Ionis Pharmaceuticals, Inc. (NASDAQ: IONS) Earnings Report Highlights

Core Insights - Ionis Pharmaceuticals reported an EPS of -$1.41, missing consensus estimates of around -$1.23, but exceeded revenue expectations with $203 million in total revenue [1][3] - The company has shown a pattern of revenue beats in recent quarters despite a year-over-year decline in Q4 total revenue [4] Financial Performance - Ionis reported a total revenue of $203 million for Q4 2025, which is an ~11% decline from $227 million in Q4 2024, but surpassed the Zacks Consensus Estimate by ~30% [3][4] - Commercial revenue grew approximately 64% to ~$141 million in Q4, driven by products like TRYNGOLZA, offsetting declines in royalties and R&D revenue [4] - The current ratio stands at approximately 2.79, indicating good short-term financial health despite ongoing unprofitability [2][5] Valuation Metrics - Ionis has a negative price-to-earnings (P/E) ratio of approximately -50, indicating current unprofitability [5] - The price-to-sales ratio is about 13, suggesting investors are willing to pay a premium for revenue amid pipeline expectations [5] - The enterprise value to sales ratio is also approximately 13, reflecting the company's valuation relative to revenue [5] Future Outlook - Ionis is focused on discovering and developing RNA-targeted therapeutics, with multiple independent launches planned for 2026 [2] - CEO Brett P. Monia emphasized the potential for continued success in 2026, highlighting upcoming launches such as olezarsen for sHTG and zilganersen for AxD [4]