Segment Information

6 Months Ended

Jun. 30, 2025

Segment Information [Abstract]

Segment Information

14. Segment Information

We operate as a single operating segment, Ionis operations, focused on the research, development and commercialization of our RNA-targeted medicines to bring better futures to people with serious diseases. As the CODM, our Chief Executive Officer manages our company, reviews operating results, assesses performance and allocates resources on an aggregate basis using consolidated net income or loss as the key measure of segment profit or loss. As such, results of our operations are reported on a consolidated basis for purposes of management and segment reporting.

Ionis operations derives its revenues from commercial and R&D revenue sources. Refer to Note 4, Revenues, for further details on our sources of revenue.

The following table sets forth information on segment profit or loss, including significant segment expenses (in thousands):

	Three Months Ended					Six Months Ended
	June 30,					June 30,
		2025		2024			2025			2024
Revenue	$	452,049	$	225,250		$	583,660		$	344,748
Less:
Cost of sales		3,541		3,951			4,904			5,903
Drug discovery		30,255		26,691			57,244			54,862
Drug development		117,689		134,199			230,635			259,951
Medical affairs		7,826		7,092			13,468			11,768
Manufacturing and development chemistry		21,545		14,195			35,826			25,636
R&D support		20,607		17,067			41,159			39,013
Selling, general and administrative		81,081		57,418			148,061			101,151
Other segment items (1)		45,954		30,902			75,750			55,532
Consolidated net income (loss)	$	123,551	$	(66,265	)	$	(23,387	)	$	(209,068	)

(1)  Other segment items include stock-based compensation expense, investment income, interest expense, gain or loss on investments, other income or expense and income tax expense or benefit.