Ionis reports third quarter 2025 financial results and highlights progress on key programs
CARLSBAD, Calif.--( BUSINESS WIRE)--Ionis Pharmaceuticals, Inc. (Nasdaq: IONS) (the “Company”) today reported financial results and provided key updates for the third quarter ended September 30, 2025.
"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,” said Brett P. Monia, Ph.D., chief executive officer of Ionis. “Last month, we announced groundbreaking, positive topline Phase 3 results for olezarsen in severe hypertriglyceridemia and for zilganersen in Alexander disease, with regulatory filings planned in the coming months. Our approved and late-stage portfolio continues to deliver — positioning Ionis for substantial growth while, most importantly, offering the opportunity to profoundly improve the lives of people with serious diseases."
Third Quarter 2025 Summary Financial Results (1):
Three months ended
Nine months ended
September 30,
September 30,
2025
2024
2025
2024
(amounts in millions)
Total revenue
$
157
$
134
$
740
$
479
Operating expenses
$
317
$
282
$
907
$
843
Operating expenses on a non-GAAP basis
$
286
$
250
$
816
$
749
Loss from operations
($
160
)
($
148
)
($
167
)
($
364
)
Loss from operations on a non-GAAP basis
($
129
)
($
116
)
($
76
)
($
270
)
(1)
Reconciliation of GAAP to non-GAAP basis contained later in this release.
Recent Financial Highlights
Full Year 2025 Guidance
Previous
Guidance
New
Guidance
Total Revenue
$825-850 million
$875-900 million
TRYNGOLZA product sales, net
$75-80 million
$85-95 million
Operating loss on a non-GAAP basis
$300-325 million
$275-300 million
Cash, cash equivalents and short-term investments
~$2.0 billion
>$2.1 billion
Third Quarter 2025 Financial Results
"In the third quarter of 2025, we delivered strong revenue performance, highlighted by TRYNGOLZA’s nearly 70% increase over the prior quarter. As a result of this strength and our fourth quarter outlook, we are increasing our financial guidance again for 2025," said Elizabeth L. Hougen, chief financial officer of Ionis. "Looking ahead, we expect the 2026 independent launches of olezarsen in severe hypertriglyceridemia and zilganersen in Alexander disease to further strengthen our commercial portfolio. We anticipate that growth in our product revenues coupled with additional partner revenues will position Ionis to achieve cash flow breakeven in 2028 and generate substantial and sustainable positive cash flow for years to come."
Recent Highlights - Wholly Owned Medicines
Recent Highlights – Partnered Medicines
Revenue
Ionis’ revenue was comprised of the following:
Three months ended
Nine months ended
September 30,
September 30,
2025
2024
2025
2024
Revenue:
(amounts in millions)
Commercial revenue:
Product sales, net:
TRYNGOLZA sales, net
$
32
$
-
$
57
$
-
Total product sales, net
32
-
57
-
Royalty revenue:
SPINRAZA royalties
56
57
158
152
WAINUA royalties
13
5
33
10
Other royalties
7
5
19
18
Total royalty revenue
76
67
210
180
Other commercial revenue
8
9
27
27
Total commercial revenue
116
76
294
207
Research and development revenue:
Collaborative agreement revenue
31
45
414
237
WAINUA joint development revenue
10
13
32
35
Total research and development revenue
41
58
446
272
Total revenue
$
157
$
134
$
740
$
479
Commercial revenue for the third quarter and the nine months ended September 30, 2025, increased 53% and 42%, respectively, compared to the same periods in 2024. This increase was primarily driven by TRYNGOLZA product sales. Higher royalty revenue also contributed to the year over year increase.
The remainder of the Company’s revenue came from programs under its R&D collaborations, including a $280 million upfront payment for the global license of sapablursen to Ono Pharmaceutical Co., Ltd. in the second quarter of 2025, reflecting the value that Ionis’ pipeline and technology continues to generate.
Operating Expenses
SG&A expenses increased as anticipated for the third quarter and the nine months ended September 30, 2025, compared to the same periods in 2024, primarily due to the launches of TRYNGOLZA, DAWNZERA and WAINUA. This increase was partially offset by a decrease in R&D expenses as several late-stage studies ended. Overall, this led to a modest year-over-year increase in total operating expenses, which was in line with expectations.
Balance Sheet
As of September 30, 2025, Ionis’ cash, cash equivalents and short-term investments were $2.2 billion, compared to $2.3 billion on December 31, 2024. Ionis’ working capital decreased over the same period primarily due to the reclassification of the Company’s 0% convertible notes as a current liability.
Webcast and Other Updates
Management will host a conference call and webcast to discuss Ionis’ third quarter 2025 results at 11:30 a.m. Eastern time on Wednesday, October 29, 2025. Interested parties may access the webcast here. A webcast replay will be available for a limited time at the same address. To access the Company’s third quarter 2025 earnings slides click here.
Ionis’ Marketed Medicines
INDICATION for TRYNGOLZA ® (olezarsen)
TRYNGOLZA ® (olezarsen) was approved by the U.S. Food and Drug Administration as an adjunct to diet to reduce triglycerides in adults with familial chylomicronemia syndrome (FCS).
IMPORTANT SAFETY INFORMATION
CONTRAINDICATIONS
TRYNGOLZA is contraindicated in patients with a history of serious hypersensitivity to TRYNGOLZA or any of the excipients in TRYNGOLZA. Hypersensitivity reactions requiring medical treatment have occurred.
WARNINGS AND PRECAUTIONS
Hypersensitivity Reactions
Hypersensitivity reactions (including symptoms of bronchospasm, diffuse erythema, facial swelling, urticaria, chills and myalgias) have been reported in patients treated with TRYNGOLZA. Advise patients on the signs and symptoms of hypersensitivity reactions and instruct patients to promptly seek medical attention and discontinue use of TRYNGOLZA if hypersensitivity reactions occur.
ADVERSE REACTIONS
The most common adverse reactions (incidence >5% of TRYNGOLZA-treated patients and >3% higher frequency than placebo) were injection site reactions, decreased platelet count and arthralgia.
Please see full Prescribing Information for TRYNGOLZA.
INDICATION for DAWNZERA TM (donidalorsen)
DAWNZERA™ (donidalorsen) was approved by the U.S. Food and Drug Administration for prophylaxis to prevent attacks of hereditary angioedema (HAE) in adult and pediatric patients 12 years of age and older.
IMPORTANT SAFETY INFORMATION
CONTRAINDICATIONS
DAWNZERA is contraindicated in patients with a history of serious hypersensitivity reactions, including anaphylaxis, to donidalorsen or any of the excipients in DAWNZERA.
WARNINGS AND PRECAUTIONS
Hypersensitivity Reactions
Hypersensitivity reactions, including anaphylaxis, have been reported in patients treated with DAWNZERA. If signs and symptoms of serious hypersensitivity reactions occur, discontinue DAWNZERA and institute appropriate therapy.
ADVERSE REACTIONS
Most common adverse reactions (incidence ≥ 5%) are injection site reactions, upper respiratory tract infection, urinary tract infection, and abdominal discomfort.
Please see full Prescribing Information for DAWNZERA.
INDICATION for WAINUA ® (eplontersen)
WAINUA injection, for subcutaneous use, 45 mg is indicated for the treatment of the polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults.
IMPORTANT SAFETY INFORMATION for WAINUA ® (eplontersen)
WARNINGS AND PRECAUTIONS
Reduced Serum Vitamin A Levels and Recommended Supplementation WAINUA leads to a decrease in serum vitamin A levels. Supplement with recommended daily allowance of vitamin A. Refer patient to an ophthalmologist if ocular symptoms suggestive of vitamin A deficiency occur.
ADVERSE REACTIONS
Most common adverse reactions (≥9% in WAINUA-treated patients) were vitamin A decreased (15%) and vomiting (9%).
Please see link to U.S. Full Prescribing Information for WAINUA.
For more information about SPINRAZA and QALSODY, visit https://www.spinraza.com/ and https://www.qalsody.com/, respectively. QALSODY is approved under accelerated approval based on reduction in plasma neurofilament light chain (NfL) observed in patients treated with QALSODY. Continued approval may be contingent upon verification of clinical benefit in confirmatory trial(s).
About Ionis Pharmaceuticals, Inc.
For three decades, Ionis has invented medicines that bring better futures to people with serious diseases. Ionis currently has marketed medicines and a leading pipeline in neurology, cardiometabolic disease and select areas of high patient need. As the pioneer in RNA-targeted medicines, Ionis continues to drive innovation in RNA therapies in addition to advancing new approaches in gene editing. A deep understanding of disease biology and industry-leading technology propels our work, coupled with a passion and urgency to deliver life-changing advances for patients. To learn more about Ionis, visit Ionis.com and follow us on X (Twitter), LinkedIn and Instagram.
Ionis’ Forward-looking Statement
This press release includes forward-looking statements regarding Ionis’ business, financial guidance and the therapeutic and commercial potential of our commercial medicines, additional medicines in development, technologies and our expectations regarding development and regulatory milestones. Any statement describing Ionis’ goals, expectations, financial or other projections, intentions or beliefs is a forward-looking statement and should be considered an at-risk statement. Such statements are subject to certain risks and uncertainties including those inherent in the process of discovering, developing and commercializing medicines that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such medicines. Ionis’ forward-looking statements also involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although Ionis’ forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by Ionis. Except as required by law, we undertake no obligation to update any forward-looking statements for any reason. As a result, you are cautioned not to rely on these forward-looking statements. These and other risks concerning Ionis' programs are described in additional detail in Ionis' annual report on Form 10-K for the year ended December 31, 2024, and most recent Form 10-Q, which are on file with the Securities and Exchange Commission. Copies of these and other documents are available from the Company.
In this press release, unless the context requires otherwise, “Ionis,” “Company,” “we,” “our” and “us” all refer to Ionis Pharmaceuticals and its subsidiaries.
IONIS ® is a registered trademark of Ionis Pharmaceuticals, Inc. TRYNGOLZA ® is a registered trademark of Ionis Pharmaceuticals, Inc. DAWNZERA TM is a trademark of Ionis Pharmaceuticals, Inc. AKCEA TM is a trademark of Akcea Therapeutics, Inc. TEGSEDI TM is a trademark of Akcea Therapeutics, Inc. WAYLIVRA TM is a trademark of Akcea Therapeutics, Inc. SPINRAZA ® and QALSODY ® are registered trademarks of Biogen. WAINUA ® is a registered trademark of the AstraZeneca group of companies.
IONIS PHARMACEUTICALS, INC.
SELECTED FINANCIAL INFORMATION
Condensed Consolidated Statements of Operations
(In Millions, Except Per Share Data)
Three months ended
Nine months ended
September 30,
September 30,
2025
2024
2025
2024
(unaudited)
Revenue:
Commercial revenue:
Product sales, net
$
32
$
-
$
57
$
-
Royalty revenue
76
67
210
180
Other commercial revenue
8
9
27
27
Total commercial revenue
116
76
294
207
Research and development revenue:
Collaborative agreement revenue
31
45
414
237
WAINUA joint development revenue
10
13
32
35
Total research and development revenue
41
58
446
272
Total revenue
157
134
740
479
Expenses:
Cost of sales
2
1
8
7
Research, development and patent
218
220
636
656
Selling, general and administrative
97
61
263
180
Total operating expenses
317
282
907
843
Loss from operations
(160
)
(148
)
(167
)
(364
)
Other income (expense):
Interest expense related to the sale of future royalties
(18
)
(19
)
(55
)
(55
)
Other income, net
49
23
70
66
Loss before income tax benefit
(129
)
(144
)
(152
)
(353
)
Income tax benefit
-
4
-
3
Net loss
($
129
)
($
140
)
($
152
)
($
350
)
Basic and diluted net loss per share
($
0.80
)
($
0.95
)
($
0.95
)
($
2.38
)
Shares used in computing basic and diluted net loss per share
160
149
159
147
IONIS PHARMACEUTICALS, INC.
Reconciliation of GAAP to Non-GAAP Basis:
Condensed Consolidated Operating Expenses, Loss From Operations, and Net Loss
(In Millions)
Three months ended
September 30,
Nine months ended
September 30,
2025
2024
2025
2024
(unaudited)
As reported research, development and patent expenses according to GAAP
$
218
$
220
$
636
$
656
Excluding compensation expense related to equity awards
(21
)
(22
)
(61
)
(67
)
Non-GAAP research, development and patent expenses
$
197
$
198
$
575
$
589
As reported selling, general and administrative expenses according to GAAP
$
97
$
61
$
263
$
180
Excluding compensation expense related to equity awards
(10
)
(10
)
(29
)
(26
)
Non-GAAP selling, general and administrative expenses
$
87
$
51
$
234
$
154
As reported operating expenses according to GAAP
$
317
$
282
$
907
$
843
Excluding compensation expense related to equity awards
(31
)
(32
)
(91
)
(94
)
Non-GAAP operating expenses
$
286
$
250
$
816
$
749
As reported loss from operations according to GAAP
($
160
)
($
148
)
($
167
)
($
364
)
Excluding compensation expense related to equity awards
(31
)
(32
)
(91
)
(94
)
Non-GAAP loss from operations
($
129
)
($
116
)
($
76
)
($
270
)
As reported net loss according to GAAP
($
129
)
($
140
)
($
152
)
($
350
)
Excluding compensation expense related to equity awards and related tax effects
(31
)
(32
)
(91
)
(94
)
Non-GAAP net loss
($
98
)
($
108
)
($
61
)
($
256
)
Reconciliation of GAAP to Non-GAAP Basis
As illustrated in the Selected Financial Information in this press release, non-GAAP operating expenses, non-GAAP loss from operations, and non-GAAP net loss were adjusted from GAAP to exclude compensation expense related to equity awards and the related tax effects. Compensation expense related to equity awards are non-cash. These measures are provided as supplementary information and are not a substitute for financial measures calculated in accordance with GAAP. Ionis reports these non-GAAP results to better enable financial statement users to assess and compare its historical performance and project its future operating results and cash flows. Further, the presentation of Ionis’ non-GAAP results is consistent with how Ionis’ management internally evaluates the performance of its operations.
IONIS PHARMACEUTICALS, INC.
Condensed Consolidated Balance Sheets
(In Millions)
September 30,
December 31,
2025
2024
(unaudited)
Assets:
Cash, cash equivalents and short-term investments
$
2,240
$
2,298
Contracts receivable
25
92
Other current assets
254
230
Property, plant and equipment, net
106
94
Right-of-use assets
242
162
Other assets
166
127
Total assets
$
3,033
$
3,003
Liabilities and stockholders’ equity:
Current portion of deferred contract revenue
$
77
$
79
0% convertible senior notes, net – current
631
-
Other current liabilities
195
229
1.75% convertible senior notes, net
567
565
0% convertible senior notes, net
-
629
Liability related to sale of future royalties, net
545
542
Long-term lease liabilities
263
162
Long-term obligations, less current portion
29
52
Long-term deferred contract revenue
108
157
Total stockholders’ equity
618
588
Total liabilities and stockholders’ equity
$
3,033
$
3,003
Key 2025 and 2026 Value Driving Events (1)
New Product Launches
Program
Indication
2025
2026
DAWNZERA (U.S.)
HAE
Achieved
TRYNGOLZA (U.S.)
FCS
Achieved
WAINZUA (EU)
ATTRv-PN
Achieved
Olezarsen (U.S.)
sHTG
•
Zilganersen (U.S.)
Alexander disease
•
Regulatory Actions
Program
Indication
Regulatory Action
2025
2026
Donidalorsen
HAE
U.S. approval decision
Achieved
EU approval decision
•
TRYNGOLZA
FCS
EU approval decision
Achieved
Olezarsen
sHTG
U.S. submission
•
U.S. approval decision
•
Zilganersen
Alexander disease
U.S. submission
•
U.S. approval decision
•
Nusinersen
(higher dose)
SMA
U.S. and EU submissions
Achieved
U.S. approval decision
Refiling process
on track
WAINZUA
ATTRv-PN
EU approval decision
Achieved
Pelacarsen
Lp(a)- CVD
U.S. submission
•
Bepirovirsen
HBV
Regulatory submission(s)
•
Regulatory decision(s)
•
Key Phase 3 Clinical Events
Program
Indication
Event
2025
2026
Olezarsen
sHTG
CORE, CORE2 data
Achieved
Essence data
Achieved
Zilganersen
Alexander disease
Phase 3 data
Achieved
ION582
Angelman syndrome
Phase 3 study start
Achieved
Phase 3 enrollment completion
•
Pelacarsen
Lp(a)-CVD
Lp(a) HORIZON data
•
Bepirovirsen
HBV
B-Well data
•
Eplontersen
ATTR-CM
CARDIO-TTRansform data
•
Sefaxersen
IgAN
IMAGINATION data
•
Ulefnersen
FUS-ALS
FUSION data
•
Timing expectations based on current assumptions and subject to change.
Indicates that the milestone is anticipated in the respective year.