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Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Data (Unaudited) [Abstract]  
Quarterly Financial Data

The following financial information reflects all normal recurring adjustments, which are, in the opinion of management, necessary for a fair statement of the results of the interim periods. Summarized quarterly data for the years ended December 31, 2019 and 2018 are as follows (in thousands, except per share data).

2019 Quarters
  
First
Quarter
    
Second
Quarter
    
Third
Quarter
    
Fourth
Quarter
  
Revenue
  
$
297,214
    
$
163,813
    
$
167,892
    
$
493,680
  
Operating expenses
  
$
175,679
    
$
182,640
    
$
165,369
    
$
233,028
  
Income (loss) from operations
  
$
121,535
    
$
(18,827
)
  
$
2,523
    
$
260,652
  
Net income (loss)
  
$
90,884
    
$
(10,012
)
  
$
18,432
    
$
203,957
  
Net income (loss) attributable to Ionis Pharmaceuticals, Inc. common stockholders
  
$
84,443
    
$
(876
)
  
$
26,163
    
$
184,415
  
Basic net income (loss) per share (1) (2)
  
$
0.63
    
$
(0.01
)
  
$
0.19
    
$
1.31
  
Diluted net income (loss) per share (1) (3)
  
$
0.62
    
$
(0.01
)
  
$
0.18
    
$
1.28
  

2018 Quarters
  
First
Quarter
    
Second
Quarter
    
Third
Quarter
    
Fourth
Quarter
  
Revenue
  
$
144,419
    
$
117,747
    
$
145,395
    
$
192,113
  
Operating expenses
  
$
147,720
    
$
168,028
    
$
163,967
    
$
181,331
  
Income (loss) from operations
  
$
(3,301
)
  
$
(50,281
)
  
$
(18,572
)
  
$
10,782
  
Net income (loss)
  
$
(10,812
)
  
$
(56,573
)
  
$
(20,365
)
  
$
302,735
  
Net income (loss) attributable to Ionis Pharmaceuticals, Inc. common stockholders
  
$
(1,420
)
    
(40,358
)
    
(4,559
)
    
320,078
  
Basic net income (loss) per share (1) (2)
  
$
(0.01
)
  
$
(0.29
)
  
$
(0.03
)
  
$
2.32
  
Diluted net income (loss) per share (1) (3)
  
$
(0.01
)
  
$
(0.29
)
  
$
(0.03
)
  
$
2.21
  
________________
(1)
We computed net income (loss) per share independently for each of the quarters presented. Therefore, the sum of the quarterly net income (loss) per share will not necessarily equal the total for the year.

(2)
As discussed in Note 1, Organization and Significant Accounting Policies, we compute basic net income (loss) per share by dividing the total net income (loss) attributable to our common stockholders by our weighted-average number of common shares outstanding during the period. Our basic net income (loss) per share calculation for each of the quarters in 2019 and 2018 considered our net income for Ionis on a stand-alone basis plus our share of Akcea’s net loss for the period. To calculate the portion of Akcea’s net loss attributable to our ownership, we multiplied Akcea’s loss per share by the weighted average shares we owned in Akcea during the period. As a result of this calculation, our total net income (loss) available to Ionis common stockholders for the calculation of net income (loss) per share is different than net income (loss) attributable to Ionis Pharmaceuticals, Inc. common stockholders in the consolidated statements of operations.

Our basic net income (loss) per share for each quarter in 2019 was calculated as follows (in thousands, except per share amounts):

Three Months Ended March 31 , 2019
  
Weighted
Average Shares
Owned in Akcea
    
Akcea’s
Net Income
Per Share
    
Ionis’ Portion of
Akcea’s Net Income
  
Common shares
    
68,582
    
$
0.35
    
$
23,846
  
Akcea’s net income attributable to our ownership
                  
$
23,846
  
Ionis’ stand-alone net income
                    
63,697
  
Net income available to Ionis common stockholders
                  
$
87,543
  
Weighted average shares outstanding
                    
138,582
  
Basic net income per share
                  
$
0.63
  

Three Months Ended June 30 , 2019
  
Weighted
Average Shares
Owned in Akcea
    
Akcea’s
Net Loss
Per Share
    
Ionis’ Portion of
Akcea’s Net Loss
  
Common shares
    
70,221
    
$
(0.40
)
  
$
(28,244
)
Akcea’s net loss attributable to our ownership
                  
$
(28,244
)
Ionis’ stand-alone net income
                    
27,311
  
Net loss available to Ionis common stockholders
                  
$
(933
)
Weighted average shares outstanding
                    
140,247
  
Basic net loss per share
                  
$
(0.01
)

Three Months Ended September 30 , 2019
  
Weighted
Average Shares
Owned in Akcea
    
Akcea’s
Net Loss
Per Share
    
Ionis’ Portion of
Akcea’s Net Loss
  
Common shares
    
70,221
    
$
(0.34
)
  
$
(23,772
)
Akcea’s net loss attributable to our ownership
                  
$
(23,772
)
Ionis’ stand-alone net income
                    
49,930
  
Net income available to Ionis common stockholders
                  
$
26,158
  
Weighted average shares outstanding
                    
140,551
  
Basic net income per share
                  
$
0.19
  

Three Months Ended December 31 , 2019
  
Weighted
Average Shares
Owned in Akcea
    
Akcea’s
Net Income
Per Share
    
Ionis’ Portion of
Akcea’s Net Income
  
Common shares
    
71,342
    
$
0.87
    
$
62,243
  
Akcea’s net income attributable to our ownership
                  
$
62,243
  
Ionis’ stand-alone net income
                    
121,552
  
Net income available to Ionis common stockholders
                  
$
183,795
  
Weighted average shares outstanding
                    
140,583
  
Basic net income per share
                  
$
1.31
  

Our basic net income (loss) per share for each quarter in 2018 was calculated as follows (in thousands, except per share amounts):

Three Months Ended March 31 , 2018
  
Weighted
Average Shares
Owned in Akcea
    
Akcea’s
Net Loss
Per Share
    
Ionis’ Portion of
Akcea’s Net Loss
  
Common shares
    
45,448
    
$
(0.44
)
  
$
(19,997
)
Akcea’s net loss attributable to our ownership
                  
$
(19,997
)
Ionis’ stand-alone net income
                    
18,785
  
Net loss available to Ionis common stockholders
                  
$
(1,212
)
Weighted average shares outstanding
                    
125,330
  
Basic net loss per share
                  
$
(0.01
)

Three Months Ended June 30 , 2018
  
Weighted
Average Shares
Owned in Akcea
    
Akcea’s
Net Loss
Per Share
    
Ionis’ Portion of
Akcea’s Net Loss
  
Common shares
    
60,832
    
$
(0.72
)
  
$
(43,814
)
Akcea’s net loss attributable to our ownership
                  
$
(43,814
)
Ionis’ stand-alone net income
                    
5,882
  
Net loss available to Ionis common stockholders
                  
$
(37,932
)
Weighted average shares outstanding
                    
128,712
  
Basic net loss per share
                  
$
(0.29
)

Three Months Ended September 30 , 2018
  
Weighted
Average Shares
Owned in Akcea
    
Akcea’s
Net Loss
Per Share
    
Ionis’ Portion of
Akcea’s Net Loss
  
Common shares
    
65,538
    
$
(0.73
)
  
$
(47,789
)
Akcea’s net loss attributable to our ownership
                  
$
(47,789
)
Ionis’ stand-alone net income
                    
43,226
  
Net loss available to Ionis common stockholders
                  
$
(4,563
)
Weighted average shares outstanding
                    
137,346
  
Basic net loss per share
                  
$
(0.03
)

Three Months Ended December 31 , 2018
  
Weighted
Average Shares
Owned in Akcea
    
Akcea’s
Net Loss
Per Share
    
Ionis’ Portion of
Akcea’s Net Loss
  
Common shares
    
67,130
    
$
(0.79
)
  
$
(53,219
)
Akcea’s net loss attributable to our ownership
                  
$
(53,219
)
Ionis’ stand-alone net income
                    
372,913
  
Net income available to Ionis common stockholders
                  
$
319,694
  
Weighted average shares outstanding
                    
137,699
  
Basic net income per share
                  
$
2.32
  

(3)
We had net income available to Ionis common stockholders for the following periods. As a result, we computed diluted net income per share using the weighted-average number of common shares and dilutive common equivalent shares outstanding during those periods.


Diluted common equivalent shares for each of the periods consisted of the following (in thousands except per share amounts):


Three Months Ended March 31, 2019
  
Income
(Numerator)
    
Shares
(Denominator)
    
Per-Share
Amount
  
Net income available to Ionis common stockholders
  
$
87,543
      
138,582
    
$
0.63
  
Effect of dilutive securities:
                        
Shares issuable upon exercise of stock options
    
—
      
2,252
          
Shares issuable upon restricted stock award issuance
    
—
      
665
          
Shares issuable related to our ESPP
    
—
      
38
          
Shares issuable related to our 1 percent convertible notes
    
—
      
—
          
Income available to Ionis common stockholders, plus assumed conversions
  
$
87,543
      
141,537
    
$
0.62
  


Three Months Ended September 30, 2019
  
Income
(Numerator)
    
Shares
(Denominator)
    
Per-Share
Amount
  
Net income available to Ionis common stockholders
  
$
26,158
      
140,551
    
$
0.19
  
Effect of dilutive securities:
                        
Shares issuable upon exercise of stock options
    
—
      
1,993
          
Shares issuable upon restricted stock award issuance
    
—
      
844
          
Shares issuable related to our ESPP
    
—
      
20
          
Shares issuable related to our 1 percent convertible notes
    
—
      
—
          
Income available to Ionis common stockholders, plus assumed conversions
  
$
26,158
      
143,408
    
$
0.18
  

Three Months Ended December 31, 2019
  
Income
(Numerator)
    
Shares
(Denominator)
    
Per-Share
Amount
  
Net income available to Ionis common stockholders
  
$
183,795
      
140,583
    
$
1.31
  
Effect of dilutive securities:
                        
Shares issuable upon exercise of stock options
    
—
      
1,467
          
Shares issuable upon restricted stock award issuance
    
—
      
848
          
Shares issuable related to our ESPP
    
—
      
18
          
Shares issuable related to our 0.125 percent convertible notes
    
644
      
860
          
Shares issuable related to our 1 percent convertible notes
    
12,046
      
9,527
          
Income available to Ionis common stockholders, plus assumed conversions
  
$
196,485
      
153,303
    
$
1.28
  

Three Months Ended December 31, 2018
  
Income
(Numerator)
    
Shares
(Denominator)
    
Per-Share
Amount
  
Net income available to Ionis common stockholders
  
$
319,694
      
137,699
    
$
2.32
  
Effect of dilutive securities:
                        
Shares issuable upon exercise of stock options
    
—
      
1,254
          
Shares issuable upon restricted stock award issuance
    
—
      
636
          
Shares issuable related to our ESPP
    
—
      
7
          
Shares issuable related to our 1 percent convertible notes
    
10,745
      
10,260
          
Income available to Ionis common stockholders, plus assumed conversions
  
$
330,439
      
149,856
    
$
2.21
  


For the three months ended March 31, 2019 and September 30, 2019, the calculation excluded the 1 percent notes because the effect on diluted earnings per share was anti-dilutive.