Ono was Ionis Pharmaceuticals’s largest revenue line in fiscal 2025, bringing in $284.50M of $317.08M (90%).
| Collaborative Arrangement and Arrangement Other than Collaborative | FY 2013 | FY 2014 | FY 2015 | FY 2015 | FY 2016 | FY 2016 | FY 2016 | FY 2017 | FY 2018 | FY 2018 | FY 2018 | FY 2019 | FY 2019 | FY 2019 | FY 2019 | FY 2019 | FY 2020 | FY 2020 | FY 2020 | FY 2020 | FY 2021 | FY 2021 | FY 2021 | FY 2021 | FY 2022 | FY 2022 | FY 2024 | FY 2025 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Collaboration Agreements Entered Into With Biogen Inc | — | — | — | — | — | ||||||||||||||||||||||||
| Ono | — | — | — | $278.00M | $284.50M | ||||||||||||||||||||||||
| Collaboration Agreement Entered Into With Astrazeneca Plc In December 2021 To Develop & Commercialize Eplontersen. Eplontersen, Formerly Known As Ionis-Ttr-L And Akcea-Ttr-L, Is A Ligand-Conjugated (Lica) Investigational Antisense Medicine Designed To Reduce The Production Of Transthyretin, Or Ttr Protein, To Treat All Types Of Ttr Amyloidosis (Attr), A Systemic, Progressive And Fatal Disease | — | — | — | — | — | ||||||||||||||||||||||||
| Represents Information Pertaining To The Collaborative Arrangements & Licensing Agreements Entered Into With Novartis To Develop And Commercialize Akcea-Apo(A)-L And Akcea-Apociii-L | — | — | — | — | — | ||||||||||||||||||||||||
| Represents Information Pertaining To The Collaborative Arrangements & Licensing Agreements Entered Into With Biogen Inc | — | — | — | — | — | ||||||||||||||||||||||||
| Represents Information Pertaining To Collaborative Arrangement Entered Into With Bayer Healthcare In May 2015 To Develop & Commercialize Ionis-Fxi For The Prevention Of Thrombosis | — | — | — | — | — | ||||||||||||||||||||||||
| Collaboration Agreements Entered Into With Astrazeneca Plc | — | — | — | — | — | ||||||||||||||||||||||||
| Represents Information Pertaining To The Collaborative Arrangement Entered Into With Biogen Inc. In January 2012 To Develop & Commercialize Nusinersen For The Treatment Of Spinal Muscular Atrophy, Or Sma, A Severe Motor-Neuron Disease That Is The Leading Genetic Cause Of Infant Mortality | — | — | — | — | — | ||||||||||||||||||||||||
| Collaboration Agreement Entered Into With Novartis International Ag (Novartis) In January 2017 To Develop & Commercialize Pelacarsen And Olezarsen | — | — | — | — | — | ||||||||||||||||||||||||
| Collaboration Agreement Entered Into With Alnylam Pharmaceuticals, Inc. In March 2004 To Develop & Commercialize Rnai Therapeutics | — | — | — | — | — | ||||||||||||||||||||||||
| Roche Collaboration Ionis Fb For Complement Mediated Diseases | — | $35.00M | — | — | — | ||||||||||||||||||||||||
| Collaboration Agreement Entered Into With Hoffman-La Roche Inc. & F. Hoffmann-La Roche Ltd., Collectively Roche, In October 2018 To Develop Ionis-Fb-L For The Treatment Of Complement-Mediated Diseases | $35.00M | — | — | — | — | ||||||||||||||||||||||||
| Represents Information Pertaining To The Collaborative Arrangement Entered Into With Hoffman-La Roche Inc. & F. Hoffmann-La Roche Ltd., Collectively Roche, In April 2013 To Develop Treatments For Huntington'S Disease, Or Hd, Based On The Company'S Antisense Technology | — | — | — | — | — | ||||||||||||||||||||||||
| Represents Information Pertaining To The Collaborative Arrangement & Licensing Agreement Entered Into With Glaxosmithkline (Gsk) In March 2010 To Discover And Develop New Drugs Against Targets For Rare And Serious Diseases, Including Infectious Diseases And Some Conditions Causing Blindness | — | — | — | — | — | ||||||||||||||||||||||||
| Represents Information Pertaining To The Collaborative Arrangements & Licensing Agreements Entered Into With Astrazeneca Plc | — | — | — | — | — | ||||||||||||||||||||||||
| Cardiovascular, Renal & Metabolic Diseases | — | — | — | — | $20.00M | ||||||||||||||||||||||||
| Represents Information Pertaining To The Collaborative Arrangement Entered Into With Astrazeneca Plc In July 2015 To Discover & Develop Antisense Therapies For Treating Cardiovascular And Metabolic Diseases Primarily Focused On Targets In The Kidney And Renal Diseases | — | — | — | — | — | ||||||||||||||||||||||||
| Represents Information Pertaining To The Collaborative Arrangement Entered Into With Biogen Inc. In September 2013. This Agreement Is A Long-Term Strategic Relationship Focused On Applying Antisense Technology To Advance The Treatment Of Neurodegenerative Diseases (Strategic Neurology) | — | — | — | — | — | ||||||||||||||||||||||||
| Represents Information Pertaining To The Collaborative Arrangement Entered Into With Janssen Biotech, Inc. In December 2014 To Discover & Develop Antisense Drugs That Can Be Locally Administered, Including Oral Delivery, To Treat Autoimmune Disorders Of The Gastrointestinal Tract | — | — | — | — | — | ||||||||||||||||||||||||
| Collaboration Agreement Entered Into With Astrazeneca Plc In December 2012 & Amended In January 2016 To Discover And Develop Antisense Drugs For Cancer | — | — | — | — | — | ||||||||||||||||||||||||
| Collaboration Agreement Entered Into With Glaxosmithkline (Gsk) In March 2010 To Discover & Develop New Medicines Against Targets For Rare And Serious Diseases, Including Infectious Diseases And Some Conditions Causing Blindness | — | — | — | — | — | ||||||||||||||||||||||||
| Represents Information Pertaining To The Collaborative Arrangement Entered Into With Ptc Therapeutics By Akcea Therapeutics, Inc. In August 2018 To Commercialize Tegsedi & Waylivra In Latin America | — | — | — | — | — | ||||||||||||||||||||||||
| Represents Information Pertaining To Collaborative Arrangements Entered Into By The Entity In December 2012 | — | — | — | — | — | ||||||||||||||||||||||||
| Represents Information Pertaining To The Collaborative Arrangements & Licensing Agreements Entered Into With Hoffman-La Roche Inc. And F. Hoffmann-La Roche Ltd., Collectively Roche | — | — | — | — | — | ||||||||||||||||||||||||
| Collaborative Agreement Entered Into With Biogen Inc. In September 2013 Focused On Applying Antisense Technology To Advance The Treatment Of Neurodegenerative Diseases | — | — | — | — | — | ||||||||||||||||||||||||
| Represents Information Pertaining To The Collaborative Arrangement Entered Into With Ptc Therapeutics In August 2018 To Commercialize Tegsedi & Waylivra In Latin America | — | — | — | — | — | ||||||||||||||||||||||||
| Roche | — | — | — | — | $7.78M | ||||||||||||||||||||||||
| Collaboration Agreements Entered Into With Hoffman-La Roche Inc. & F. Hoffmann-La Roche Ltd., Collectively Roche | — | — | — | — | — | ||||||||||||||||||||||||
| Represents Information Pertaining To The Collaborative Arrangements & Licensing Agreements Entered Into With Bayer Healthcare | — | — | — | — | — | ||||||||||||||||||||||||
| Represents Information Pertaining To The Collaborative Arrangement Entered Into With Alnylam Pharmaceuticals, Inc. In March 2004 To Develop & Commercialize Rnai Therapeutics | — | — | — | — | — | ||||||||||||||||||||||||
| Novartis | — | — | — | — | $4.80M | ||||||||||||||||||||||||
| Exclusive License Agreement Entered Into With Ptc Therapeutics In August 2018 To Commercialize Tegsedi & Waylivra In Latin America And Certain Caribbean Countries | — | — | — | — | — | ||||||||||||||||||||||||
| Represents Information Pertaining To The Collaborative Arrangement Entered Into With Achaogen, Inc. In 2006 Related To Specific Know-How, Patents & Patent Applications Relating To Aminoglycosides | — | — | — | — | — | ||||||||||||||||||||||||
| Represents Information Pertaining To The Collaborative Arrangement Entered Into With Cystic Fibrosis Foundation In August 2016 To Discover & Advance A Drug For The Treatment Of Cystic Fibrosis | — | — | — | — | — | ||||||||||||||||||||||||
| Represents Information Pertaining To The Collaborative Arrangement Entered Into In April 2017 With Suzhou Ribo Life Science Co., Ltd. (Ribo) To Develop & Commercialize Rna-Targeted Therapeutics In China | — | — | — | — | — | ||||||||||||||||||||||||
| 2012 Neurology | — | — | $30.00K | — | — | ||||||||||||||||||||||||
| Total | $35.00M | $35.00M | $30.00K | $278.00M | $317.08M |
Ionis Pharmaceuticals brought in $317.08M from its four revenue lines in fiscal 2025, the year ended December 31, 2025. That is less than the $558.96M it reports by product and service, so these revenue lines do not cover all of its revenue. Ono was the largest at $284.50M (89.7%), ahead of Cardiovascular, Renal & Metabolic Diseases at $20.00M (6.3%) and Roche at $7.78M (2.5%). The remaining revenue line, Novartis, brought in $4.80M.
Ionis Pharmaceuticals began breaking out Ono in fiscal 2025, Cardiovascular, Renal & Metabolic Diseases in fiscal 2025, Roche in fiscal 2025 and Novartis in fiscal 2025. Ionis Pharmaceuticals stopped reporting Roche Collaboration Ionis Fb For Complement Mediated Diseases ($35.00M in fiscal 2022), Collaboration Agreement Entered Into With Hoffman-La Roche Inc. & F. Hoffmann-La Roche Ltd., Collectively Roche, In October 2018 To Develop Ionis-Fb-L For The Treatment Of Complement-Mediated Diseases ($35.00M in fiscal 2022) and 2012 Neurology ($30.00K in fiscal 2024) as separate revenue lines.
Royalty Revenue was Ionis Pharmaceuticals’s largest product and service line in fiscal 2025, bringing in $285.53M of $558.96M (51%).
| Product and Service | FY 2013 | FY 2016 | FY 2018 | FY 2018 | FY 2018 | FY 2019 | FY 2019 | FY 2019 | FY 2019 | FY 2020 | FY 2020 | FY 2020 | FY 2020 | FY 2021 | FY 2021 | FY 2021 | FY 2023 | FY 2024 | FY 2025 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Collaborative Agreement Revenue | $352.66M | — | — | — | ||||||||||||||||
| Spinraza Royalties | $240.38M | $216.09M | — | — | ||||||||||||||||
| Royalty Revenues From The Sale Of Spinraza (Nusinersen) | — | — | — | — | ||||||||||||||||
| Commercial Revenue | — | $293.08M | — | — | ||||||||||||||||
| Royalty Revenue | — | — | — | $285.53M | ||||||||||||||||
| License Of Sapablursen | — | — | $278.00M | — | ||||||||||||||||
| Revenue From Research & Development Services | — | — | — | — | ||||||||||||||||
| License Fees | — | — | — | — | ||||||||||||||||
| Wainua Joint Development Revenue | $126.40M | $79.42M | — | $42.08M | ||||||||||||||||
| Revenue From License Fees & Other Royalties, Excluding Royalties From The Sale Of Spinraza | — | — | — | — | ||||||||||||||||
| Revenue | — | — | — | — | ||||||||||||||||
| Product Sales, Net | — | — | — | $115.32M | ||||||||||||||||
| Tegsedi & Waylivra Revenue, Net | — | — | — | — | ||||||||||||||||
| Other Commercial Revenue | $35.79M | $35.77M | — | $35.00M | ||||||||||||||||
| Wainua Royalties | — | $20.21M | — | $49.09M | ||||||||||||||||
| A Drug Designed To Inhibit An Undisclosed Target To Treat Patients With Nonalcoholic Steatohepatitis, Or Nash | — | — | — | — | ||||||||||||||||
| Attrv-Pn | — | $30.00M | — | — | ||||||||||||||||
| Other Royalties | $32.42M | $21.01M | — | $24.16M | ||||||||||||||||
| The Active Pharmaceutical Ingredient, Or Api, For Pelacarsen, An Antisense Therapy With The Potential To Significantly Reduce Cardiovascular Risk In Patients Suffering From High Levels Of The Lipoprotein Lp(A) | — | — | — | — | ||||||||||||||||
| A Drug Designed To Treat A Genetically Associated Form Of Kidney Disease | — | — | — | — | ||||||||||||||||
| A Medicine To Treat Patients With Multiple System Atrophy, Formerly Known As Ionis-Biib6 | — | — | — | — | ||||||||||||||||
| Ion736, Formerly Known As Ionis-Az7-2.5, Is A Generation 2.5 Antisense Drug | — | — | — | — | ||||||||||||||||
| Antisense Drugs For Cancer | — | — | — | — | ||||||||||||||||
| Ion541, Also Known As Biib105, Is An Investigational Antisense Medicine Targeting Ataxin 2 (Atxn2) Rna | — | — | — | — | ||||||||||||||||
| Dawnzera Sales | — | — | — | $7.79M | ||||||||||||||||
| Waylivra Is A Drug Designed To Treat Two Severe & Rare, Genetically Defined Diseases, Familial Chylomicronemia Syndrome, Or Fcs, And Familial Partial Lipodystrophy, Or Fpl | — | — | — | — | ||||||||||||||||
| Rd Services For Sapablursen | — | — | $2.00M | — | ||||||||||||||||
| Total | $787.65M | $695.57M | $280.00M | $558.96M |
Ionis Pharmaceuticals brought in $558.96M from its seven product and service lines in fiscal 2025, the year ended December 31, 2025. Ionis Pharmaceuticals regrouped these lines after fiscal 2025, so the total does not compare directly with that year's $280.00M. Royalty Revenue was the largest at $285.53M (51.1%), ahead of Product Sales, Net at $115.32M (20.6%) and Wainua Royalties at $49.09M (8.8%). The other four lines brought in $109.03M combined.
Ionis Pharmaceuticals began breaking out Royalty Revenue in fiscal 2025, Product Sales, Net in fiscal 2025, Wainua Royalties in fiscal 2024 and Dawnzera Sales in fiscal 2025. Ionis Pharmaceuticals stopped reporting Collaborative Agreement Revenue ($352.66M in fiscal 2023), Commercial Revenue ($293.08M in fiscal 2024), License Of Sapablursen ($278.00M in fiscal 2025) and three others as separate lines.
Ionis Pharmaceuticals (IONS) reports its revenue by collaborative arrangement and arrangement other than collaborative and by product and service. In fiscal 2025, Ono was its largest revenue line, bringing in $284.50M (89.7% of the total), followed by Cardiovascular, Renal & Metabolic Diseases at $20.00M (6.3%).
Ono was Ionis Pharmaceuticals' largest revenue line in fiscal 2025, bringing in $284.50M, or 89.7% of the $317.08M total across its four revenue lines.
Royalty Revenue was Ionis Pharmaceuticals' largest product and service line in fiscal 2025, bringing in $285.53M, or 51.1% of the $558.96M total across its seven product and service lines.
Every figure comes from Ionis Pharmaceuticals' annual financial filings, as reported. Each line keeps the name Ionis Pharmaceuticals gives it, and years follow its fiscal calendar.
Ionis Pharmaceuticals' revenue by collaborative arrangement and arrangement other than collaborative goes back to fiscal 2013, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.