stockrow
Friday 6 November 2026
Export IONS’s income statement to Excel — free account
Ionis Pharmaceuticals, Inc.
IONS Healthcare Biotechnology
Ionis Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $943.7 million, up 33.8% from fiscal 2024.
- Revenue
- −40.7%
- EPS
- −188.5%
- Free cash flow
- +299.3%
- Total debt
- +116.0%
Quarter to June 2026, against a year earlier
39.48
0.68
+1.75%
Follow IONS
Alert me
Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 373 | 514 | 600 | 1,123 | 729 | 810 | 587 | 788 | 705 | 944 | 874 | +10.9% | 922 | 1,360 | 1,910 | +26.5% | |
| Gross margin, % | 100.00 | 100.00 | 99.70 | 99.61 | 98.36 | 98.66 | 97.60 | 98.84 | 98.41 | 98.31 | 98.17 | (1.7) pt | ||||||
| EBT | (57) | (17) | (76) | 339 | (135) | (29) | (258) | (334) | (460) | (380) | (562) | +23.3% | ||||||
| EBT margin, % | (15.42) | (3.26) | (12.70) | 30.18 | (18.45) | (3.60) | (43.92) | (42.40) | (65.25) | (40.22) | (64.30) | (24.8) pt | ||||||
| Net income | (60) | (11) | 215 | 287 | (480) | (29) | (270) | (366) | (454) | (381) | (565) | +22.7% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 3.08 | 4.15 | 4.53 | 8.02 | 5.22 | 5.75 | 4.14 | 5.50 | 4.72 | 5.90 | 5.28 | +7.5% | |||||
| Earnings | (0.50) | (0.09) | 2.09 | 2.12 | (3.23) | (0.20) | (1.90) | (2.56) | (3.04) | (2.38) | (3.46) | +18.9% | ||||||
| Cash flow | (0.93) | 1.40 | 4.56 | 2.47 | 0.26 | 0.22 | (1.93) | (2.15) | (3.35) | (1.68) | (3.00) | +6.8% | ||||||
| Capex | (0.10) | (0.31) | (0.13) | (0.26) | (0.29) | (0.13) | 1.65 | (0.20) | (0.34) | (0.36) | (0.43) | +15.8% | ||||||
| Free cash flow | (1.02) | 1.10 | 4.42 | 2.21 | (0.04) | 0.09 | (0.28) | (2.34) | (3.69) | (2.04) | (3.43) | +8.0% | ||||||
| Book value | 0.82 | 2.95 | 8.97 | 12.03 | 5.32 | 5.47 | 4.04 | 2.70 | 3.94 | 3.06 | 2.66 | +15.7% | ||||||
| Shares, m | 121 | 124 | 132 | 140 | 140 | 141 | 142 | 143 | 150 | 160 | 163 | +3.2% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 723.20 | 27.17 | 28.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 77.9 | |||||
| P/S | 15.36 | 11.88 | 11.93 | 7.53 | 10.82 | 5.29 | 9.08 | 9.61 | 7.41 | 13.41 | 7.47 | 10.2 | ||||||
| P/B | 57.50 | 16.72 | 6.03 | 5.02 | 10.62 | 5.56 | 9.30 | 19.58 | 8.88 | 25.88 | 14.85 | 16.5 | ||||||
| EV/Sales | 14.96 | 11.07 | 9.53 | 6.01 | 9.52 | 4.21 | 7.72 | 8.27 | 5.98 | 12.46 | 7.16 | 9.0 | ||||||
| EV/FCF | (45.11) | 41.77 | 9.77 | 21.81 | (1,346.18) | 292.06 | (108.29) | (19.41) | (7.65) | (36.11) | (11.03) | (119.7) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (112) | 174 | 603 | 346 | 36 | 31 | (274) | (308) | (501) | (269) | (496) | +10.2% | |||||
| Capex | (12) | (38) | (18) | (36) | (41) | (18) | 234 | (28) | (50) | (57) | (71) | +19.5% | ||||||
| Free cash flow | (124) | 136 | 585 | 309 | (5) | 13 | (40) | (336) | (551) | (326) | (568) | +11.4% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 664 | 925 | 1,928 | 2,448 | 1,532 | 2,104 | 1,891 | 2,194 | 2,311 | 2,209 | 2,176 | +14.3% | |||||
| Net debt | (148) | (415) | (1,437) | (1,712) | (953) | (883) | (796) | (1,057) | (1,052) | (898) | (704) | +22.1% | ||||||
| Shareholders’ equity | 100 | 365 | 1,187 | 1,685 | 743 | 772 | 573 | 387 | 588 | 489 | 440 | +19.3% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (6.49) | 0.03 | 13.72 | 9.43 | (15.80) | (1.14) | (10.48) | (13.26) | (15.15) | (11.69) | (18.90) | (5.2) pt | |||||
| ROIC | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | (40.22) | 0.15 | 35.27 | 19.37 | (36.60) | (3.78) | (40.12) | (76.34) | (93.10) | (70.80) | (105.50) | (30.6) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 435 | 547 | 737 | 817 | 757 | 660 | 796 | 927 | 1,069 | 1,402 | — | +13.9% | |||||
| Revenue/emp, $m | 0.86 | 0.94 | 0.81 | 1.37 | 0.96 | 1.23 | 0.74 | 0.85 | 0.66 | 0.67 | — | (2.6%) | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026
Business profile
Where the money comes from and where it goes Fiscal 2019
| Ionis Core | 859 | 76.49% |
|---|---|---|
| Akcea Therapeutics | 489 | 43.52% |
| Gross margin | 99.61% | |
| Operating margin | 32.59% | |
| Pre-tax margin | 30.18% |
Ionis Pharmaceuticals, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| AXSM Axsome Therapeutics, Inc. | $6.8B | — (loss-making) | — (loss-making) | +51.87% (above 0%: growing) | n/m | −1,078.34% (below 0%: shrinking) | 93.14% | (4.26%) | Compare |
| IONS Ionis Pharmaceuticals, Inc. | $6.5B | — (loss-making) | — (loss-making) | −40.73% (below 0%: shrinking) | n/m | +299.29% (above 0%: growing) | 98.98% | (38.18%) | |
| ORKA Oruka Therapeutics, Inc. | $6.4B | — (loss-making) | — | — | n/m | −43.00% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| MIRM Mirum Pharmaceuticals, Inc. | $6.1B | — (loss-making) | — (loss-making) | +39.63% (above 0%: growing) | n/m | −114.22% (below 0%: shrinking) | 81.06% | (32.17%) | Compare |
| LGND Ligand Pharmaceuticals Incorporated | $6.0B | 116× | 88.3× | −31.80% (below 0%: shrinking) | n/m | −268.45% (below 0%: shrinking) | 96.63% | (20.01%) | Compare |
| IMVT Immunovant, Inc. | $5.9B | — (loss-making) | — | — | n/m | −5.96% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| BLTE Belite Bio, Inc. Sponsored ADR | $5.8B | — (loss-making) | — | — | n/m | +64.67% (above 0%: growing) | — | 0.00% | Compare |
| CGON CG Oncology, Inc. | $5.7B | — (loss-making) | — (loss-making) | +2,125.00% (above 0%: growing) | n/m | −67.60% (below 0%: shrinking) | (239.24%) | (7,467.68%) | Compare |
| KOD Kodiak Sciences Inc. | $5.7B | — (loss-making) | — | — | n/m | −33.86% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| Median of peers | $5.9B | — | — | +45.75% | — | −55.30% | 0.00% | (2.13%) |
Pay and ownership Proxy statement filed 23 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 13.35m | 42.61m | 139.92 |
| 2024 | 15.40m | (2.70m) | 57.87 |
| 2023 | 12.50m | 14.22m | 83.74 |
| 2022 | 7.26m | 9.54m | 62.52 |
| 2021 | 13.31m | (2.60m) | 50.37 |
Ownership
Directors and executive officers, together
1.81%
FMR LLC
12.97%
Capital World Investors
10.83%
The Vanguard Group
9.93%
T. Rowe Price Investment Management, Inc.
5.49%
BlackRock Inc.
5.46%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Ionis Pharmaceuticals, Inc. (IONS) Latest News
29 Oct
22 Oct
20 Oct
23 Sep
10 Sep
8 Sep
IONS metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Ionis Pharmaceuticals is a biotechnology company that discovers, develops and commercializes RNA-targeted medicines for serious diseases. These medicines act on RNA, which carries instructions used by cells to make proteins. By changing those instructions or reducing particular proteins, Ionis aims to treat the underlying biology of a disease.
Ionis has seven marketed medicines. It sells TRYNGOLZA and DAWNZERA independently in the United States. TRYNGOLZA reduces triglycerides, a type of fat in the blood, in adults with familial chylomicronemia syndrome, a rare genetic condition. It is also approved in the United States to reduce triglycerides and the risk of acute pancreatitis in adults with severe hypertriglyceridemia. DAWNZERA helps prevent attacks of hereditary angioedema, a condition that causes recurring episodes of severe swelling.