IONS Nasdaq Russell 1000 Earnings call
Ionis Pharmaceuticals (IONS) · Q2 2026 results
Share price: $28.33 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 29 Jul 2026 and 29 Apr 2026
Net loss widened on the previous quarter. Management sounded cautious, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Loss widened
Net income vs Q1 2026
Outlook given
Net income -114.6M vs -92.5M
Revenue +8.9%
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
New
Both 50-milligram and 80-milligram doses were in the channel within one week of approval.
Valuation
Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
Valuation unavailable: free cash flow and profit were negative in the last full year and on average over the last three, so there is nothing to discount.
Current price
$28.33
close of 2026-11-11
Revenue growth, 3 years
+17.1% a year
compound annual rate (CAGR)
Free cash flow 2023
−$0.3B
Free cash flow 2024
−$0.5B
Free cash flow 2025
−$0.3B
Read between the lines
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Guidance
Revenue outlook reflects expected payments from existing collaborations and potential milestones for partnered programs.
Source quote
“Additionally, we anticipate meaningful R&D revenue from existing collaborations, including the potential for additional milestones tied to Bepirovirsen, Pelacarsen and other partnered programs as they advance.”
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Guidance
Research and development spending is expected to stay flat as late-stage studies conclude and resources shift to earlier, wholly owned programs.
Source quote
“We project R&D expenses to remain consistent with last year as several of our late-stage studies conclude and we redeploy resources to earlier-stage programs within our wholly owned...”
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Guidance
Early sHTG launch momentum means TRYNGOLZA is on track to meet the company's full year 2026 revenue guidance.
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Fading
Outside the U.S., DAWNZERA received European approval earlier this year and Ionis Pharmaceuticals' partner Otsuka has now initiated launch activities across…
Source quote
“Outside the U.S., DAWNZERA received European approval earlier this year and our partner Otsuka has now initiated launch activities across... We're very encouraged by the strong early trajectory and the breadth of prescribers across patient segments. Together, Tryngolza and DAWNZERA give us a strong foundation of a successful commercial execution as we look ahead to 2 additional independent launches this year with more to come.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“And that's consistent with how HCPs are using standard of care today and doing everything they can to try to get triglycerides lowered below 500 and get these patients out...”
“As the first-to-market therapy with a novel mechanism proven to reduce the risk of painful, costly and potentially fatal acute pancreatitis attacks, TRYNGOLZA is well positioned to serve patients across...”
“So the majority of these patients are on background standard care therapy, and they are adding TRYNGOLZA to those patients in order to get the benefit of up to 72%...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 267.9M | 246.1M | +8.9% | 452.0M | −40.7% |
| Gross profit | 265.2M | 243.1M | +9.1% | 447.9M | −40.8% |
| Operating income | -102.3M | -117.4M | Loss narrowed | 139.8M | Turned loss |
| Net income | -114.6M | -92.5M | Loss widened | 123.6M | Turned loss |
| EPS | -0.69 | -0.56 | Loss widened | 0.70 | Turned loss |
| P/E | 12-mo loss | 12-mo loss | — | 12-mo loss | — |
Topics
Most discussed now
- Ionis Pharmaceuticals remains on track to deliver on its 2026 financial guidance and achieve its goal of cash flow breakeven in...
- This is a key indicator that DAWNZERA is providing substantial benefit for patients and HCPs are having a positive experience...
- New While his leadership helped create this new sector for human therapeutics, some of his greatest contributions were in the field...
- Ionis Pharmaceuticals expects DAWNZERA to continue driving growth as it becomes more established in the HAE prophylactic treatment…
- Second quarter product sales reflected the reduced TRYNGOLZA wholesale acquisition cost that went into effect on April 1.
Faded since Q1 2026
- Dropped The news that has been emerging this past week or so on genericizing tafamidis versus brand pricing is not come...
- Fading Demand continues to grow, reflecting both a compelling clinical profile and strong launch execution by Ionis Pharmaceuticals' team.
- Fading Ionis Pharmaceuticals has got to get those patients into those centers in order to get the prescriptions and then...
- Fading Ionis Pharmaceuticals also continues to advance its launch of DAWNZERA.
Latest announcements
Official filings, newest first.
- Regulation FD disclosure; Other events · SEC 8-K
- Regulation FD disclosure; Other events · SEC 8-K
- Regulation FD disclosure; Other events · SEC 8-K
- Results of operations · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure; Other events · SEC 8-K
- Regulation FD disclosure; Other events · SEC 8-K
- Other events · SEC 8-K