Saturday 17 October 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. 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.
42.94
1.18
−2.67%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | 19.59 | 37.26 | 39.07 | 52.45 | 39.32 | 25.04 | 28.25 | 32.69 | 33.33 | 23.95 |
Analyst estimates 2026–2028 Powerpack |
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| High | 62.68 | 65.51 | 59.81 | 86.58 | 64.34 | 64.37 | 48.82 | 52.27 | 54.44 | 83.61 | |||||
| People | |||||||||||||||
| People | Employees | 435 | 547 | 737 | 817 | 757 | 660 | 796 | 927 | 1,069 | 1,402 | ||||
| Revenue/emp, $m | 0.86 | 0.94 | 0.81 | 1.37 | 0.96 | 1.23 | 0.74 | 0.85 | 0.66 | 0.67 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | 373 | 514 | 600 | 1,123 | 729 | 810 | 587 | 788 | 705 | 944 | ||||
| Gross margin, % | 100.00 | 100.00 | 99.70 | 99.61 | 98.36 | 98.66 | 97.60 | 98.84 | 98.41 | 98.31 | |||||
| EBT | (57) | (17) | (76) | 339 | (135) | (29) | (258) | (334) | (460) | (380) | |||||
| EBT margin, % | (15.42) | (3.26) | (12.70) | 30.18 | (18.45) | (3.60) | (43.92) | (42.40) | (65.25) | (40.22) | |||||
| Net income | (60) | (11) | 215 | 287 | (480) | (29) | (270) | (366) | (454) | (381) | |||||
| Depreciation | 48 | 51 | 47 | 11 | 32 | 42 | 35 | 0 | (9) | 6 | |||||
| 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 | ||||
| Earnings | (0.50) | (0.09) | 2.09 | 2.12 | (3.23) | (0.20) | (1.90) | (2.56) | (3.04) | (2.38) | |||||
| Cash flow | (0.93) | 1.40 | 4.56 | 2.47 | 0.26 | 0.22 | (1.93) | (2.15) | (3.35) | (1.68) | |||||
| Capex | (0.10) | (0.31) | (0.13) | (0.26) | (0.29) | (0.13) | 1.65 | (0.20) | (0.34) | (0.36) | |||||
| Free cash flow | (1.02) | 1.10 | 4.42 | 2.21 | (0.04) | 0.09 | (0.28) | (2.34) | (3.69) | (2.04) | |||||
| Book value | 0.82 | 2.95 | 8.97 | 12.03 | 5.32 | 5.47 | 4.04 | 2.70 | 3.94 | 3.06 | |||||
| Shares, m | 121 | 124 | 132 | 140 | 140 | 141 | 142 | 143 | 150 | 160 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | 0.00 | 723.20 | 27.17 | 28.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| P/S | 15.36 | 11.88 | 11.93 | 7.53 | 10.82 | 5.29 | 9.08 | 9.61 | 7.41 | 13.41 | |||||
| P/B | 57.50 | 16.72 | 6.03 | 5.02 | 10.62 | 5.56 | 9.30 | 19.58 | 8.88 | 25.88 | |||||
| EV/Sales | 14.96 | 11.07 | 9.53 | 6.01 | 9.52 | 4.21 | 7.72 | 8.27 | 5.98 | 12.46 | |||||
| EV/FCF | (45.11) | 41.77 | 9.77 | 21.81 | (1,346.18) | 292.06 | (108.29) | (19.41) | (7.65) | (36.11) | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | (112) | 174 | 603 | 346 | 36 | 31 | (274) | (308) | (501) | (269) | ||||
| Capex | (12) | (38) | (18) | (36) | (41) | (18) | 234 | (28) | (50) | (57) | |||||
| Free cash flow | (124) | 136 | 585 | 309 | (5) | 13 | (40) | (336) | (551) | (326) | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | 664 | 925 | 1,928 | 2,448 | 1,532 | 2,104 | 1,891 | 2,194 | 2,311 | 2,209 | ||||
| Total debt | 517 | 607 | 647 | 788 | 940 | 1,232 | 1,191 | 1,274 | 1,245 | 1,779 | |||||
| Net debt | (148) | (415) | (1,437) | (1,712) | (953) | (883) | (796) | (1,057) | (1,052) | (898) | |||||
| Shareholders’ equity | 100 | 365 | 1,187 | 1,685 | 743 | 772 | 573 | 387 | 588 | 489 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | (6.49) | 0.03 | 13.72 | 9.43 | (15.80) | (1.14) | (10.48) | (13.26) | (15.15) | (11.69) | ||||
| ROIC | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
| ROE | (40.22) | 0.15 | 35.27 | 19.37 | (36.60) | (3.78) | (40.12) | (76.34) | (93.10) | (70.80) | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
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 |
|---|---|---|---|---|---|---|---|---|---|
| TGTX TG Therapeutics, Inc. | $8.6B | 17.8× | 29.4× | +70.27% (above 0%: growing) | −73.68% (below 0%: shrinking) | +427.05% (above 0%: growing) | 82.86% | 9.02% | Compare |
| AXSM Axsome Therapeutics, Inc. | $8.5B | — (loss-making) | — (loss-making) | +45.54% (above 0%: growing) | n/m | −2.98% (below 0%: shrinking) | 93.79% | (22.73%) | Compare |
| ARWR Arrowhead Pharmaceuticals, Inc. | $8.3B | — (loss-making) | — (loss-making) | +171.02% (above 0%: growing) | n/m | −15.43% (below 0%: shrinking) | 100.00% | (226.03%) | Compare |
| ABVX Abivax SA Sponsored ADR | $8.1B | — (loss-making) | — | — | n/m | −48.28% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| SYRE Spyre Therapeutics, Inc. | $7.4B | — (loss-making) | — (loss-making) | −100.00% (below 0%: shrinking) | n/m | −50.07% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| IONS Ionis Pharmaceuticals, Inc. | $7.3B | — (loss-making) | — (loss-making) | −40.73% (below 0%: shrinking) | n/m | +299.29% (above 0%: growing) | 98.98% | (38.18%) | |
| PRAX Praxis Precision Medicines, Inc. | $6.9B | — (loss-making) | — (loss-making) | +1,349.13% (above 0%: growing) | n/m | −43.54% (below 0%: shrinking) | 100.00% | 0.00% | Compare |
| IOVA Iovance Biotherapeutics, Inc. | $6.7B | — (loss-making) | — (loss-making) | +65.65% (above 0%: growing) | n/m | +11.52% (above 0%: growing) | 56.10% | (52.26%) | Compare |
| BLTE Belite Bio, Inc. Sponsored ADR | $6.2B | — (loss-making) | — | — | n/m | +64.67% (above 0%: growing) | — | 0.00% | Compare |
| Median of peers | $7.7B | — | — | +67.96% | — | −9.20% | 82.86% | 0.00% |
Ionis Pharmaceuticals, Inc. (IONS) key facts
- Strength: Ionis Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $943.7 million, up 33.8% from fiscal 2024.
- Ionis Pharmaceuticals, Inc. (IONS) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
- As of October 16, 2026, IONS traded at $42.94, a market capitalization of $7.3 billion.
- Return on equity was −70.8% and debt-to-equity 3.07.
- Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 2.12 (grey zone) for fiscal 2025.