Q4 25 EPS
$-1.41
MISS 6.02%
Est. $-1.33
Q4 25 Revenue
$203.0M
BEAT +29.23%
Est. $157.1M
vs S&P Since Q4 25
-12.2%
TRAILING MARKET
IONS -7.7% vs S&P +4.5%
Full Year 2025 Results
FY 25 EPS
$-2.38
MISS 42.96%
Est. $-1.66
FY 25 Revenue
$944.0M
BEAT +5.18%
Est. $897.5M
Market Reaction
Did IONS Beat Earnings? Q4 2025 Results
Ionis Pharmaceuticals delivered a mixed fourth quarter for fiscal 2025, beating revenue expectations by a wide margin while falling short on the bottom line. The Carlsbad-based RNA medicines company posted revenue of $203.00 million, clearing the $15… Read more Ionis Pharmaceuticals delivered a mixed fourth quarter for fiscal 2025, beating revenue expectations by a wide margin while falling short on the bottom line. The Carlsbad-based RNA medicines company posted revenue of $203.00 million, clearing the $157.09 million consensus estimate by 29.23%, though the result still represented a 10.4% decline year over year. On earnings, Ionis reported a GAAP diluted loss of $1.41 per share, missing the $1.33 consensus estimate by 6.02%, as operating expenses climbed to $418.00 million from $337.00 million in the prior-year period, reflecting heavy investment in its independent commercial launches. The revenue beat was powered largely by TRYNGOLZA, which generated $50.00 million in Q4 net product sales, a 56% sequential increase, while total commercial revenue reached $141.00 million, up 64% year over year. Looking ahead, Ionis guided for full-year 2026 revenue of $800.00 to $825.00 million, representing roughly 20% growth excluding the one-time sapablursen payment, with management reiterating its target to reach cash flow breakeven by 2028.
Key Takeaways
- • TRYNGOLZA net product sales of $50 million in Q4, 56% sequential increase, $108 million for full year 2025
- • Commercial revenue up 64% year over year in Q4 2025
- • DAWNZERA generating $7 million in first full quarter on market with encouraging early launch momentum
- • Royalty revenue from SPINRAZA and WAINUA contributing to commercial revenue growth
- • $280 million sapablursen upfront payment from Ono Pharmaceutical recognized in Q2 2025
IONS YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
IONS Revenue by Segment
With YoY comparisons, source: SEC Filings
“2025 was a defining year for Ionis, marked by the successful execution of our first two independent launches and multiple positive data readouts across our pipeline, positioning Ionis for continued success in 2026.”
— Brett P. Monia, Q4 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% |