---
title: "Ionis Pharma | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 268 M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/294200517.md"
datetime: "2026-07-29T11:32:43.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/294200517.md)
  - [en](https://longbridge.com/en/news/294200517.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/294200517.md)
generator: "portal-rs"
---

# Ionis Pharma | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 268 M

Revenue: As of FY2026 Q2, the actual value is USD 268 M, beating the estimate of USD 190.09 M.

EPS: As of FY2026 Q2, the actual value is USD -0.69, beating the estimate of USD -1.0746.

EBIT: As of FY2026 Q2, the actual value is USD -96 M.

#### Financial Performance Highlights

##### Total Revenue

For the second quarter ended June 30, 2026, total revenue was $268 million, compared to $452 million for the same period in 2025. For the six months ended June 30, 2026, total revenue was $514 million, compared to $584 million for the same period in 2025. Commercial revenue for the second quarter and first half of 2026 increased by 15% and 27% respectively, compared to the same periods in 2025, primarily driven by DAWNZERA product sales. Research and development revenue was also higher in the second quarter and first half of 2026 compared to the same periods in 2025, driven by multiple payments for programs advancing under R&D collaborations, excluding a one-time $280 million upfront payment in Q2 2025.

##### Segment Revenue

-   **Product Sales, Net:**
    -   TRYNGOLZA sales, net: $5 million for Q2 2026 and $32 million for H1 2026.
    -   DAWNZERA sales, net: $26 million for Q2 2026 and $42 million for H1 2026.
-   **Royalty Revenue:**
    -   SPINRAZA royalties: $53 million for Q2 2026 and $97 million for H1 2026.
    -   WAINUA royalties: $16 million for Q2 2026 and $27 million for H1 2026.
    -   Total royalty revenue: $76 million for Q2 2026 and $134 million for H1 2026.
-   **Research and Development Revenue:**
    -   Collaborative agreement revenue: $133 million for Q2 2026 and $254 million for H1 2026.
    -   WAINUA joint development revenue: $16 million for Q2 2026 and $34 million for H1 2026.
    -   Total research and development revenue: $149 million for Q2 2026 and $288 million for H1 2026.

##### Operating Expenses

GAAP operating expenses were $370 million for Q2 2026 and $734 million for H1 2026. Non-GAAP operating expenses were $325 million for Q2 2026 and $645 million for H1 2026. Operating expenses increased year-over-year primarily due to investments in commercialization efforts for TRYNGOLZA and DAWNZERA, and launch preparations for zilganersen.

##### Operating Income (Loss)

GAAP income (loss) from operations was - $102 million for Q2 2026 and - $220 million for H1 2026. Non-GAAP income (loss) from operations was - $57 million for Q2 2026 and - $131 million for H1 2026.

##### Net Income (Loss)

GAAP net income (loss) was - $115 million for Q2 2026 and - $207 million for H1 2026. Non-GAAP net income (loss) was - $70 million for Q2 2026 and - $118 million for H1 2026.

##### Cash and Investments

Ionis Pharmaceuticals, Inc. ended Q2 2026 with cash, cash equivalents, and short-term investments of $2.1 billion, a decrease from $2.7 billion on December 31, 2025, primarily due to the repayment of 0% convertible notes.

#### Outlook / Guidance

Ionis Pharmaceuticals, Inc. is on track to achieve its 2026 financial guidance and expects to reach cash flow breakeven in 2028. The company anticipates multiple important milestones in the second half of 2026, including potential approval and launch of zilganersen, results from the pelacarsen Lp(a) HORIZON trial, and the global launch of bepirovirsen. TRYNGOLZA is projected to achieve full-year 2026 product sales of $100-110 million, and DAWNZERA is expected to reach $110-120 million in full-year 2026 product sales.

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**