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Jun 30, 2025
Ionis Q2 2025 Earnings Report
Ionis posted a strong Q2 2025 with doubled revenue and returned to profitability driven by successful launches and licensing income.
Key Takeaways
Ionis delivered strong financial results in Q2 2025, doubling revenue year-over-year and achieving $124 million in net income. Results were boosted by TRYNGOLZA product sales and a $280 million licensing payment. Non-GAAP income from operations reached $170 million, showing efficient operational execution.
Revenue by Segment
Forward Guidance
Ionis raised full-year 2025 guidance, reflecting confidence in continued growth through product launches, royalty revenue, and strong execution.
Positive Outlook
- Raised full-year 2025 revenue guidance to $825–850M
- Expecting U.S. approval and launch of donidalorsen in August
- TRYNGOLZA net sales guidance set at $75–80M
- $280M licensing milestone from sapablursen recognized
- Cash and short-term investments remain strong at $2.3B
Challenges Ahead
- Increased SG&A from launch-related investments
- Modest year-over-year increase in total operating expenses
- R&D expense decline due to conclusion of late-stage studies
- Working capital impacted by reclassification of convertible notes
Historical Earnings Impact
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Avg. Return Before/After Earnings
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