Ionis reported Q4 FY2025 total revenue of USD 203 million and an operating loss of USD 215 million, with a net loss of USD 229 million (USD 1.41 per share). Operating expenses were USD 418 million in Q4. For FY2025, Ionis posted total revenue of USD 944 million, operating expenses of USD 1,326 million and an operating loss of USD 382 million; net loss was USD 381 million (USD 2.38 per share). The company ended 2025 with cash, cash equivalents and short-term investments of USD 2.7 billion. Commercial revenue in Q4 was USD 141 million (+64.0%), including net product sales of USD 57 million (TRYNGOLZA USD 50 million; DAWNZERA USD 7 million) and royalty revenue of USD 76 million. FY2025 commercial revenue was USD 436 million (+49.0%), including net product sales of USD 116 million (TRYNGOLZA USD 108 million; DAWNZERA USD 8 million) and royalty revenue of USD 285 million. Ionis said FY2025 revenue exceeded expectations, supported by commercial performance and R&D revenue including a USD 280 million upfront payment from a global license of sapablursen to Ono. Business updates included TRYNGOLZA generating USD 108 million in FY2025 net product sales in its first year of launch and being launched in the EU for genetically confirmed familial chylomicronemia syndrome. Ionis said olezarsen severe hypertriglyceridemia launch preparations are on track, with an sNDA submitted in the U.S. DAWNZERA generated USD 7 million in Q4 net product sales in its first full quarter on the market and was approved and launched in the EU in January. Ionis also said it submitted an NDA for zilganersen in Alexander disease, with a U.S. approval decision anticipated in H2 2026, and noted positive Phase 3 data for partnered bepirovirsen in chronic hepatitis B, with global regulatory filings planned beginning in Q1 2026. For FY2026, Ionis guided for revenue of USD 800 million to USD 825 million and a non-GAAP operating loss of USD 500 million to USD 550 million, with cash, cash equivalents and short-term investments expected to be about USD 1.6 billion.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Ionis Pharmaceuticals Inc. published the original content used to generate this news brief via Business Wire (Ref. ID: 202602250700BIZWIRE_USPR_____20260225_BW250070) on February 25, 2026, and is solely responsible for the information contained therein.