excellent commercial execution, resulting in a substantial increase in TRYNGOLZA revenues, our first independently launched medicine. We expect additional advancements in the second half, including Ionis' second independent launch with donidalorsen for hereditary angioedema, anticipated next month, and important Phase 3 results for olezarsen in severe hypertriglyceridemia and zilganersen in Alexander disease. We believe these four programs collectively represent multi-billion-dollar revenue potential and a transformational opportunity for Ionis and for patients.”
— Brett P. Monia, Q2 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% |