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. In the quarter to June 2026, revenue fell 40.7%, EPS fell 188.5%, free cash flow grew 299.3% and total debt rose 116.0%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Ionis Pharmaceuticals, Inc. (IONS) Altman Z-score
Ionis Pharmaceuticals, Inc.'s Altman Z-score for fiscal 2025 is 2.12, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.12 | 1.23 |
| FY2024 | 0.89 | (0.70) |
| FY2023 | 1.58 | 0.14 |
| FY2022 | 1.44 | (0.57) |
| FY2021 | 2.02 | (1.03) |
| FY2020 | 3.05 | (1.55) |
| FY2019 | 4.60 | 1.19 |
| FY2018 | 3.41 | (0.49) |
| FY2017 | 3.90 | 0.24 |
| FY2016 | 3.67 | (1.58) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.63 | — | 0.75 | |
| Retained earnings / total assets | (0.75) | — | −1.05 | |
| EBIT / total assets | (0.11) | — | −0.36 | |
| Market value of equity / total liabilities | 4.17 | — | 2.50 | |
| Sales / total assets | 0.27 | — | 0.27 | |
| Altman Z-score | Grey zone | 2.12 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.12 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PRAX Praxis Precision Medicines, Inc. compare | 19.1× |
| AXSM Axsome Therapeutics, Inc. compare | 6.9× |
| TGTX TG Therapeutics, Inc. compare | 6.3× |
| ARWR Arrowhead Pharmaceuticals, Inc. compare | 3.0× |
| IONS Ionis Pharmaceuticals, Inc. | 2.1× |
| IOVA Iovance Biotherapeutics, Inc. compare | −2.3× |
| SYRE Spyre Therapeutics, Inc. compare | −3.8× |
| ABVX Abivax SA Sponsored ADR compare | — |
| BLTE Belite Bio, Inc. Sponsored ADR compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets