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How Ionis Pharmaceuticals, Inc. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$944M · 100%Cost of revenue$15.9M · 2%Gross profit$928M · 98%Operating income−$382M · −40%Income before tax−$380M · −40%Income tax$1.8M · 0%Net income−$381M · −40%As of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$944M100%
  • 10-K · FY 2025Filing detailsAccession 0000874015-26-000115 · filed Feb 26, 2026
Cost of revenue$15.9M2%
  • 10-K · FY 2025Filing detailsAccession 0000874015-26-000115 · filed Feb 26, 2026
$928M98%
  • 10-K · FY 2025Filing detailsAccession 0000874015-26-000115 · filed Feb 26, 2026
−$382M−40%
  • 10-K · FY 2025Filing detailsAccession 0000874015-26-000115 · filed Feb 26, 2026
Income before tax−$380M−40%
  • 10-K · FY 2025Filing detailsAccession 0000874015-26-000115 · filed Feb 26, 2026
Income tax$1.8M0%
  • 10-K · FY 2025Filing detailsAccession 0000874015-26-000115 · filed Feb 26, 2026
−$381M−40%
  • 10-K · FY 2025Filing detailsAccession 0000874015-26-000115 · filed Feb 26, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0000874015-26-000115 · filed Feb 26, 2026
· event Dec 31, 2025 · retrieved Oct 15, 2026 · annual-row source set
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