Ionis Pharmaceuticals reported fourth‑quarter and full‑year 2025 results on February 25, 2026, with total revenue of $944 million, up 34% from $705 million in 2024. Net product sales of TRYNGOLZA rose to $108 million, a 70% increase from the $32 million recorded in the third quarter. Commercial revenue for the year grew 49% to $436 million, driven by the launch of TRYNGOLZA and continued royalty income from SPINRAZA and WAINUA.
The company’s commercial mix shifted as TRYNGOLZA accounted for a larger share of revenue, while royalties from partnered programs remained steady. Commercial revenue for the fourth quarter increased 64% to $141 million, reflecting strong demand for the new therapy and robust sales of existing products. The remaining $508 million of revenue came from R&D collaborations and other sources, including a $30 million upfront payment from Ono Pharmaceutical.
Earnings per share for the quarter were –$1.41, missing the consensus estimate of –$1.33 by $0.08. The miss was largely due to higher operating expenses associated with scaling the commercial launch of TRYNGOLZA and increased marketing and distribution costs, which outweighed the revenue gains from the new product. Despite the EPS shortfall, the company beat revenue expectations, reporting $203 million in Q4 revenue versus the consensus estimate of $154.71 million.
Management raised its 2026 revenue guidance to $800 million–$825 million, a 20% increase over 2025, and reaffirmed its target of cash‑flow breakeven by 2028. The guidance reflects confidence in continued growth from the commercial portfolio and pipeline progress, including two additional independent launches planned for 2026: olezarsen for severe hypertriglyceridemia and zilganersen for Alexander disease.
"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," said CEO Brett P. Monia. "Our 2025 results highlight the successful execution of our commercial strategy and the strength of our diversified revenue streams." CFO Elizabeth L. Hougen added, "We are on track to achieve cash flow breakeven by 2028, driven by disciplined financial management and strategic investments. In 2026, we will continue to invest in go‑to‑market activities to support our ongoing and upcoming independent launches. We anticipate growth in product revenues, together with additional royalties, to position Ionis to achieve cash flow breakeven in 2028 and generate substantial and sustainable positive cash flow for years to come." Monia also noted, "This year, we are poised for two additional independent launches of groundbreaking therapies – olezarsen for severe hypertriglyceridemia, our first launch in a broad patient population, and zilganersen for Alexander disease, our first launch from our leading neurology pipeline."
Investors focused on the EPS miss despite the revenue beat, weighing the impact of higher commercial launch costs against the strong demand for TRYNGOLZA and the company's confidence in its 2026 guidance and cash‑flow breakeven target.
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