Q3 25 EPS
$-0.80
BEAT +23.99%
Est. $-1.05
Q3 25 Revenue
$157.0M
BEAT +20.30%
Est. $130.5M
vs S&P Since Q3 25
-3.0%
TRAILING MARKET
IONS +1.8% vs S&P +4.8%
Market Reaction
Did IONS Beat Earnings? Q3 2025 Results
Ionis Pharmaceuticals delivered a convincing double beat in Q3 2025, with the RNA medicines specialist reporting a net loss of $0.80 per share against a consensus estimate of $1.05, a 23.99% positive surprise, while revenue of $157.00 million topped … Read more Ionis Pharmaceuticals delivered a convincing double beat in Q3 2025, with the RNA medicines specialist reporting a net loss of $0.80 per share against a consensus estimate of $1.05, a 23.99% positive surprise, while revenue of $157.00 million topped expectations by 20.30% and climbed 17.3% year-over-year. The standout driver was TRYNGOLZA, the company's recently launched cardiovascular drug, which generated $32.00 million in net product sales during the quarter, a nearly 70% jump over the prior quarter, helping push commercial revenue up 53% year-over-year to $116.00 million. CEO Brett Monia characterized the period as a "watershed moment," a descriptor the numbers broadly support. Royalties from SPINRAZA and WAINUA contributed an additional $76.00 million, further reinforcing the revenue mix. Management responded to the momentum by raising full-year 2025 revenue guidance to $875.00 million to $900.00 million, up from the prior range of $825.00 million to $850.00 million, and now targets cash flow breakeven by 2028 as its commercial portfolio continues scaling.
Key Takeaways
- • TRYNGOLZA net product sales grew nearly 70% quarter-over-quarter to $32 million in its third full quarter on market
- • Commercial revenue increased 53% year-over-year driven by TRYNGOLZA sales and higher royalty revenue
- • Total revenue increased 17% year-over-year
- • DAWNZERA approved by FDA in August 2025 with U.S. launch underway and off to encouraging start
- • TRYNGOLZA approved in the EU for FCS with Sobi anticipating Q4 2025 launch
IONS YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
IONS Revenue by Segment
With YoY comparisons, source: SEC Filings
“The third quarter was a watershed moment for Ionis, as we made important progress advancing our Ionis-owned medicines. With two independent launches now underway, and two more anticipated in 2026, we are delivering on our goal to bring a steady cadence of new medicines to people in need.”
— Brett P. Monia, Q3 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% |