Ionis Pharmaceuticals, Inc. (IONS) Earnings
Ionis Pharmaceuticals, Inc. is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $-0.92. IONS has beaten EPS estimates in 9 of its last 11 reported quarters (average surprise +67.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $-0.85 | $-0.56 | +34.1% | $246M | +25.8% |
| Feb 25, 2026 | $-1.24 | $-1.41 | -14.3% | $203M | +30.1% |
| Oct 28, 2025 | — | $-0.80 | — | $157M | — |
| Jul 30, 2025 | $0.27 | $0.86 | +218.5% | $452M | +243.1% |
| Apr 30, 2025 | $-1.11 | $-0.75 | +32.4% | $132M | -12.6% |
| Feb 19, 2025 | $-1.09 | $-0.66 | +39.4% | $227M | +72.8% |
| Aug 1, 2024 | $-0.92 | $-0.45 | +51.1% | $225M | +50.1% |
| Feb 21, 2024 | $-0.83 | $-0.06 | +92.8% | $325M | +85.7% |
| Nov 2, 2023 | $-1.04 | $-1.03 | +1.0% | $144M | +8.5% |
| May 3, 2023 | $-0.91 | $-0.87 | +4.4% | $131M | -7.1% |
| Feb 22, 2023 | $-1.06 | $-0.37 | +65.1% | $152M | -5.1% |
| Nov 9, 2022 | $-0.74 | $-0.33 | +55.4% | $160M | +11.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• IONIS entered 2026 with significant momentum, with Tringolza demand accelerating, Donzera early launch metrics tracking well. • Advancing launches of Olazarsen and Zilgenersen, with Olazarsen receiving priority review by FDA and peak sales estimate increased to over $3 billion. • Partner pipeline advancing, including Peperaversin granted breakthrough therapy designation and priority review, and cardiovascular outcome trials on track. • Strong Q1 financial results with revenue growth and disciplined expense management.
Guidance
• Expect total revenue in 2026 range of $875 to $900 million, an increase of $75 million versus prior guidance. • Tringolza product sales expected between $100 and $110 million, Donzera between $110 and $120 million. • Operating expenses to increase in low teen percentage range. • Project non-GAAP operating loss between $425 and $475 million, a $75 million improvement over previous guidance. • Year-end cash balance expected greater than $1.6 billion.
Segment performance
First quarter total revenues were $246 million, an increase of 87% compared to the first quarter of 2025. Commercial revenue increased over 42% year-over-year in the first quarter, driven in large part from Tringolza and Donzera growth. Tringolza delivered over $27 million in product sales, Donzara contributed $16 million in the first quarter, an increase of 125% compared to the prior quarter.
Analyst Q&A
Q: Jessica Fee asked about increasing peak expectations for Tringolza and gross-to-nets.
A: Increase based on payer research, price, and priority review; not commenting on gross-to-nets. •
Q: Mike Holtz asked on Tringolza trajectory.
A: Strong Q1 demand, modest growth in SHTG launch with focus on high-risk patients. •
Q: Gary Nachman asked on SHTG payer access and guidelines.
A: Price change to help payer access, updated guidelines for FCS, education ongoing for less severe patient population. •
Q: Jason Garbary asked on SHTG liver fat data.
A: Minor increases in hepatic fat, no clinical sequelae, return to baseline in long-term extension, data to be presented in second half. •
Q: Ellie Merle asked on SHTG competitor data.
A: Focus on own phase III data, confident in $3 billion peak. •
Q: Jay Olson asked on Donzara competitive landscape.
A: Evolving landscape, positive patient and physician feedback, majority on four-week dosing. •
Q: Yaron Werber asked on collaborative revenues and Zilgenersen market size.
A: Collaborative revenue projections, Zilgenersen patient awareness efforts with ~300 patients in US, ~50% identified. •
Q: Luca Issi asked on Wynua quarter weakness.
A: January-February reauthorization pressure, pre-filled syringe optionality not impacting gross-to-net. •
Q: Yanan Tsu asked on FCS growth and SHTG 2027.
A: Strong FCS demand growth, SHTG launch to grow steadily with focus on high-risk patients initially. •
Q: Salveen Richter asked on Donzera quarterly dynamics.
A: Quarter-over-quarter growth from switch cadence, optimistic outlook for 2026. •
Q: Miles Minter asked on TTR cardiomyopathy market.
A: Generic entry news consistent with guidance, silencer class expected to be mechanism of choice for TTR amyloidosis.