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) Beneish M-score
Ionis Pharmaceuticals, Inc.'s Beneish M-score for fiscal 2025 is −3.13; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.13 | (0.67) |
| FY2024 | −2.46 | (1.84) |
| FY2023 | −0.61 | 1.77 |
| FY2022 | −2.38 | 0.30 |
| FY2021 | −2.69 | 1.00 |
| FY2020 | −3.69 | (3.77) |
| FY2019 | 0.08 | 2.20 |
| FY2018 | −2.12 | 1.25 |
| FY2017 | −3.38 | (7.22) |
| FY2016 | 3.85 | 5.81 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.54 | — | 0.49 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.21 | — | 0.49 | |
| Sales growth index | 1.34 | — | 1.19 | |
| Depreciation index | (2.33) | — | −0.27 | |
| SG&A index | 1.10 | — | −0.19 | |
| Total accruals to total assets | (0.03) | — | −0.15 | |
| Leverage index | 1.17 | — | −0.38 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.13 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| IONS Ionis Pharmaceuticals, Inc. | −3.1× |
| AXSM Axsome Therapeutics, Inc. compare | −2.5× |
| IOVA Iovance Biotherapeutics, Inc. compare | −2.5× |
| TGTX TG Therapeutics, Inc. compare | 0.8× |
| SYRE Spyre Therapeutics, Inc. compare | — |
| ABVX Abivax SA Sponsored ADR compare | — |
| PRAX Praxis Precision Medicines, Inc. compare | — |
| ARWR Arrowhead Pharmaceuticals, Inc. compare | — |
| BLTE Belite Bio, Inc. Sponsored ADR compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI