The mixed Q2 report (operational beat vs. pipeline miss) creates a volatile setup. The maintained guidance and strong commercial execution (DAWNZERA +63% QoQ) provide a floor, but the CARDIO-TTRansform failure and GAAP EPS miss cap upside. Watch for the zilganersen PDUFA on Sept 22, 2026, and the bepirovirsen PDUFA on Oct 26, 2026, as the next major catalysts.
Price Chart
Executive Summary
Ionis reported Q2 2026 revenue of $268M (vs. $190.1M consensus) and GAAP EPS of -$0.69, which is a miss vs. the Street consensus of -$0.88. The headline revenue decline vs. the prior year's $452M is due to a one-time $280M sapablursen upfront payment in Q2 2025; excluding that, revenue grew 56%. The company maintained its 2026 financial guidance, and the CARDIO-TTRansform study of eplontersen in ATTR-CM missed its primary endpoint, a notable pipeline setback. The stock is likely to trade on the mixed signals of a strong operational quarter offset by the pipeline miss and a GAAP EPS miss vs. consensus.
Key Financial Metrics
Key Facts
- Q2 2026 total revenue was $268M, down 41% YoY from $452M which included a $280M one-time upfront payment.
- Excluding the one-time sapablursen payment, revenue increased 56% YoY.
- GAAP EPS was -$0.69, missing the Street consensus of -$0.88.
- The Phase 3 CARDIO-TTRansform study of eplontersen in ATTR-CM missed the primary composite endpoint.
- 2026 financial guidance was maintained: total revenue $875-900M, non-GAAP operating loss $425-475M.
- Cash and short-term investments were $2.1B as of June 30, 2026.
- TRYNGOLZA (olezarsen) sHTG launch showing early momentum following June 2026 FDA approval.
- DAWNZERA (donidalorsen) Q2 net product sales of $26M, up 63% QoQ.
Financial Impact
Q2 revenue $268M vs $190.1M consensus; GAAP EPS -$0.69 vs -$0.88 consensus; maintained FY2026 guidance of $875-900M revenue.
Risk Factors
- CARDIO-TTRansform Phase 3 miss removes a key pipeline value driver for eplontersen in ATTR-CM.
- GAAP EPS miss vs. consensus could pressure the stock in the near term.
- Heavy reliance on partnership R&D revenue ($149M in Q2) creates lumpiness.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001140361-26-029960 |
| Document: ef20078953_8k.htm | 0001140361-26-029960 |
| Document: 0001140361-26-029960-index-headers.html | 0001140361-26-029960 |
| Document: 0001140361-26-029960-index.html | 0001140361-26-029960 |
| Document: 0001140361-26-029960.txt | 0001140361-26-029960 |
| 8-K Data (Synthetic) | 0001140361-26-029960 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 4, 2026 27d ago | 8-K | $56.71 $47.25 | ▲ +16.68% | ▲ +15.56% | $43.54 (+23.22%) |
Sep 4, 2026 28d ago | 8-K | $58.09 $51.44 | ▼ −11.45% | ▼ −10.24% | $43.54 (−25.05%) |
Jul 31, 2026 9w ago | Insider Buy | $51.77 $56.56 | ▲ +9.25% | ▲ +5.74% | $43.54 (−15.90%) |
Jul 29, 2026 9w ago | 8-K | $54.04 $54.19 | ▲ +0.28% | ▼ −5.25% | $43.54 (−19.43%) |
Jul 10, 2026 12w ago | 8-K | $58.25 $54.65 | ▼ −6.18% | ▼ −5.62% | $43.54 (−25.25%) |
Jul 9, 2026 12w ago | Insider Cluster | $58.25 $54.65 | ▼ −6.18% | ▼ −5.62% | $43.54 (−25.25%) |
Jul 9, 2026 12w ago | Insider Cluster | $58.25 $54.65 | ▼ −6.18% | ▼ −5.62% | $43.54 (−25.25%) |
Jul 9, 2026 12w ago | 8-K | $64.27 $54.65 | ▲ +14.97% | ▲ +14.84% | $43.54 (+32.25%) |
Jun 30, 2026 13w ago | Insider Cluster | $79.19 $86.33 | ▲ +9.02% | ▲ +8.75% | $43.54 (−45.02%) |
Jun 30, 2026 13w ago | Insider Cluster | $79.19 $86.33 | ▲ +9.02% | ▲ +8.75% | $43.54 (−45.02%) |
US Market Status
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