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Segment Information
 3 Months Ended
Mar. 31, 2020
Segment Information [Abstract]  
Segment Information
7.  Segment Information


We have two reportable segments, Ionis Core and Akcea Therapeutics. At March 31, 2020 we owned approximately 76 percent of Akcea. Segment income (loss) from operations includes revenue less operating expenses attributable to each segment.



In our Ionis Core segment we are exploiting our antisense technology to generate a broad pipeline of first-in-class and/or best-in-class medicines for us and our partners. Our Ionis Core segment generates revenue from a multifaceted partnering strategy.


Akcea is a biopharmaceutical company focused on developing and commercializing medicines to treat patients with serious and rare diseases. Akcea generates revenue from TEGSEDI and WAYLIVRA product sales and from its collaborations.


The following tables show our segment revenue and income (loss) from operations for the three months ended March 31, 2020 and 2019 (in thousands), respectively.


Three Months Ended March 31, 2020
  
Ionis Core
    
Akcea Therapeutics
    
Elimination of
Intercompany Activity
    
Total
  
Revenue:
                        
Commercial revenue:
                        
SPINRAZA royalties
  
$
66,008
    
$
—
    
$
—
    
$
66,008
  
Product sales, net
    
—
      
15,159
      
—
      
15,159
  
Licensing and other royalty revenue
    
3,598
      
—
      
(804
)
    
2,794
  
Total commercial revenue
  
$
69,606
    
$
15,159
    
$
(804
)
  
$
83,961
  
R&D revenue under collaborative agreements
  
$
48,491
    
$
915
    
$
—
    
$
49,406
  
Total segment revenue
  
$
118,097
    
$
16,074
    
$
(804
)
  
$
133,367
  
Total operating expenses
  
$
135,426
    
$
61,334
    
$
(2,266
)
  
$
194,494
  
Loss from operations
  
$
(17,329
)
  
$
(45,260
)
  
$
1,462
    
$
(61,127
)

Three Months Ended March 31, 2019
  
Ionis Core
    
Akcea Therapeutics
    
Elimination of
Intercompany Activity
    
Total
  
Revenue:
                        
Commercial revenue:
                        
SPINRAZA royalties
  
$
59,711
    
$
—
    
$
—
    
$
59,711
  
Product sales, net
    
—
      
6,754
      
—
      
6,754
  
Licensing and other royalty revenue
    
1,623
      
—
      
—
      
1,623
  
Total commercial revenue
  
$
61,334
    
$
6,754
    
$
—
    
$
68,088
  
R&D revenue under collaborative agreements
  
$
160,556
    
$
157,062
    
$
(88,492
)
  
$
229,126
  
Total segment revenue
  
$
221,890
    
$
163,816
    
$
(88,492
)
  
$
297,214
  
Total operating expense
  
$
114,515
    
$
137,610
    
$
(76,446
)
  
$
175,679
  
Income from operations
  
$
107,375
    
$
26,206
    
$
(12,046
)
  
$
121,535
  


The following table shows our total assets by segment at March 31, 2020 and December 31, 2019 (in thousands), respectively.


Total Assets
  
Ionis Core
    
Akcea Therapeutics
    
Elimination of
Intercompany Activity
    
Total
  
March 31, 2020
  
$
3,376,169
    
$
559,921
    
$
(845,177
)
  
$
3,090,913
  
December 31, 2019
  
$
3,478,081
    
$
599,250
    
$
(844,219
)
  
$
3,233,112