Saturday 17 October 2026 Export IONS’s income statement to Excel — free account

Ionis Pharmaceuticals, Inc.

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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Market cap: $7.3B
P/E: 0.0×
Fwd P/E: −20.8×
Dividend yield: —
F-score: 4/9
Altman Z: 2.12
Beneish M: −3.13
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 1.06

Total sells 92.78

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	1	—	—	—
Sell	6	1	22	4	8	7	3	8	4	—	—	—

Insider Ownership 1.51%

Capital & Financial Ratios $m

Market Cap 7,330.00

Revenue 874.09

Net Income (565.17)

Free Cash Flow (567.50)

Net Debt (703.54)

Current Ratio 7.89

Debt/Equity 3.07

P/E ratio 0.00

Fwd P/E (20.80)

P/S ratio 8.13

P/B ratio 16.15

Past 5Y EPS Growth —

This Y EPS Growth (51.17%)

Next Y EPS Growth 42.46%

Next Y revenue growth (2.61%)

Next 5Y EPS Growth 22.02%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 33.58%

10-year low 10-year high

P/B against its own 10 years 61.30%

10-year low 10-year high

EV/Sales against its own 10 years 44.93%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	2,331	2,298	2,677	2,055
Receivables	98	92	66	59
Inventory	7	13	10	51
Other	205	218	237	327
	2,642	2,620	2,991	2,491

	2023	2024	2025	Q'26
Payables	26	43	28	48
ST’ Debt	44	—	432	—
Other	9	9	23	25
	448	309	782	316

Compound Annual Growth %

	10y	5y	3y
Sales	12.77%	5.29%	17.12%
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	9.31%	(8.03%)	(5.13%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	246	268	—	—	—
’25	132	452	157	203	944
’24	119	225	134	227	705
’23	131	188	144	325	788
’22	142	134	160	152	587
’21	112	126	133	440	810
’20	133	146	160	290	729

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(793)	566	—	—	—
’25	(151)	151	(131)	(138)	(269)
’24	(150)	(120)	(115)	(116)	(501)
’23	(134)	(97)	(109)	33	(308)
’22	(32)	(18)	(24)	(200)	(274)
’21	(55)	(63)	(56)	204	31
’20	(8)	(44)	(10)	98	36

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(816)	547	—	—	—
’25	(164)	137	(138)	(160)	(326)
’24	(156)	(140)	(111)	(144)	(551)
’23	(146)	(110)	(112)	33	(336)
’22	(34)	(23)	(31)	49	(40)
’21	(58)	(70)	(60)	200	13
’20	(18)	(55)	(23)	91	(5)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.56)	(0.69)	—	—	—
’25	(0.93)	0.70	(0.80)	(1.41)	(2.38)
’24	(0.98)	(0.45)	(0.95)	(0.66)	(3.04)
’23	(0.87)	(0.60)	(1.03)	(0.06)	(2.56)
’22	(0.46)	(0.74)	(0.33)	(0.37)	(1.90)
’21	(0.64)	(0.57)	(0.58)	1.41	(0.20)
’20	(0.35)	(0.23)	(0.22)	(2.44)	(3.23)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
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
	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.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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%

All 614 Biotechnology stocks →

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.

Source: company filings (standardised) and stockrow calculations.