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Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended
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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 |
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(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.

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- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118952077&loc=d3e1280-108306 + Details
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