Here's What Key Metrics Tell Us About Ionis Pharmaceuticals (IONS) Q2 Earnings

Core Insights - Ionis Pharmaceuticals reported $452 million in revenue for Q2 2025, marking a year-over-year increase of 100.9% and a significant surprise of +66.96% over the Zacks Consensus Estimate of $270.73 million [1] - The company achieved an EPS of $0.86, compared to -$0.45 a year ago, resulting in an EPS surprise of +218.52% against the consensus estimate of $0.27 [1] Revenue Breakdown - Total research and development revenue reached $349 million, exceeding the average estimate of $183.06 million by 10 analysts [4] - Total commercial revenue was $103 million, surpassing the average estimate of $87.57 million, reflecting a year-over-year change of +43.1% [4] - SPINRAZA royalties contributed $54 million, slightly below the average estimate of $55.23 million [4] - WAINUA royalties amounted to $10 million, compared to the average estimate of $11.11 million [4] - Other commercial revenue from TEGSEDI and WAYLIVRA generated $14 million, exceeding the average estimate of $9.78 million, representing a +75% change year-over-year [4] - Other royalties generated $6 million, slightly above the average estimate of $5.86 million [4] - Collaborative agreement revenue in research and development was $337 million, significantly higher than the average estimate of $187.02 million, indicating a year-over-year change of +139% [4] Stock Performance - Ionis Pharmaceuticals' shares returned +3.9% over the past month, outperforming the Zacks S&P 500 composite's +3.4% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]