Ionis Pharmaceuticals (NASDAQ:IONS) Posts Quarterly Earnings Results, Misses Expectations By $0.18 EPS

Ionis Pharmaceuticals (NASDAQ:IONS) posted its earnings results on Wednesday. The company reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.23) by ($0.18), FiscalAI reports. Ionis Pharmaceuticals had a negative return on equity of 44.26% and a negative net margin of 26.45%.The firm had revenue of $203.00 million during the quarter, compared to analysts’ expectations of $156.07 million. During the same quarter in the prior year, the firm posted ($0.66) earnings per share. Ionis Pharmaceuticals’s quarterly revenue was down 10.6% on a year-over-year basis.

Here are the key takeaways from Ionis Pharmaceuticals’ conference call:

• Ionis reported strong commercial momentum with TRYNGOLZA generating $108M in 2025 (Q4 $50M) and DAWNZERA showing early adoption and a free-trial program with 100% conversion to paid therapy.
• Olezarsen delivered pivotal Phase 3 results (up to 72% placebo‑adjusted TG reductions and an 85% reduction in adjudicated acute pancreatitis), has an sNDA submitted with breakthrough designation, and the company says it is launch-ready pending regulatory acceptance.
• Financially, Ionis grew revenue 34% to $944M in 2025 (commercial $436M), provided 2026 revenue guidance of $800–$825M on a like‑for‑like basis, expects year‑end cash/investments of ~ $1.6B, and remains on track for cash‑flow breakeven by 2028.
• The partnered pipeline is catalyst‑rich: GSK’s Bepirovirsen reported positive Phase 3 HBV results and Novartis’s Pelacarsen (HORIZON) and other partner Phase 3 readouts are expected mid‑year and into H2 2026, which could drive future royalties and milestones.
• Guidance conservatively assumes a standard FDA review for Olezarsen (not priority), expects TRYNGOLZA revenues to decline ahead of the broader sHTG launch, and notes ongoing payer/pricing and competitive dynamics that could pressure near‑term revenue and access.

Ionis Pharmaceuticals Trading Down 2.8%

Ionis Pharmaceuticals stock traded down $2.42 during mid-day trading on Wednesday, hitting $83.03. The company’s stock had a trading volume of 448,629 shares, compared to its average volume of 2,161,436. The company has a debt-to-equity ratio of 0.96, a quick ratio of 2.78 and a current ratio of 2.79. The company has a 50 day moving average of $81.17 and a 200-day moving average of $71.50. Ionis Pharmaceuticals has a one year low of $23.95 and a one year high of $86.74. The stock has a market cap of $13.45 billion, a PE ratio of -49.32 and a beta of 0.29.

Analyst Ratings Changes

Several brokerages have recently issued reports on IONS. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ionis Pharmaceuticals in a report on Thursday, January 22nd. HC Wainwright upped their price target on shares of Ionis Pharmaceuticals from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Monday, November 10th. Piper Sandler increased their price objective on shares of Ionis Pharmaceuticals from $77.00 to $87.00 and gave the company an “overweight” rating in a research report on Friday, February 6th. Royal Bank Of Canada boosted their target price on shares of Ionis Pharmaceuticals from $82.00 to $95.00 and gave the stock an “outperform” rating in a report on Wednesday, December 17th. Finally, Wells Fargo & Company upped their target price on shares of Ionis Pharmaceuticals from $82.00 to $100.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $86.95.

Insider Activity

In other news, EVP C Frank Bennett sold 85,089 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $82.93, for a total value of $7,056,430.77. Following the transaction, the executive vice president directly owned 80,293 shares in the company, valued at approximately $6,658,698.49. This represents a 51.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Eric Swayze sold 15,642 shares of the firm’s stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $81.76, for a total transaction of $1,278,889.92. Following the completion of the transaction, the executive vice president directly owned 32,105 shares in the company, valued at $2,624,904.80. This represents a 32.76% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 464,579 shares of company stock valued at $37,630,193. Insiders own 2.71% of the company’s stock.

Institutional Trading of Ionis Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of IONS. Brown Brothers Harriman & Co. purchased a new stake in shares of Ionis Pharmaceuticals in the fourth quarter valued at approximately $27,000. Quarry LP bought a new stake in Ionis Pharmaceuticals during the 3rd quarter valued at $38,000. Johnson Financial Group Inc. purchased a new stake in shares of Ionis Pharmaceuticals in the 3rd quarter worth $44,000. Los Angeles Capital Management LLC bought a new position in shares of Ionis Pharmaceuticals during the 4th quarter worth $52,000. Finally, Summit Securities Group LLC bought a new position in shares of Ionis Pharmaceuticals during the 4th quarter worth $59,000. Institutional investors own 93.86% of the company’s stock.

Ionis Pharmaceuticals Company Profile

Ionis Pharmaceuticals, Inc is a biotechnology company focused on the discovery and development of RNA-targeted therapies designed to modulate gene expression. The company’s proprietary antisense oligonucleotide (ASO) technology enables the selective binding of short synthetic strands of nucleic acids to messenger RNA (mRNA), thereby inhibiting or altering the production of disease-causing proteins. Ionis’ pipeline spans a range of therapeutic areas, including neurological disorders, cardiovascular conditions, metabolic diseases and rare genetic disorders.

Since its founding in 1989 by Dr.