IONIS PHARMACEUTICALS INCIONS

IONIS PHARMACEUTICALS INC Segments Disclosure

10-KFiled Feb 26, 20261 min read
12. 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 3, 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):
 
 Year Ended December 31,
  2025   2024   2023 
Revenue$943,711  $705,138  $787,647 
            
Less:           
Cost of sales 14,008   10,415   8,686 
Drug discovery 125,156   114,350   125,649 
Drug development 486,199   527,259   530,332 
Medical affairs 32,005   27,229   19,454 
Manufacturing and development chemistry 87,314   57,729   65,293 
R&D support 94,847   82,559   81,019 
Selling, general and administrative 351,992   230,478   205,135 
Other segment items (1) 133,577   109,016   118,365 
Consolidated net loss$(381,387)  $(453,897)  $(366,286) 
 
(1)
Other segment items include stock-based compensation expense, investment income, interest expense, gain or loss on investments, gain or loss on early retirement of debt, other income or expense and income tax expense or benefit.

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 19, 2025
2020Feb 24, 2021
2019Mar 2, 2020
2018Mar 1, 2019
2017Feb 28, 2018
2016Mar 1, 2017
2015Feb 26, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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