EarningsQ2 2026 Earnings Report
MX:IONS Q2 2026 EPS Results
Actual EPS-$12.53
Consensus EPS-$19.78
Beat/MissBeat by +$7.25
One Year Ago EPS$12.71
MX:IONS Q2 2026 Revenue Results
Actual Revenue$4.87B
Expected Revenue$3.43B
Beat/MissBeat by +$1.43B
YoY Revenue Growth-40.73%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeBefore Open
Conference CallWednesday, July 29, 2026
MX:IONS Upcoming Earnings
Ionis Pharmaceuticals's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:IONS Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong execution across approvals, launches and financials: a landmark approval and early commercial uptake for TRYNGOLZA, accelerating DAWNZERA adoption, solid revenue growth (Q2 revenue $268M, H1 $514M; Q2 commercial revenue $119M up 15% YoY) and a healthy cash position ($2.1B). The company reiterated 2026 guidance and a path to cash-flow breakeven in 2028 while advancing a robust pipeline with multiple near-term catalysts (Zilganersen PDUFA Sept 22, Bepirovirsen PDUFA Oct 26, Pelacarsen readout). Key challenges include the negative CARDIO-TTRansform outcome for Eplontersen, short-term reimbursement frictions (medical exceptions, ICD-10 coding), the Q2 impact from an intentional TRYNGOLZA price reduction, and dependence on partner trial readouts that could affect medium-term profitability. Overall, positives — approvals, launch momentum, strong revenue growth and cash runway — meaningfully outweigh the headwinds described.Company Guidance
TRYNGOLZA FDA Approval and Launch Momentum
TRYNGOLZA approved as the first FDA medicine to reduce triglycerides and risk of acute pancreatitis in adults with severe hypertriglyceridemia (sHTG). Prescriptions began on day of approval and both 50 mg and 80 mg doses were in channel within ~1 week. Label includes acute pancreatitis risk reduction; early sHTG launch described as "encouraging." Company expects TRYNGOLZA to return to revenue growth in H2 and to meet full-year TRYNGOLZA product sales guidance of $100M–$110M.
Strong Phase III Clinical Results for TRYNGOLZA
Phase III CORE and CORE 2 studies showed placebo-adjusted mean triglyceride reductions up to 72%, acute pancreatitis event reductions up to 91%, 86% of patients reached triglycerides <500 mg/dL and up to 54% reached <150 mg/dL. Favorable safety/tolerability and reinforcing long-term OLE data to be presented at ESC.
Commercial Momentum: DAWNZERA Growth
DAWNZERA captured meaningful share in the U.S. HAE prophylaxis market in <1 year. Second quarter DAWNZERA product sales were $26M and $42M year-to-date, with Q2 sales up 63% versus Q1, and full-year guidance of $110M–$120M reaffirmed.
Overall Financial Performance and Guidance
Q2 revenue $268M and H1 revenue $514M, representing year-over-year growth of 56% (Q2) and 69% (H1) versus prior year excluding a prior one-time $280M payment. Commercial revenue Q2 $119M (up 15% YoY) and H1 $226M (up 27% YoY). Company reiterates full-year 2026 revenue guidance of $875M–$900M.
Robust Cash Position and Profitability Roadmap
Ended Q2 with $2.1B in cash, cash equivalents and short-term investments and projects year-end 2026 cash balance >$1.6B. Management remains on track for cash-flow breakeven by 2028 while projecting a 2026 non-GAAP operating loss between $425M and $475M.
Pipeline Progress and Upcoming Catalysts
Multiple near-term catalysts: Zilganersen (Alexander disease) on track with FDA priority review and PDUFA Sept 22; Obudanersen (Angelman) Phase III enrollment complete; ION337 initiated for Dravet syndrome; Bepirovirsen (chronic HBV) on track with PDUFA Oct 26; Pelacarsen Lp(a) HORIZON readout and other partner late-stage readouts expected in H2.
R&D and Partnered Program Strength
R&D revenue of $149M in Q2 and $288M YTD driven by partnered programs. Biogen advanced Tonlamarsen to Phase III; encouraging Diranersen Phase II signals for tau in Alzheimer’s supported further development; Ono initiated Phase III INTREPID for Sapablursen.
TRYNGOLZA Real-World Access and Prescriber Mix
Early prescriptions coming from cardiologists, endocrinologists, lipidologists and a meaningful contribution from primary care. Payer engagement progressing with coverages to label (≥500 mg/dL) and expectation of expanding coverage through H2 and into 2027.
Commercial Execution and Launch Readiness
Operational launch successes: omnichannel campaign engagement, field training, patient services, expanded access program for Zilganersen, and prepared customer-facing teams. Company expects to leverage Zilganersen launch capabilities for future neurology launches.
MX:IONS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed