Ionis Pharmaceuticals (IONS)

Market Price (10/28/2026): $43.96 | Market Cap: $7.3 BilSector: Health Care | Industry: Biotechnology

Ionis Pharmaceuticals (IONS)

Market Price (10/28/2026): $43.96
Market Cap: $7.3 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29%

Low stock price volatility
Vol 12M is 43%

Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more.

Weak multi-year price returns
2Y Excs Rtn is -17%, 3Y Excs Rtn is -85%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -594 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -68%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.4%, Rev Chg QQuarterly Revenue Change % is -41%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 19%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -57%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -65%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12%

Key risks
IONS key risks include [1] ongoing patent infringement lawsuits with Arrowhead Pharmaceuticals and [2] challenges in its strategic transition to independently commercializing its own products.

0	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29%
1	Low stock price volatility Vol 12M is 43%
2	Megatrend and thematic drivers Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -17%, 3Y Excs Rtn is -85%
4	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%
5	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -594 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -68%
6	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.4%, Rev Chg QQuarterly Revenue Change % is -41%
7	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 19%
8	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -57%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -65%
9	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12%
10	Key risks IONS key risks include [1] ongoing patent infringement lawsuits with Arrowhead Pharmaceuticals and [2] challenges in its strategic transition to independently commercializing its own products.

IONS in ETFs

Weight = IONS's share of each fund

VTI0.01%

ITOT0.01%

IWB0.01%

VB0.09%

XBI1.2%

NUSC0.55%

IBB0.50%

IWP0.20%

+15 more covered ETFs

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	10/28/26	2025	2024	2023	2022
Share Price			$43.96	$79.11	$34.96	$50.59	$37.77
Mkt Cap ($ Bil)			7.3	12.8	5.5	7.3	5.4
+ Debt ($ Bil)			1.6	2.1	1.4	1.5	1.4
- Cash ($ Bil)			2.1	2.7	2.3	2.3	2.0
TEV ($ Bil)			6.9	14.9	6.9	8.8	6.8
Valuation Ratios
P/S	5.4	7.9	8.3	13.6	7.8	9.2	9.1
P/EBIT	—	—	-15.2	-43.5	-14.8	-28.9	-21.5
P/E	—	—	-12.9	-33.7	-12.2	-19.8	-19.9
P/FCF	—	—	-12.8	-39.4	-9.9	-21.7	-18.2
Sector Ratios (* = sector average)
P/S *			3.7	3.9	3.5	4.2	4.4
P/EBIT *			-1.5	-1.8	-1.2	-1.6	-1.2
P/E *			-1.4	-1.9	-1.5	-1.9	-1.3
P/FCF *			-1.6	-1.7	-1.3	-1.8	-1.4

FYE: 12/31	Forward FYE		Now
	2027	2026	10/28/26
Share Price			$43.96
Mkt Cap ($ Bil)			7.3
+ Debt ($ Bil)			1.6
- Cash ($ Bil)			2.1
TEV ($ Bil)			6.9
Valuation Ratios
P/S	5.4	7.9	8.3
P/EBIT	—	—	-15.2
P/E	—	—	-12.9
P/FCF	—	—	-12.8
Sector Ratios (* = sector average)
P/S *			3.7
P/EBIT *			-1.5
P/E *			-1.4
P/FCF *			-1.6

FYE: 12/31	IONS [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$874.1 Mil	—
FY 2026 Sales	$925.0 Mil	—
FY 2027 Sales	$1.3 Bil	—
FY 2026 Sales Growth	5.8%	—
FY 2027 Sales Growth	45.0%	13.1%
EARNINGS
LTM Net Income (GAAP) [3]	$-565.2 Mil	—
FY 2026 Net Income (Non-GAAP)	$-574.3 Mil	—
FY 2027 Net Income (Non-GAAP)	$-350.6 Mil	—
FY 2027 Net Income Growth	—	19.2%
FY 2026 EPS (Non-GAAP)	$-3.58	—
FY 2027 EPS (Non-GAAP)	$-2.08	—
FY 2027 EPS Growth	—	—
VALUATION
FY 2026 P/S	7.9	1.7
FY 2027 P/S	5.4	—
FY 2026 P/E	—	8.0
FY 2027 P/E	—	—

[1] IONS forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	IONS	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	0.9
Rev Chg Q	-40.7%	9.1%
Rev Chg LTM	-7.4%	8.4%
Rev Chg 3Y Avg	12.5%	6.0%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.6
CFO LTM ($ Bil)	-0.5
Net Inc LTM ($ Bil)	-0.6
Op Mgn LTM	-68.0%	18.5%
CFO/Rev LTM	-56.8%	21.8%
Net Inc Mgn	-64.7%	13.3%
VALUATION	VERY HIGH
P/S	8.3	3.2
P/CFO	-14.6	15.4
P/FCF	-12.8	19.8
P/E	-12.9	23.0
STABILITY	VERY GOOD
Debt/Equity	0.22	0.19
Cash/Assets	0.69	0.07

AI Analysis | Feedback

Metric	Value	Date	Source
Late-Stage Pipeline (Phase 3 Medicines)	9	1082024	Link
Number of Employees	1069	12312024	Link
Marketed Medicines	7	10292025	Link
Clinical-Stage Neurology Pipeline	12	10042023	Link

Price Chart

Upcoming
11/04/2026	Earnings Release	Rev: $181 Mil (E) EPS: $-1.22 (E)

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/27/2026

Ionis Pharmaceuticals (IONS) stock has lost about 45% since 6/30/2026 because of the following key factors:

1. Major Clinical Trial Failure for Key Program. The Phase 3 CARDIO-TTRansform study for eplontersen, partnered with AstraZeneca, failed to meet its primary efficacy endpoint in the overall patient population for transthyretin-mediated amyloid cardiomyopathy (ATTR-CM) on July 9, 2026. This significant clinical setback caused Ionis's stock to plunge 23% on that day, wiping out $3.3 billion in market value, and contributed to a more than 25% drop for the week.

2. Additional Partnered Program Setbacks. Further eroding investor confidence, the pelacarsen Lp(a)HORIZON outcomes trial with partner Novartis also yielded unfavorable results in September 2026. This, along with other failed Phase 2/3 trials with partners, reduced near-term growth prospects and market confidence in Ionis's pipeline.

3. Commercial Challenges and Emerging Competition for Flagship Drug. Ionis Pharmaceuticals' Q2 2026 financial results, reported on July 29, 2026, highlighted commercial weaknesses. TRYNGOLZA's Q2 sales significantly decreased by approximately 80% to $5 million, down from $27 million in fiscal Q1 2026, partly due to a reduced net price effective April 1, 2026. Adding to these concerns, competitor Arrowhead Pharmaceuticals announced positive late-stage data for its sHTG drug, plozasiran, in July, posing a direct competitive threat to TRYNGOLZA. These factors collectively raised doubts about the commercial traction of Ionis's wholly-owned medicines and its path to achieving its 2028 cash flow breakeven target.

4. Substantial Insider Selling. Over the 12 months leading up to the analysis period, Ionis Pharmaceuticals experienced significant net insider selling totaling $131.1 million, in contrast to only $1.1 million in insider purchases. This considerable net selling by company insiders likely contributed to negative market sentiment during the specified period.

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Stock Movement Drivers

Fundamental Drivers

The -44.6% change in IONS stock from 6/30/2026 to 10/27/2026 was primarily driven by a -32.7% change in the company's P/S Multiple.

(LTM values as of)	6302026	10272026	Change
Stock Price ($)	79.29	43.96	-44.6%
Change Contribution By:
Total Revenues ($ Mil)	1,058	874	-17.4%
P/S Multiple	12.4	8.3	-32.7%
Shares Outstanding (Mil)	165	165	-0.3%
Cumulative Contribution			-44.6%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/27/2026

	Return	Correlation
IONS	-44.6%
Market (SPY)	3.1%	5.9%
Sector (XLV)	12.9%	31.3%

Fundamental Drivers

The -41.5% change in IONS stock from 3/31/2026 to 10/27/2026 was primarily driven by a -35.6% change in the company's P/S Multiple.

(LTM values as of)	3312026	10272026	Change
Stock Price ($)	75.09	43.96	-41.5%
Change Contribution By:
Total Revenues ($ Mil)	944	874	-7.4%
P/S Multiple	12.9	8.3	-35.6%
Shares Outstanding (Mil)	162	165	-1.8%
Cumulative Contribution			-41.5%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/27/2026

	Return	Correlation
IONS	-41.5%
Market (SPY)	18.7%	8.2%
Sector (XLV)	22.8%	32.8%

Fundamental Drivers

The -32.8% change in IONS stock from 9/30/2025 to 10/27/2026 was primarily driven by a -24.6% change in the company's P/S Multiple.

(LTM values as of)	9302025	10272026	Change
Stock Price ($)	65.42	43.96	-32.8%
Change Contribution By:
Total Revenues ($ Mil)	944	874	-7.4%
P/S Multiple	11.0	8.3	-24.6%
Shares Outstanding (Mil)	159	165	-3.8%
Cumulative Contribution			-32.8%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/27/2026

	Return	Correlation
IONS	-32.8%
Market (SPY)	16.5%	15.5%
Sector (XLV)	30.4%	36.9%

Fundamental Drivers

The -3.1% change in IONS stock from 9/30/2023 to 10/27/2026 was primarily driven by a -19.2% change in the company's P/S Multiple.

(LTM values as of)	9302023	10272026	Change
Stock Price ($)	45.36	43.96	-3.1%
Change Contribution By:
Total Revenues ($ Mil)	631	874	38.6%
P/S Multiple	10.3	8.3	-19.2%
Shares Outstanding (Mil)	143	165	-13.5%
Cumulative Contribution			-3.1%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/27/2026

	Return	Correlation
IONS	-3.1%
Market (SPY)	86.2%	23.5%
Sector (XLV)	45.8%	34.3%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
IONS Return	-46%	24%	34%	-31%	126%	-45%	-23%
Peers Return	-8%	18%	-7%	-6%	53%	-3%	42%
S&P 500 Return	27%	-19%	24%	23%	16%	11%	103%
Monthly Win Rates [3]
IONS Win Rate	33%	58%	58%	25%	67%	40%
Peers Win Rate	48%	58%	43%	40%	60%	46%
S&P 500 Win Rate	75%	42%	67%	75%	67%	40%
Max Drawdowns [4]
IONS Max Drawdown	-60%	-26%	-18%	-37%	-27%	-51%
Peers Max Drawdown	-39%	-33%	-37%	-38%	-44%	-31%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: ALNY, BIIB, VRTX, SRPT, ARWR. See IONS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/27/2026 (YTD)

Event	IONS	S&P 500
2025 US Tariff Shock
% Loss	-19.8%	-18.8%
% Gain to Breakeven	24.7%	23.1%
Time to Breakeven	24 days	79 days
2023 SVB Regional Banking Crisis
% Loss	-15.4%	-6.7%
% Gain to Breakeven	18.1%	7.1%
Time to Breakeven	70 days	31 days
2020 COVID-19 Crash
% Loss	-32.6%	-33.7%
% Gain to Breakeven	48.4%	50.9%
Time to Breakeven	109 days	140 days
2016-2017 Trump Reflation Bond Selloff
% Loss	-29.0%	-3.7%
% Gain to Breakeven	40.9%	3.9%
Time to Breakeven	13 days	6 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-43.2%	-12.2%
% Gain to Breakeven	76.1%	13.9%
Time to Breakeven	532 days	62 days
2014-2016 Oil Price Collapse
% Loss	-43.2%	-6.8%
% Gain to Breakeven	76.1%	7.3%
Time to Breakeven	532 days	15 days

Compare to ALNY, BIIB, VRTX, SRPT, ARWR

In The Past

Ionis Pharmaceuticals's stock fell -19.8% during the 2025 US Tariff Shock. Such a loss loss requires a 24.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	IONS	S&P 500
2020 COVID-19 Crash
% Loss	-32.6%	-33.7%
% Gain to Breakeven	48.4%	50.9%
Time to Breakeven	109 days	140 days
2016-2017 Trump Reflation Bond Selloff
% Loss	-29.0%	-3.7%
% Gain to Breakeven	40.9%	3.9%
Time to Breakeven	13 days	6 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-43.2%	-12.2%
% Gain to Breakeven	76.1%	13.9%
Time to Breakeven	532 days	62 days
2014-2016 Oil Price Collapse
% Loss	-43.2%	-6.8%
% Gain to Breakeven	76.1%	7.3%
Time to Breakeven	532 days	15 days

Compare to ALNY, BIIB, VRTX, SRPT, ARWR

In The Past

Ionis Pharmaceuticals's stock fell -19.8% during the 2025 US Tariff Shock. Such a loss loss requires a 24.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Ionis Pharmaceuticals (IONS)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Ionis Pharmaceuticals, Inc. is a leading biotechnology company dedicated to discovering and developing innovative RNA-targeted therapeutics. The company's core mission is to create medicines that modulate RNA to treat a broad spectrum of diseases, many of which currently have limited or no effective treatments. Ionis has successfully brought three significant drugs to market: SPINRAZA, used to treat spinal muscular atrophy (SMA); TEGSEDI, an injection for polyneuropathy of hereditary transthyretin-mediated amyloidosis; and WAYLIVRA, a treatment for familial chylomicronemia syndrome and familial partial lipodystrophy. These commercialized therapies address severe, often rare, genetic conditions.

Beyond its approved products, Ionis maintains a robust and diverse pipeline of investigational therapies across multiple therapeutic areas. A significant portion of its development efforts focuses on neurology, with programs targeting debilitating conditions such as Huntington's disease, amyotrophic lateral sclerosis (ALS), Alzheimer's disease, and Parkinson's disease. The company is also heavily invested in cardiometabolic diseases, developing treatments for conditions like transthyretin amyloidosis, familial chylomicronemia syndrome, and cardiovascular disease risk reduction. Additionally, Ionis's pipeline extends to other areas including cystic fibrosis, hereditary angioedema, various cancers, and infectious diseases, demonstrating the broad applicability of its RNA-targeted technology.

Ionis primarily serves patients afflicted with serious and often life-threatening genetic, neurological, and chronic diseases who are in need of new treatment options. Its business strategy involves a combination of developing and commercializing therapies independently and forming strategic alliances with major pharmaceutical companies. Ionis collaborates with leading industry players such as AstraZeneca, GlaxoSmithKline, Novartis, Pfizer, and Biogen. These partnerships are crucial for expanding the development, manufacturing, and global market reach of its innovative RNA-targeted medicines, ultimately aiming to improve patient outcomes worldwide.

AI Analysis | Feedback

Here are a few analogies to describe Ionis Pharmaceuticals:

Ionis Pharmaceuticals is like Moderna or BioNTech for chronic diseases, using advanced RNA technology to develop a wide range of treatments, with several already approved.
Ionis Pharmaceuticals is like Vertex Pharmaceuticals, but specializing in RNA-targeted drugs for a diverse range of rare and challenging conditions.

AI Analysis | Feedback

SPINRAZA: A treatment for spinal muscular atrophy (SMA) in pediatric and adult patients.
TEGSEDI: An injection for the treatment of polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults.
WAYLIVRA: A treatment for familial chylomicronemia syndrome and familial partial lipodystrophy.

AI Analysis | Feedback

Ionis Pharmaceuticals primarily sells its therapies, licenses its technology, and partners in drug development with other pharmaceutical and biotechnology companies. Its major customers are the companies with which it has collaboration agreements:

AstraZeneca (AZN)
GlaxoSmithKline plc (GSK)
Johnson & Johnson (JNJ) (parent company of Janssen Biotech, Inc.)
Bayer AG (BAYRY)
Novartis AG (NVS)
Pfizer, Inc. (PFE)
Biogen Inc. (BIIB)
Flamingo Therapeutics, Inc. (private company)
Roche (RHHBY)

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Brett P. Monia, Ph.D. Chief Executive Officer

Dr. Monia is the Chief Executive Officer, a member of the board of directors, and a founding scientist of Ionis Pharmaceuticals. He was appointed CEO in January 2020. Dr. Monia co-founded Ionis Pharmaceuticals (originally Isis Pharmaceuticals) in 1989 and has over 35 years of experience with the company. His contributions at Ionis include extensive research into RNA-targeting modalities and he is an inventor on over 100 issued patents and has published more than 200 scientific manuscripts. He previously held roles such as Chief Operating Officer and Senior Vice President of Translational Medicine. Dr. Monia also serves on the board of directors of Cognition Therapeutics and Flamingo Therapeutics.

Elizabeth L. Hougen Executive Vice President, Chief Financial Officer

Ms. Hougen serves as the Executive Vice President and Chief Financial Officer of Ionis Pharmaceuticals. She joined Ionis in May 2000 as Vice President, Finance, and was appointed Chief Accounting Officer in January 2007, and Chief Financial Officer in January 2013. Ms. Hougen has over 25 years of finance and business experience, primarily within the life sciences industry. Before joining Ionis, she was the Chief Financial Officer for Molecular Biosystems, Inc., a public biotechnology company.

Stanley T. Crooke, M.D., Ph.D. Founder and Executive Chairman

Dr. Crooke is the Founder of Ionis Pharmaceuticals, which was established as Isis Pharmaceuticals in 1989. He previously served as the Chief Executive Officer before transitioning to his current role as Executive Chairman of the Board of Directors. Prior to founding Ionis, Dr. Crooke was a research leader at GlaxoSmithKline.

C. Frank Bennett, Ph.D. Executive Vice President, Chief Scientific Officer

Dr. Bennett is the Executive Vice President and Chief Scientific Officer at Ionis Pharmaceuticals.

Joseph T. Baroldi Executive Vice President, Chief Business Officer

Mr. Baroldi serves as the Executive Vice President and Chief Business Officer, responsible for leading Ionis' business development and alliance management activities. He brings over two decades of industry experience, having previously served as Chief Operating Officer at Avidity Biosciences, where he played a key role in their initial public offering and team development.

AI Analysis | Feedback

The key risks for Ionis Pharmaceuticals (IONS) are primarily centered around the inherent challenges of drug development and commercialization within the highly competitive biopharmaceutical industry, as well as its strategic business model.

Clinical Trial and Regulatory Failure: As a biotechnology company with a vast pipeline of RNA-targeted therapeutics, Ionis Pharmaceuticals faces significant risks associated with the rigorous process of drug discovery, development, and regulatory approval. The success of its numerous investigational medicines, targeting a wide range of diseases from neurological disorders to cardiometabolic conditions, is contingent upon favorable outcomes in preclinical studies and clinical trials, followed by regulatory clearances. Any delays in trials, unexpected safety concerns, or failure to demonstrate efficacy could lead to the abandonment of promising programs, negatively impacting future revenue and growth prospects. For instance, the early termination of the Hero study for an Alzheimer's disease candidate illustrates the potential for setbacks in their development pipeline.
Competition and Loss of Market Exclusivity: Ionis operates in a highly competitive landscape where numerous companies are vying for market share, particularly in the rapidly evolving RNA-targeted therapy space. This intense competition can lead to pricing pressures and challenges in gaining and maintaining market access for both its approved drugs and future products. For example, their established drug SPINRAZA faces competition in the spinal muscular atrophy (SMA) market, contributing to declining royalty revenues. Similarly, drugs like WAINUA compete directly with products from rivals such as Alnylam Pharmaceuticals in indications like transthyretin-mediated amyloidosis. The eventual expiry of patents for its commercialized medicines also poses a risk, opening the door to generic or biosimilar competition and potentially reducing profitability.
Reliance on Collaborative Agreements: Ionis Pharmaceuticals heavily leverages strategic partnerships with larger pharmaceutical companies for the late-stage development and commercialization of many of its drug candidates. While this model helps mitigate the substantial costs and risks associated with building a global commercial infrastructure, it also introduces a dependency on these partners. The termination or unfavorable renegotiation of these collaboration agreements could significantly impact Ionis' financial results, which can already be "lumpy and difficult to predict" due to the timing of partner payments. A past example includes Bayer's decision to discontinue the clinical development of fesomersen, leading to its return to Ionis.

AI Analysis | Feedback

The clear emerging threat for Ionis Pharmaceuticals is the rise of alternative therapeutic modalities and competing products in the disease areas where Ionis has commercialized drugs. For example, Ionis's SPINRAZA (for spinal muscular atrophy) faces significant competition from gene therapies and oral small molecule therapies that offer different administration routes (such as one-time administration versus chronic injection) and potentially different efficacy profiles. Similarly, Ionis's TEGSEDI (for hereditary transthyretin-mediated amyloidosis) faces competition from other RNA-based therapies and small molecule stabilizers. These alternative treatments and modalities present a direct challenge to the market share and revenue streams derived from Ionis's key commercial products.

AI Analysis | Feedback

Ionis Pharmaceuticals (IONS) develops and markets RNA-targeted therapeutics for various diseases. Here are the addressable market sizes for its main products:

SPINRAZA (for Spinal Muscular Atrophy - SMA)

The global spinal muscular atrophy (SMA) treatment market was estimated at approximately USD 4.40 billion in 2024 and is projected to reach USD 13.09 billion by 2030.
Another estimate indicates the global SMA market reached USD 3.0 billion in 2023 and is expected to reach USD 13.0 billion by 2034 across the seven major markets (7MM).
The North American market held the largest share of the global SMA treatment market, accounting for 68.4% in 2024.
Asia-Pacific is anticipated to be the fastest-growing region in the SMA treatment market.

TEGSEDI (for hereditary transthyretin-mediated amyloidosis - hATTR)

The global transthyretin amyloidosis treatment market was valued at USD 5.9 billion in 2023 and is expected to reach USD 11.2 billion by 2032.
Another projection estimates the global transthyretin amyloidosis treatment market size at USD 6,644.3 million in 2024, growing to USD 16,526.5 million by 2030.
North America dominated this market with a revenue share of 47.8% in 2024.
There are an estimated 50,000 patients with hATTR amyloidosis worldwide.

WAYLIVRA (for Familial Chylomicronemia Syndrome - FCS and Familial Partial Lipodystrophy - FPLD)

For Familial Chylomicronemia Syndrome (FCS), the total market size in the seven major markets (7MM: United States, EU4, United Kingdom, and Japan) was approximately USD 15 million in 2022 and is projected to increase through 2034.
The global FCS market is estimated to reach US$ 18.89 million by 2032.
WAYLIVRA is approved for FCS in Europe.
For Familial Partial Lipodystrophy (FPLD), which falls under the broader lipodystrophy market, the market size in the U.S. was approximately USD 77 million in 2021 across the 7MM.
Germany accounted for the largest market size for lipodystrophy treatments among the EU4 countries, valued at approximately USD 94 million.
WAYLIVRA has received regulatory approval for familial partial lipodystrophy in Brazil.

AI Analysis | Feedback

Ionis Pharmaceuticals (IONS) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives:

Launch and Expansion of New Independent Products: Ionis expects significant revenue growth from the independent launch and commercialization of new therapies. Olezarsen, for severe hypertriglyceridemia (sHTG), is particularly highlighted as a major independent launch in 2026, targeting a broad patient population. Another key independent launch anticipated in 2026 is zilganersen for Alexander disease, which marks the company's first neurology launch.
Growth of Recently Launched Therapies: Recently launched products such as DAWNZERA (donidalorsen) for hereditary angioedema and TRYNGOLZA are expected to continue their revenue ramp-up. DAWNZERA has shown strong initial participation and a high conversion rate to paid therapy, indicating promising future revenue growth. TRYNGOLZA also demonstrated substantial product sales growth in 2025.
Increasing Royalty Revenue from Commercial Products: The company anticipates continued and growing royalty revenue from its established commercial products, including SPINRAZA and WAINUA (eplontersen). WAINUA, in particular, is contributing a new stream of royalty revenue.
Milestone Payments from Partnered Programs: Ionis benefits from its robust partnered pipeline, which is projected to yield numerous milestone payments. Key partnered programs, such as pelacarsen (Lp(a) HORIZON trial) and eplontersen (CARDIO-TTRansform trial), are expected to have significant Phase 3 readouts in mid to late 2026, which can trigger substantial R&D revenue. The company has already reported earning significant milestone payments from collaborations in early 2026.

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**Share Issuances**

In September 2024, Ionis Pharmaceuticals conducted a public offering of 11,500,000 shares of its common stock, with expected gross proceeds of approximately $500.3 million.
The company's shares outstanding increased to 0.15 billion in 2024, representing a 4.42% rise from 2023.
Shares outstanding further grew to 0.160 billion by the quarter ending September 30, 2025, marking a 7.52% increase year-over-year.

**Inbound Investments**

Ionis received a $280 million upfront payment in the second quarter of 2025 for granting Ono Pharmaceutical Co., Ltd. a global license for sapablursen.
A significant portion of Ionis's $944 million total revenue in 2025 was generated from R&D collaborations.

**Capital Expenditures**

Operating expenses in 2025 saw an increase due to investments made to support the launches of TRYNGOLZA, DAWNZERA, and WAINUA.
For 2026, the company anticipates a modest increase in non-GAAP operating expenses as it invests in independent launches and advances its wholly-owned pipeline of innovative medicines.
Research and development expenses are projected to remain consistent in 2026, with resources being reallocated to support drugs expected to drive future growth.

Interactive Breakdown

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Better Bets vs. Ionis Pharmaceuticals (IONS)

Gilead Sciences

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for IONS: 12.5% | 8.3x)

AMGN (12.8% | 6.3x)

Amgen

MCK (13.2% | 0.3x)

McKesson

CI (15.1% | 0.3x)

Cigna

BSX (16.2% | 3.2x)

Boston Scientific

EW (13.1% | 8.0x)

Edwards Lifesciences

Higher Rev Chg LTM (Value for IONS: -7.4%)

LLY (49.6%)

Eli Lilly

ABBV (10.4%)

AbbVie

JNJ (7.8%)

Johnson & Johnson

UNH (6.5%)

UnitedHealth Group

MRK (4.6%)

Merck

Higher Rev Chg 3Y Avg (Value for IONS: 12.5%)

LLY (39.4%)

Eli Lilly

ISRG (19.2%)

Intuitive Surgical

CI (15.1%)

Cigna

MCK (13.2%)

McKesson

AMGN (12.8%)

Amgen

Higher Op Mgn LTM (Value for IONS: -68.0%)

LLY (49.7%)

Eli Lilly

ABBV (33.9%)

AbbVie

JNJ (25.7%)

Johnson & Johnson

MRK (10.5%)

Merck

UNH (4.8%)

UnitedHealth Group

Higher CFO/Rev LTM (Value for IONS: -56.8%)

LLY (35.3%)

Eli Lilly

ABBV (30.3%)

AbbVie

MRK (30.0%)

Merck

JNJ (26.3%)

Johnson & Johnson

UNH (6.0%)

UnitedHealth Group

Higher FCF/Rev LTM (Value for IONS: -64.9%)

ABBV (28.3%)

AbbVie

MRK (24.1%)

Merck

JNJ (19.7%)

Johnson & Johnson

LLY (17.0%)

Eli Lilly

UNH (5.2%)

UnitedHealth Group

Higher Total Yield (Value for IONS: -7.8%)

UNH (6.0%)

UnitedHealth Group

JNJ (4.4%)

Johnson & Johnson

ABBV (3.6%)

AbbVie

MRK (3.3%)

Merck

NVIDIA

AAPL (2.8%)

Apple

Best Bets in Health Care

What You Pay

P/EBIT (Value for IONS: -15.2x)

VEEV (49.2x)

Veeva Systems

DOCS (31.3x)

Doximity

HALO (25.0x)

Halozyme Therapeutics

HRMY (8.6x)

Harmony Biosciences

NBIX (18.0x)

Neurocrine Biosciences

PBH (8.0x)

Prestige Consumer Healthcare

ADMA (11.3x)

ADMA Biologics

LGND (25.6x)

Ligand Pharmaceuticals

GMED (16.2x)

Globus Medical

INCY (11.9x)

Incyte

P/E (Value for IONS: -12.9x)

VEEV (50.1x)

Veeva Systems

DOCS (36.3x)

Doximity

HALO (36.4x)

Halozyme Therapeutics

HRMY (12.1x)

Harmony Biosciences

NBIX (20.9x)

Neurocrine Biosciences

PBH (13.1x)

Prestige Consumer Healthcare

ADMA (15.1x)

ADMA Biologics

LGND (31.7x)

Ligand Pharmaceuticals

GMED (20.4x)

Globus Medical

INCY (14.5x)

Incyte

What You Get

Rev Chg 3Y Avg (Value for IONS: 12.5%)

VEEV (15.7%)

Veeva Systems

DOCS (14.5%)

Doximity

HALO (29.7%)

Halozyme Therapeutics

HRMY (24.5%)

Harmony Biosciences

NBIX (26.5%)

Neurocrine Biosciences

PBH (-0.7%)

Prestige Consumer Healthcare

ADMA (36.8%)

ADMA Biologics

LGND (23.2%)

Ligand Pharmaceuticals

GMED (47.0%)

Globus Medical

INCY (18.5%)

Incyte

Rev Chg LTM (Value for IONS: -7.4%)

VEEV (16.5%)

Veeva Systems

DOCS (11.2%)

Doximity

HALO (41.2%)

Halozyme Therapeutics

HRMY (24.3%)

Harmony Biosciences

NBIX (34.4%)

Neurocrine Biosciences

PBH (-1.4%)

Prestige Consumer Healthcare

ADMA (8.0%)

ADMA Biologics

LGND (54.9%)

Ligand Pharmaceuticals

GMED (19.7%)

Globus Medical

INCY (26.9%)

Incyte

Rev Chg Q (Value for IONS: -40.7%)

VEEV (17.6%)

Veeva Systems

DOCS (7.3%)

Doximity

HALO (47.7%)

Halozyme Therapeutics

HRMY (30.3%)

Harmony Biosciences

NBIX (39.5%)

Neurocrine Biosciences

PBH (6.5%)

Prestige Consumer Healthcare

ADMA (2.0%)

ADMA Biologics

LGND (33.7%)

Ligand Pharmaceuticals

GMED (5.9%)

Globus Medical

INCY (37.7%)

Incyte

FCF/Rev 3Y Avg (Value for IONS: -47.1%)

VEEV (44.1%)

Veeva Systems

DOCS (42.3%)

Doximity

HALO (41.3%)

Halozyme Therapeutics

HRMY (34.3%)

Harmony Biosciences

NBIX (23.4%)

Neurocrine Biosciences

PBH (22.4%)

Prestige Consumer Healthcare

ADMA (18.8%)

ADMA Biologics

LGND (18.5%)

Ligand Pharmaceuticals

GMED (17.0%)

Globus Medical

INCY (16.5%)

Incyte

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Peer Outperformance in Biotechnology

IONS has outperformed 84% of its 362 Biotechnology peers over 5Y. Among the peers that beat it are UTHR, EXEL and VRTX. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.

Share of Biotechnology constituents that IONS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.

40%

of 453 industry peers · -39.8% return

57%

of 398 industry peers · -0.2% return

84%

of 362 industry peers · 47.5% return

Biotechnology peers with revenue growth within 4pp of IONS's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.

Ticker	Name	Rev Growth 3Y Avg	P/E	1Y	3Y	5Y	5Y Gap
IONS	Ionis Pharmaceuticals	12.5%	-12.9x	-39.8%	-0.2%	47.5%	—
UTHR	United Therapeutics	14.7%	19.2x	40.4%	169.7%	217.6%	+170pp
EXEL	Exelixis	12.5%	19.0x	63.4%	223.5%	206.8%	+159pp
VRTX	Vertex Pharmaceuticals	9.8%	30.0x	24.0%	46.7%	188.0%	+140pp
AMGN	Amgen	12.8%	27.7x	58.1%	87.4%	153.3%	+106pp

Price returns, excluding dividends. P/E shown for context only and not used for matching.

Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is IONS's own industry. Use this to see which corners of the sector have carried the returns.

Industry	Names	1Y med	3Y med	5Y med	Top 3 by 5Y
Health Care Distributors	6	8.6%	52.3%	100.3%	CAH 475% · MCK 388% · COR 187%
Health Care Services	20	20.9%	47.9%	16.3%	HIMS 275% · RDNT 144% · DGX 86%
Health Care Facilities	24	2.0%	29.6%	6.0%	THC 274% · NHC 263% · ENSG 147%
Managed Health Care	8	24.2%	1.1%	-1.8%	OSCR 85% · HQY 53% · ELV 5%
Health Care Equipment	50	-2.2%	12.4%	-17.8%	UFPT 387% · GKOS 323% · TMDX 162%
Pharmaceuticals	60	-14.0%	8.7%	-31.6%	LQDA 1169% · KNSA 728% · LLY 436%
Health Care Supplies	11	15.9%	0.3%	-37.5%	LNTH 344% · HAE 75% · MMSI 37%
Life Sciences Tools & Services	107	-7.8%	4.2%	-65.2%	NTRA 260% · MEDP 220% · IRTC 80%
Biotechnology ←	363	-26.9%	-20.3%	-81.5%	DNTH 1133% · ELVN 1124% · TRVI 1031%
Health Care Technology	21	-31.2%	-58.6%	-81.5%	VEEV 0% · DOCS -50%

Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Ionis Pharmaceuticals Stock Slides 39% With A 9-Day Losing Spree	07/21/2026
2	Ionis Pharmaceuticals Stock Slides 37% With A 8-Day Losing Spree	07/18/2026
3	7-Day Sell-Off Sends Ionis Pharmaceuticals Stock Down 37%	07/17/2026
4	Ionis Pharmaceuticals Stock Plummets 37% With 6-Day Losing Streak	07/16/2026
5	Ionis Pharmaceuticals Earnings Notes	12/25/2025
6	Is Ionis Pharmaceuticals Stock Built to Withstand a Pullback?	10/17/2025
7	How Does Ionis Pharmaceuticals Stock Stack Up Against Its Peers?	08/13/2025
8	IONS Dip Buy Analysis	07/10/2025
9	ARTICLES
10	Ionis Pharmaceuticals Stock Slides 27% Over 9 Straight Down Days	09/17/2026
11	Ionis Pharmaceuticals Stock Slides 23% Over 8 Straight Down Days	09/16/2026
12	Ionis Pharmaceuticals Stock Slides 39% Over 9 Straight Down Days	07/21/2026
13	Ionis Pharmaceuticals Stock Slides 37% Over 8 Straight Down Days	07/20/2026
14	Ionis Pharmaceuticals Stock Slides 37% Over 7 Straight Down Days	07/17/2026

	Title
0	DASHBOARDS
1	Ionis Pharmaceuticals Stock Slides 39% With A 9-Day Losing Spree
2	Ionis Pharmaceuticals Stock Slides 37% With A 8-Day Losing Spree
3	7-Day Sell-Off Sends Ionis Pharmaceuticals Stock Down 37%
4	Ionis Pharmaceuticals Stock Plummets 37% With 6-Day Losing Streak
5	Ionis Pharmaceuticals Earnings Notes
6	Is Ionis Pharmaceuticals Stock Built to Withstand a Pullback?
7	How Does Ionis Pharmaceuticals Stock Stack Up Against Its Peers?
8	IONS Dip Buy Analysis
9	ARTICLES
10	Ionis Pharmaceuticals Stock Slides 27% Over 9 Straight Down Days
11	Ionis Pharmaceuticals Stock Slides 23% Over 8 Straight Down Days
12	Ionis Pharmaceuticals Stock Slides 39% Over 9 Straight Down Days
13	Ionis Pharmaceuticals Stock Slides 37% Over 8 Straight Down Days
14	Ionis Pharmaceuticals Stock Slides 37% Over 7 Straight Down Days

Trade Ideas

Select ideas related to IONS.

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Peer Comparisons

Peers to compare with:

Financials

	IONS	ALNY	BIIB	VRTX	SRPT	ARWR	Median
Name	Ionis Ph.	Alnylam .	Biogen	Vertex P.	Sarepta .	Arrowhea.
Mkt Price	43.96	227.90	252.00	521.02	18.80	59.05	143.47
Mkt Cap	7.3	30.4	37.2	132.2	2.0	8.5	19.5
Rev LTM	874	4,804	10,028	12,587	1,974	669	3,389
Op Inc LTM	-594	1,000	1,935	4,777	-62	-226	469
FCF LTM	-568	820	2,490	3,796	75	-75	447
FCF 3Y Avg	-410	354	1,935	1,957	-302	-208	73
CFO LTM	-496	912	2,879	4,293	111	-59	511
CFO 3Y Avg	-358	414	2,260	2,398	-195	-130	142

Growth & Margins

	IONS	ALNY	BIIB	VRTX	SRPT	ARWR	Median
Name	Ionis Ph.	Alnylam .	Biogen	Vertex P.	Sarepta .	Arrowhea.
Rev Chg LTM	-7.4%	95.1%	0.3%	10.2%	-20.4%	16.8%	5.3%
Rev Chg 3Y Avg	12.5%	63.2%	0.2%	9.8%	31.5%	913.6%	22.0%
Rev Chg Q	-40.7%	66.9%	3.4%	12.5%	-34.3%	171.0%	7.9%
QoQ Delta Rev Chg LTM	-17.4%	12.1%	0.9%	3.0%	-9.6%	7.6%	2.0%
Op Inc Chg LTM	-123.0%	654.9%	-21.7%	2,497.9%	-6,578.0%	-109.7%	-65.7%
Op Inc Chg 3Y Avg	-24.5%	163.9%	-6.0%	792.2%	-2,191.0%	-77.5%	-15.2%
Op Mgn LTM	-68.0%	20.8%	19.3%	37.9%	-3.2%	-33.8%	8.1%
Op Mgn 3Y Avg	-47.0%	6.0%	21.5%	23.9%	-0.2%	-945.9%	2.9%
QoQ Delta Op Mgn LTM	-34.7%	3.3%	-3.9%	-0.2%	-3.2%	1.9%	-1.7%
CFO/Rev LTM	-56.8%	19.0%	28.7%	34.1%	5.6%	-8.8%	12.3%
CFO/Rev 3Y Avg	-41.2%	11.1%	22.8%	19.6%	-10.9%	-598.1%	0.1%
FCF/Rev LTM	-64.9%	17.1%	24.8%	30.2%	3.8%	-11.2%	10.4%
FCF/Rev 3Y Avg	-47.1%	9.2%	19.5%	15.7%	-16.5%	-908.4%	-3.7%

Valuation

	IONS	ALNY	BIIB	VRTX	SRPT	ARWR	Median
Name	Ionis Ph.	Alnylam .	Biogen	Vertex P.	Sarepta .	Arrowhea.
Mkt Cap	7.3	30.4	37.2	132.2	2.0	8.5	19.5
P/S	8.3	6.3	3.7	10.5	1.0	12.6	7.3
P/Op Inc	-12.2	30.5	19.2	27.7	-31.8	-37.4	3.5
P/EBIT	-15.2	27.1	28.7	26.2	-33.4	-53.1	5.5
P/E	-12.9	37.7	44.6	30.0	-14.5	-26.5	8.6
P/CFO	-14.6	33.4	12.9	30.8	17.9	-143.4	15.4
Total Yield	-7.8%	2.7%	2.2%	3.3%	-6.9%	-3.8%	-0.8%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-4.8%	1.1%	7.2%	1.6%	-8.9%	-7.8%	-1.8%
D/E	0.2	0.0	0.2	0.0	0.5	0.1	0.2
Net D/E	-0.1	-0.1	0.2	-0.0	0.1	-0.1	-0.1

Returns

	IONS	ALNY	BIIB	VRTX	SRPT	ARWR	Median
Name	Ionis Ph.	Alnylam .	Biogen	Vertex P.	Sarepta .	Arrowhea.
1M Rtn	-1.2%	-11.0%	10.7%	-1.0%	0.7%	-10.4%	-1.1%
3M Rtn	-20.5%	-21.0%	22.6%	6.2%	21.8%	-31.2%	-7.1%
6M Rtn	-38.8%	-24.6%	37.4%	21.1%	-10.8%	-15.8%	-13.3%
12M Rtn	-39.8%	-52.4%	67.5%	24.0%	-20.0%	49.6%	2.0%
3Y Rtn	-0.2%	50.2%	7.5%	46.7%	-82.4%	150.2%	27.1%
1M Excs Rtn	-2.8%	-10.0%	11.0%	-0.5%	0.8%	-9.0%	-1.6%
3M Excs Rtn	-22.9%	-24.7%	16.3%	3.6%	16.8%	-35.7%	-9.6%
6M Excs Rtn	-45.5%	-31.4%	30.6%	14.3%	-17.5%	-22.6%	-20.1%
12M Excs Rtn	-50.2%	-63.1%	55.9%	11.4%	-29.8%	43.1%	-9.2%
3Y Excs Rtn	-85.2%	-40.0%	-82.4%	-36.5%	-163.2%	51.6%	-61.2%

Comparison Analyses

	Title
0	How Does Ionis Pharmaceuticals Stock Stack Up Against Its Peers?
1	Ionis Pharmaceuticals vs. Alnylam Pharmaceuticals: With Return Forecast Of 234%, Ionis Pharmaceuticals Is A Better Bet
2	Ionis Pharmaceuticals vs. Sarepta Therapeutics: With Return Forecast Of 80%, Ionis Pharmaceuticals Is A Better Bet
3	Ionis Pharmaceuticals vs. Crane: With Return Forecast Of 0%, Crane Is A Better Bet
4	Ionis Pharmaceuticals vs. Iridium Communications: With Return Forecast Of 48%, Ionis Pharmaceuticals Is A Better Bet
5	Ionis Pharmaceuticals vs. MDU Resources Group: With Return Forecast Of 48%, Ionis Pharmaceuticals Is A Better Bet
6	Ionis Pharmaceuticals vs. Qualys: With Return Forecast Of 68%, Ionis Pharmaceuticals Is A Better Bet
7	Ionis Pharmaceuticals vs. Paylocity Holding: With Return Forecast Of 68%, Ionis Pharmaceuticals Is A Better Bet
8	Ionis Pharmaceuticals vs. Enphase Energy: With Return Forecast Of 68%, Ionis Pharmaceuticals Is A Better Bet
9	Ionis Pharmaceuticals vs. Penumbra: With Return Forecast Of 85%, Penumbra Is A Better Bet

FDIC Bank Data

					Post-Approval Fwd Returns
FDA App #	Brand Name	Generic Name	Dosage Form	FDA Approval	3M Rtn	6M Rtn	1Y Rtn	2Y Rtn	Total Rtn
NDA220210	ZANVASTRO	zilganersen sodium	solution	9032026	-24.4%	-24.4%	-24.4%	-24.4%	-24.4%
NDA219407	DAWNZERA (AUTOINJECTOR)	donidalorsen sodium	solution	8212025	69.1%	92.3%	38.2%	1.7%	1.7%
NDA218614	TRYNGOLZA (AUTOINJECTOR)	olezarsen sodium	solution	12192024	-8.0%	4.0%	123.6%	23.5%	23.5%

Clinical Pipeline

Drug Candidate	Indication	Phase 3 Trials	Est. Primary Completion
Donidalorsen	Hereditary Angioedema	2	Dec 2026
Olezarsen (ISIS 678354)	FCS and Severe Hypertriglyceridemia	4	Mar 2027
Obudanersen (ION582)	Angelman Syndrome	1	Aug 2027
Eplontersen	Transthyretin-Mediated Amyloidosis	2	Aug 2029
Zilganersen (ION373)	Alexander Disease	1	Aug 2025
ION363	FUS-Mutated Amyotrophic Lateral Sclerosis	1	Jun 2026

Active Phase 3 studies led by the company. Source: ClinicalTrials.gov · Updated 8/28/2026

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	6/30/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	7/29/2026	2/26/2026	2/19/2025	2/21/2024	2/22/2023	2/25/2022	2/24/2021
Key Financials
Total Revenue	874	944	705	788	587	810	729
Gross Profit	858	928	694	779	573	800	717
EBITDA	-453	-273	-354	-230	-228	-5	-111
Operating Income	-594	-382	-475	-354	-410	-15	-150
Net Income	-565	-381	-454	-366	-270	-29	-444
EPS	-3.46	-2.38	-3.04	-2.56	-1.90	-0.20	-3.18
Growth Rates
Total Revenue Growth	-7.4%	33.8%	-10.5%	34.1%	-27.5%	11.1%	-35.0%
EBITDA Growth	-170.0%	22.9%	-53.8%	-1.0%	-4290.1%	95.3%	-130.3%
Operating Income Growth	-123.0%	19.7%	-34.3%	13.8%	-2683.0%	90.2%	-141.0%
Net Income Growth	-110.7%	16.0%	-23.9%	-35.8%	-843.2%	93.6%	-259.7%
Margins
Gross Margin	98.2%	98.3%	98.4%	98.8%	97.6%	98.7%	98.4%
EBITDA Margin	-51.8%	-28.9%	-50.2%	-29.2%	-38.8%	-0.6%	-15.2%
Operating Income Margin	-68.0%	-40.4%	-67.4%	-44.9%	-69.8%	-1.8%	-20.6%
Net Income Margin	-64.7%	-40.4%	-64.4%	-46.5%	-45.9%	-3.5%	-60.9%
Cash & Debt
Total Cash	2,055	2,677	2,298	2,331	1,987	2,115	1,892
Total Debt	1,614	2,065	1,417	1,454	1,369	1,251	909
Net Debt / (Cash)	-441	-613	-881	-878	-618	-864	-983
Cash Flows & CapEx
Net Cash from Operations	-496	-269	-501	-308	-274	31	36
Total CapEx	-71	-57	-50	-28	-20	-18	-41
Free Cash from Operations	-568	-326	-551	-336	-294	13	-5
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	91

$ Mil \| FY: 12/31	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	6/30/2026	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023
Filing Date	7/29/2026	4/29/2026	2/26/2026	10/29/2025	7/30/2025	4/30/2025	2/19/2025	11/6/2024	8/1/2024	5/7/2024	2/21/2024	11/2/2023
Key Financials Quarterly
Total Revenue	268	246	203	157	452	132	227	134	225	119	325	144
Ebitda	-85	-65	-200	-103	150	-120	-81	-117	-38	-117	30	-115
Operating Income	-102	-117	-214	-160	140	-147	-111	-149	-66	-150	-6	-143
Net Income	-115	-93	-229	-129	124	-147	-104	-140	-66	-143	-9	-147
EPS	-0.69	-0.56	-1.41	-0.80	0.78	-0.93	-0.66	-0.95	-0.45	-0.98	-0.06	-1.03
Key Financials TTM
Total Revenue TTM	874	1,058	944	967	944	717	705	803	813	777	788	615
Ebitda TTM	-453	-217	-273	-154	-168	-356	-352	-242	-240	-254	-229	-290
Operating Income TTM	-594	-352	-382	-278	-267	-472	-475	-370	-365	-389	-354	-556
Net Income TTM	-565	-327	-381	-256	-268	-458	-454	-359	-366	-385	-366	-409
Growth Rates Quarterly
Total Revenue Growth	-40.7%	87.0%	-10.3%	17.1%	100.7%	10.1%	-30.2%	-7.2%	19.6%	-8.4%	113.6%	-9.7%
EBITDA Growth	-156.7%	46.2%	-147.8%	12.0%	497.1%	-3.0%	-372.4%	-2.2%	27.0%	-27.3%	193.6%	-181.4%
Operating Income Growth	-173.2%	20.1%	-93.5%	-7.8%	311.6%	1.7%	-1707.9%	-3.7%	26.7%	-31.0%	97.1%	-142.3%
Net Income Growth	-192.8%	37.0%	-119.8%	8.5%	286.4%	-2.9%	-1026.5%	4.7%	22.3%	-14.9%	82.3%	-213.7%
Margins Quarterly
EBITDA Margin	-31.8%	-26.2%	-98.1%	-65.9%	33.2%	-91.2%	-35.5%	-87.7%	-16.8%	-97.5%	9.1%	-79.6%
Operating Income Margin	-38.2%	-47.7%	-105.5%	-102.2%	30.9%	-111.7%	-48.9%	-111.1%	-29.3%	-125.1%	-1.9%	-99.4%
Net Income Margin	-42.8%	-37.6%	-112.8%	-82.1%	27.3%	-111.6%	-46.1%	-105.0%	-29.4%	-119.5%	-2.9%	-102.2%
Cash & Debt
Total Cash	2,055	1,919	2,677	2,240	2,290	2,145	2,298	2,483	2,079	2,206	2,331	2,236
Total Debt	1,614	2,041	2,065	1,489	1,420	1,410	1,417	1,447	1,443	1,444	1,454	1,452
Net Debt / (Cash)	-441	122	-613	-751	-870	-735	-881	-1,037	-635	-762	-878	-783
Cash Flows Quarterly
FCF from Operations	566	-793	-138	-131	151	-151	-116	-115	-120	-150	33	-109
Cash Flows TTM
FCF from Operations TTM	-496	-911	-269	-247	-231	-502	-501	-352	-346	-323	-308	-541
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-14.4%	-14.1%	-34.2%	-28.2%	27.5%	-27.5%	-22.1%	-32.7%	-16.2%	-40.6%	-1.9%	-43.5%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-21.0%	-10.6%	-15.2%	-12.1%	-12.8%	-21.8%	-23.9%	-20.9%	-22.4%	-26.4%	-27.1%	-42.1%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Ionis operations	944	705	788	587
Commercial revenue					342
Research and development revenue					468
Total	944	705	788	587	810

Operating Income by Segment

$ Mil	2020	2019	2018	2017	2016
Ionis Core	59	335	262	133	37
Elimination of Intercompany Activity	6	-8	-92	0
Akcea Therapeutics	-237	38	-231	-109	-84
Total	-172	366	-61	25	-46

Net Income by Segment

$ Mil	2025	2024	2023	2022
Ionis operations	-381	-454	-366	-270
Total	-381	-454	-366	-270

Assets by Segment

$ Mil	2020	2019	2018	2017	2016
Ionis Core	2,792	3,478	2,975	1,342	1,068
Akcea Therapeutics	436	599	365	269	11
Elimination of Intercompany Activity	-838	-844	-673	-289	-166
Total	2,390	3,233	2,668	1,322	912

Price Behavior

Price Behavior

Market Price	$43.96
Market Cap ($ Bil)	7.3
First Trading Date	12/22/2015
Distance from 52W High	-49.2%
	50 Days	200 Days
DMA Price	$49.95	$67.32
DMA Trend	down	down
Distance from DMA	-12.0%	-34.7%
	3M	1YR
Volatility	43.8%	42.6%
Downside Capture	267.66	90.85
Upside Capture	87.36	17.76
Correlation (S&P 500)	28.2%	16.4%

IONS Betas & Captures as of 9/30/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.40	1.54	0.05	0.22	0.47	0.68
Up Beta	-0.82	0.12	0.10	0.61	0.64	0.69
Down Beta	1.16	2.02	0.50	0.29	0.22	0.74
Up Capture	21%	138%	-119%	-39%	15%	26%
Bmk +ve Days	6	16	27	66	132	424
Stock +ve Days	7	20	27	57	124	376
Down Capture	446%	284%	172%	85%	82%	90%
Bmk -ve Days	16	26	37	60	120	328
Stock -ve Days	15	22	37	69	127	372

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with IONS
IONS	-38.1%	42.6%	-1.00	-
Sector ETF (XLV)	24.4%	16.3%	1.14	37.9%
Equity (SPY)	14.6%	12.7%	0.79	15.7%
Gold (GLD)	-1.4%	28.5%	-0.06	15.0%
Commodities (DBC)	47.3%	20.6%	1.76	-9.1%
Real Estate (VNQ)	3.8%	13.9%	0.02	18.8%
Bitcoin (BTCUSD)	-27.9%	43.4%	-0.63	1.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with IONS
IONS	8.0%	43.8%	0.30	-
Sector ETF (XLV)	8.5%	15.2%	0.36	35.9%
Equity (SPY)	12.8%	17.1%	0.56	30.0%
Gold (GLD)	17.6%	18.9%	0.75	10.6%
Commodities (DBC)	9.2%	19.5%	0.35	2.7%
Real Estate (VNQ)	1.0%	18.9%	-0.06	25.2%
Bitcoin (BTCUSD)	4.5%	51.6%	0.27	17.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with IONS
IONS	4.7%	45.6%	0.27	-
Sector ETF (XLV)	11.8%	16.8%	0.58	41.2%
Equity (SPY)	15.5%	17.9%	0.73	35.8%
Gold (GLD)	12.0%	16.4%	0.60	5.9%
Commodities (DBC)	8.2%	18.1%	0.37	8.2%
Real Estate (VNQ)	5.2%	20.7%	0.21	26.5%
Bitcoin (BTCUSD)	62.2%	66.2%	1.02	11.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	10152026
Short Interest: Shares Quantity	20.7 Mil
Short Interest: % Change Since 9302026	-8.2%
Average Daily Volume	2.7 Mil
Days-to-Cover Short Interest	7.6 days
Basic Shares Quantity	165.4 Mil
Short % of Basic Shares	12.5%

Returns Analyses

	Title
0	Is Ionis Pharmaceuticals Stock Built to Withstand a Pullback?
1	Ionis Pharmaceuticals Stock Return Comparison
2	Ionis Pharmaceuticals (IONS) Stock Has 54% Chance Of Rise In The Next One Month
3	[10/15/2021] Ionis Pharmaceuticals (IONS) Stock Price Forecast: AI Forecasts IONS Stock Price To Be Around $35.90 In A Month (Up 2.3%)
4	Ionis Pharmaceuticals (IONS) Stock Return: AI Predicts IONS Average and Excess Return After a Fall or Rise

Earnings Returns History

Updated 10/21/2026

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
7/29/2026	-2.3%	-0.4%	14.6%
4/29/2026	4.2%	4.8%	7.7%
2/25/2026	-0.4%	-1.8%	-8.3%
10/29/2025	-2.3%	-0.9%	12.4%
7/30/2025	-0.9%	-6.2%	-1.7%
4/30/2025	3.3%	7.7%	9.1%
2/19/2025	2.8%	-0.2%	2.9%
11/6/2024	-1.5%	-3.2%	-2.4%
...
SUMMARY STATS
# Positive	11	9	12
# Negative	13	15	12
Median Positive	3.6%	3.4%	8.4%
Median Negative	-2.2%	-2.3%	-8.5%
Max Positive	7.9%	8.2%	20.2%
Max Negative	-6.4%	-16.5%	-24.4%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
7/29/2026	-2.3%	-0.4%	14.6%
4/29/2026	4.2%	4.8%	7.7%
2/25/2026	-0.4%	-1.8%	-8.3%
10/29/2025	-2.3%	-0.9%	12.4%
7/30/2025	-0.9%	-6.2%	-1.7%
4/30/2025	3.3%	7.7%	9.1%
2/19/2025	2.8%	-0.2%	2.9%
11/6/2024	-1.5%	-3.2%	-2.4%
8/1/2024	-4.3%	-7.4%	-7.1%
5/7/2024	-1.9%	-6.5%	-2.6%
2/21/2024	1.0%	6.9%	-1.8%
11/2/2023	7.9%	8.2%	17.7%
8/9/2023	-0.4%	-1.1%	3.1%
5/3/2023	3.6%	3.2%	20.2%
2/22/2023	-0.3%	-2.3%	-8.6%
11/9/2022	5.6%	-0.9%	-12.9%
8/9/2022	4.2%	0.1%	0.0%
5/4/2022	-3.9%	-16.5%	-8.7%
2/24/2022	-2.2%	2.3%	12.9%
11/3/2021	2.6%	-1.4%	-21.8%
8/4/2021	4.2%	1.1%	7.2%
5/5/2021	-6.4%	-6.5%	-13.4%
2/24/2021	-5.0%	-6.0%	-24.4%
11/4/2020	2.3%	3.4%	7.6%
SUMMARY STATS
# Positive	11	9	12
# Negative	13	15	12
Median Positive	3.6%	3.4%	8.4%
Median Negative	-2.2%	-2.3%	-8.5%
Max Positive	7.9%	8.2%	20.2%
Max Negative	-6.4%	-16.5%	-24.4%

SEC Filings

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Report Date	Filing Date	Filing
06/30/2026	07/29/2026	10-Q
03/31/2026	04/29/2026	10-Q
12/31/2025	02/26/2026	10-K
09/30/2025	10/29/2025	10-Q
06/30/2025	07/30/2025	10-Q
03/31/2025	04/30/2025	10-Q
12/31/2024	02/19/2025	10-K
09/30/2024	11/06/2024	10-Q
06/30/2024	08/01/2024	10-Q
03/31/2024	05/07/2024	10-Q
12/31/2023	02/21/2024	10-K
09/30/2023	11/02/2023	10-Q
06/30/2023	08/09/2023	10-Q
03/31/2023	05/03/2023	10-Q
12/31/2022	02/22/2023	10-K
09/30/2022	11/09/2022	10-Q

Collapse to Preview

Report Date	Filing Date	Filing
06/30/2026	07/29/2026	10-Q
03/31/2026	04/29/2026	10-Q
12/31/2025	02/26/2026	10-K
09/30/2025	10/29/2025	10-Q
06/30/2025	07/30/2025	10-Q
03/31/2025	04/30/2025	10-Q
12/31/2024	02/19/2025	10-K
09/30/2024	11/06/2024	10-Q
06/30/2024	08/01/2024	10-Q
03/31/2024	05/07/2024	10-Q
12/31/2023	02/21/2024	10-K
09/30/2023	11/02/2023	10-Q
06/30/2023	08/09/2023	10-Q
03/31/2023	05/03/2023	10-Q
12/31/2022	02/22/2023	10-K
09/30/2022	11/09/2022	10-Q
06/30/2022	08/09/2022	10-Q
03/31/2022	05/04/2022	10-Q
12/31/2021	02/25/2022	10-K
09/30/2021	11/03/2021	10-Q
06/30/2021	08/04/2021	10-Q
03/31/2021	05/05/2021	10-Q
12/31/2020	02/24/2021	10-K
09/30/2020	11/04/2020	10-Q
06/30/2020	08/05/2020	10-Q
03/31/2020	05/06/2020	10-Q
12/31/2019	03/02/2020	10-K
09/30/2019	11/06/2019	10-Q

Recent Forward Guidance

Updated 10/26/2026

Latest: Q2 2026 Earnings Reported 7/29/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 TRYNGOLZA Product Sales	Reported	100.00 Mil	105.00 Mil	110.00 Mil	0		Affirmed	Guidance: 105.00 Mil for 2026
2026 DAWNZERA Product Sales	Reported	110.00 Mil	115.00 Mil	120.00 Mil	0		Affirmed	Guidance: 115.00 Mil for 2026

Prior: Q1 2026 Earnings Reported 4/29/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Operating loss on a non-GAAP basis	Reported	-475.00 Mil	-450.00 Mil	-425.00 Mil	-14.3%		Raised	Guidance: -525.00 Mil for 2026
2026 Cash, cash equivalents and short-term investments	Reported		1.60 Bil		0		Affirmed	Guidance: 1.60 Bil for 2026
2026 Total Revenue	Reported	875.00 Mil	887.50 Mil	900.00 Mil	9.2%		Raised	Guidance: 812.50 Mil for 2026
2026 TRYNGOLZA product sales, net	Reported	100.00 Mil	105.00 Mil	110.00 Mil
2026 DAWNZERA product sales, net	Reported	110.00 Mil	115.00 Mil	120.00 Mil
2026 TRYNGOLZA peak net sales	Reported		3.00 Bil

Q4 2025 Earnings Reported 2/25/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Operating Loss	Reported	-550.00 Mil	-525.00 Mil	-500.00 Mil	82.6%		Lower New	Actual: -287.50 Mil for 2025
2026 Cash, cash equivalents and short-term investments	Reported		1.60 Bil		-23.8%		Lower New	Actual: 2.10 Bil for 2025
2026 Revenue	Reported	800.00 Mil	812.50 Mil	825.00 Mil	-8.5%		Lower New	Actual: 887.50 Mil for 2025
2026 Revenue Growth	Reported		20.0%

Q3 2025 Earnings Reported 10/29/2025

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 Operating loss on a non-GAAP basis	Reported	-300.00 Mil	-287.50 Mil	-275.00 Mil	-8.0%		Raised	Guidance: -312.50 Mil for 2025
2025 Cash, cash equivalents and short-term investments	Reported		2.10 Bil		5.0%		Raised	Guidance: 2.00 Bil for 2025
2025 Total Revenue	Reported	875.00 Mil	887.50 Mil	900.00 Mil	6.0%		Raised	Guidance: 837.50 Mil for 2025
2025 TRYNGOLZA product sales, net	Reported	85.00 Mil	90.00 Mil	95.00 Mil	16.1%		Raised	Guidance: 77.50 Mil for 2025

Insider Activity

Updated 10/19/2026

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Devers, Shannon L	EVP, Chief Human Resources Ofc	Direct	Sell	10192026	43.54	1,357	59,082	775,466	Form
2	Swayze, Eric	EVP Research	by Son	Sell	10192026	43.54	53	2,308	16,980	Form
3	Hayden, Michael R		by Spouse	Buy	7312026	51.60	5,000	258,000	1,238,400	Form
4	Hayden, Michael R		by Spouse	Buy	7312026	53.38	15,000	800,700	1,014,220	Form
5	Bennett, C Frank	EVP, Chief Scientific Officer	Direct	Sell	7092026	83.58	5,536	462,693	6,269,929	Form

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Devers, Shannon L	EVP, Chief Human Resources Ofc	Direct	Sell	10192026	43.54	1,357	59,082	775,466	Form
2	Swayze, Eric	EVP Research	by Son	Sell	10192026	43.54	53	2,308	16,980	Form
3	Hayden, Michael R		by Spouse	Buy	7312026	51.60	5,000	258,000	1,238,400	Form
4	Hayden, Michael R		by Spouse	Buy	7312026	53.38	15,000	800,700	1,014,220	Form
5	Bennett, C Frank	EVP, Chief Scientific Officer	Direct	Sell	7092026	83.58	5,536	462,693	6,269,929	Form
6	Bennett, C Frank	EVP, Chief Scientific Officer	by Trust	Sell	7092026	85.46	15,000			Form
7	Diaz, Allene M		Direct	Sell	7092026	85.42	10,111	863,637	325,519	Form
8	Kordasiewicz, Holly B	EVP, Chief Development Officer	Direct	Sell	7092026	84.30	362	30,517	1,862,693	Form
9	Klein, Joseph Iii		Direct	Sell	7062026	79.04	11,518	910,416	870,579	Form
10	Baroldi, Joseph	EVP, Chief Business Officer	by Spouse	Sell	6302026	80.16	5,635	451,699	374,265	Form
11	O'Neil, Patrick R	EVP CLO & General Counsel	Direct	Sell	6302026	80.00	3,069	245,520	4,917,600	Form
12	Schneider, Eugene	EVP, Chf Clinical Develop Ofcr	Direct	Sell	6302026	81.05	26,000	2,107,196	6,249,781	Form
13	Monia, Brett P	Chief Executive Officer	Direct	Sell	6262026	80.59	50,000	4,029,500	19,790,567	Form
14	Monia, Brett P	Chief Executive Officer	Direct	Sell	6262026	78.49	21,072	1,653,941	19,274,868	Form
15	Swayze, Eric	EVP Research	Direct	Sell	6262026	79.18	10,602	839,492	1,722,930	Form
16	Monia, Brett P	Chief Executive Officer	Direct	Sell	6262026	78.41	14,565	1,142,082	19,255,910	Form
17	Berthelsen, Spencer R		Direct	Sell	6162026	73.49	8,000	587,920	11,465,395	Form
18	Kordasiewicz, Holly B	EVP, Chief Development Officer	Direct	Sell	6162026	73.41	60,846	4,466,428	1,648,540	Form
19	Berthelsen, Spencer R		Direct	Sell	6032026	75.67	8,000	605,360	11,805,504	Form
20	Monia, Brett P	Chief Executive Officer	Direct	Sell	5152026	78.68	3,220	253,347	19,092,476	Form
21	Monia, Brett P	Chief Executive Officer	Direct	Sell	5152026	78.01	1,316	102,665	18,930,791	Form
22	Klein, Joseph Iii		Direct	Sell	5042026	73.51	10,111	743,238	809,616	Form
23	Baroldi, Joseph	EVP, Chief Business Officer	Direct	Sell	4302026	71.79	1,626	116,727	3,223,914	Form
24	Jenne, Kyle	EVP, Chf GL Pdt Str Ofcr	Direct	Sell	4172026	75.17	4,902	368,488	1,782,530	Form
25	Birchler, Brian	EVP, Corp and Development Ops	Direct	Sell	4172026	75.04	973	73,016	5,065,335	Form
26	Baroldi, Joseph	EVP, Chief Business Officer	Direct	Sell	4172026	74.56	5,619	418,953	3,469,650	Form
27	Parshall, B Lynne		Direct	Sell	4172026	76.27	5,000	381,367	3,916,177	Form
28	Devers, Shannon L	EVP, Chief Human Resources Ofc	Direct	Sell	4022026	74.05	6,193	458,613	1,210,627	Form
29	Klein, Joseph Iii		Direct	Sell	4022026	75.55	22,321	1,686,302	832,083	Form
30	Schneider, Eugene	EVP, Chf Clinical Develop Ofcr	Direct	Sell	3232026	70.97	5,812	412,486	4,534,369	Form
31	Hougen, Elizabeth L	EVP, Finance & CFO	Direct	Sell	3182026	73.21	10,172	744,662	6,051,291	Form
32	Hougen, Elizabeth L	EVP, Finance & CFO	Direct	Sell	3182026	72.40	215,048	15,569,014	6,720,838	Form
33	Monia, Brett P	Chief Executive Officer	Direct	Sell	3112026	75.92	34,103	2,589,144	18,423,215	Form
34	Jenne, Kyle	EVP, Chf GL Pdt Str Ofcr	Direct	Sell	3112026	75.85	37,277	2,827,325	888,464	Form
35	O'Neil, Patrick R	EVP CLO & General Counsel	Direct	Sell	3112026	75.25	10,148	763,662	4,681,533	Form
36	Monia, Brett P	Chief Executive Officer	Direct	Sell	3112026	75.20	126,670	9,525,011	18,247,085	Form
37	Loscalzo, Joseph		Direct	Sell	3052026	80.00	200	16,000	2,906,400	Form
38	Baroldi, Joseph	EVP, Chief Business Officer	by Spouse	Sell	3052026	80.00	439	35,120	347,760	Form
39	Loscalzo, Joseph		Direct	Sell	3052026	80.33	832	66,833	2,918,313	Form
40	Klein, Joseph Iii		Direct	Sell	3052026	79.51	21,332	1,696,181	875,761	Form
41	Diaz, Allene M		Direct	Sell	3052026	79.35	54,878	4,354,428	302,393	Form
42	Devers, Shannon L	EVP, Chief Human Resources Ofc	Direct	Sell	3052026	79.40	20,106	1,596,433	1,789,774	Form
43	Bennett, C Frank	EVP, Chief Scientific Officer	Direct	Sell	3052026	79.23	85,089	6,741,669	6,382,358	Form
44	Baroldi, Joseph	EVP, Chief Business Officer	Direct	Sell	3052026	79.36	4,096	325,059	3,278,917	Form
45	Baroldi, Joseph	EVP, Chief Business Officer	by Spouse	Sell	3052026	80.42	2,124	170,808	349,578	Form
46	Swayze, Eric	EVP Research	Direct	Sell	2132026	81.76	15,642	1,278,914	2,624,954	Form
47	Parshall, B Lynne		Direct	Sell	2122026	82.72	5,000	413,588	4,660,646	Form
48	Monia, Brett P	Chief Executive Officer	Direct	Sell	2092026	85.79	29,430	2,524,820	21,833,476	Form
49	Bennett, C Frank	EVP, Chief Scientific Officer	Direct	Sell	2042026	82.93	85,089	7,056,216	6,658,495	Form
50	Swayze, Eric	EVP Research	Direct	Sell	2022026	82.93	6,179	512,446	3,959,826	Form
51	Schneider, Eugene	EVP, Chf Clinical Develop Ofcr	Direct	Sell	2022026	83.45	6,179	515,630	5,816,541	Form
52	O'Neil, Patrick R	EVP CLO & General Counsel	Direct	Sell	2022026	83.53	6,179	516,153	6,012,992	Form
53	Monia, Brett P	Chief Executive Officer	Direct	Sell	2022026	82.72	62,970	5,208,979	23,486,896	Form
54	Hougen, Elizabeth L	EVP, Finance & CFO	Direct	Sell	2022026	83.24	6,988	581,702	11,061,413	Form
55	Birchler, Brian	EVP, Corp and Development Ops	Direct	Sell	2022026	83.03	6,179	513,048	5,500,548	Form
56	Bennett, C Frank	EVP, Chief Scientific Officer	Direct	Sell	2022026	82.95	5,885	488,141	8,318,963	Form
57	Baroldi, Joseph	EVP, Chief Business Officer	Direct	Sell	2022026	82.96	5,296	439,364	3,767,531	Form
58	Devers, Shannon L	EVP, Chief Human Resources Ofc	Direct	Sell	1232026	81.34	3,977	323,490	1,833,492	Form
59	Swayze, Eric	EVP Research	Direct	Sell	1202026	75.34	9,884	744,661	3,159,383	Form
60	Swayze, Eric	EVP Research	by Son	Sell	1202026	75.97	49	3,723	24,158	Form
61	Schneider, Eugene	EVP, Chf Clinical Develop Ofcr	Direct	Sell	1202026	75.59	9,302	703,138	4,829,445	Form
62	O'Neil, Patrick R	EVP CLO & General Counsel	Direct	Sell	1202026	75.84	9,191	697,045	5,018,409	Form
63	Monia, Brett P	Chief Executive Officer	Direct	Sell	1202026	74.82	44,034	3,294,624	16,810,782	Form
64	Kordasiewicz, Holly B	EVP, Chief Development Officer	Direct	Sell	1202026	75.66	4,141	313,308	1,113,564	Form
65	Jenne, Kyle	EVP, Chf GL Pdt Str Ofcr	Direct	Sell	1202026	75.96	1,823	138,475	1,244,908	Form
66	Hougen, Elizabeth L	EVP, Finance & CFO	Direct	Sell	1202026	75.22	12,922	971,993	9,500,813	Form
67	Devers, Shannon L	EVP, Chief Human Resources Ofc	Direct	Sell	1202026	75.95	8,353	634,410	2,014,042	Form
68	Birchler, Brian	EVP, Corp and Development Ops	Direct	Sell	1202026	75.11	8,480	636,933	4,539,273	Form
69	Bennett, C Frank	EVP, Chief Scientific Officer	Direct	Sell	1202026	75.15	8,977	674,622	7,120,989	Form
70	Baroldi, Joseph	EVP, Chief Business Officer	Direct	Sell	1202026	75.75	6,907	523,205	3,062,648	Form
71	Baroldi, Joseph	EVP, Chief Business Officer	by Spouse	Sell	1202026	75.78	1,149	87,071	361,622	Form
72	Devers, Shannon L	EVP, Chief Human Resources Ofc	Direct	Sell	1082026	85.08	44,199	3,760,577	1,488,440	Form
73	Swayze, Eric	EVP Research	Direct	Sell	1052026	79.12	23,463	1,856,325	2,409,353	Form
74	Wender, Joseph H		by Trust	Sell	12032025	80.82	28,000	2,262,848	2,912,204	Form
75	Klein, Joseph Iii		by Trust	Sell	11282025	80.00	12,000			Form
76	Devers, Shannon L	EVP, Chief Human Resources Ofc	Direct	Sell	11282025	80.91	16,777	1,357,442	1,415,455	Form
77	Herman, Joan E		Direct	Sell	11202025	72.13	44,000	3,173,830	3,324,298	Form
78	Birchler, Brian	EVP, Corp and Development Ops	Direct	Sell	11072025	76.17	8,000	609,379	3,719,194	Form
79	Geary, Richard S	EVP, Chief Development Officer	Direct	Sell	11072025	75.72	33,038	2,501,725	4,517,386	Form
80	Geary, Richard S	EVP, Chief Development Officer	Direct	Sell	11072025	75.01	1,601	120,091	4,474,872	Form
81	Geary, Richard S	EVP, Chief Development Officer	Direct	Sell	11032025	75.05	1,680	126,091	4,477,496	Form
82	Wender, Joseph H		by Trust	Sell	11032025	75.16	11,200	841,776	4,812,781	Form
83	Loscalzo, Joseph		Direct	Sell	11032025	75.10	16,000	1,201,669	2,728,539	Form
84	Geary, Richard S	EVP, Chief Development Officer	Direct	Sell	11032025	75.11	89,249	6,703,341	4,480,736	Form
85	Wender, Joseph H		by Trust	Sell	11032025	73.26	16,800	1,230,801	5,511,865	Form
86	Swayze, Eric	EVP Research	by Son	Sell	10162025	73.62	53	3,902	18,847	Form
87	Devers, Shannon L	EVP, Chief Human Resources Ofc	Direct	Sell	10162025	73.62	1,263	92,984	1,287,931	Form
88	Parshall, B Lynne		Direct	Sell	10162025	71.74	5,000	358,722	4,401,082	Form
89	Devers, Shannon L	EVP, Chief Human Resources Ofc	Direct	Sell	10162025	72.94	6,000	437,654	1,162,481	Form
90	Birchler, Brian	EVP, Corp and Development Ops	Direct	Sell	10162025	72.23	12,425	897,398	4,104,269	Form
91	Birchler, Brian	EVP, Corp and Development Ops	Direct	Sell	10162025	72.03	11,475	826,589	4,093,398	Form
92	Swayze, Eric	EVP Research	Direct	Sell	10082025	69.02	6,849	472,718	2,101,866	Form
93	O'Neil, Patrick R	EVP CLO & General Counsel	Direct	Sell	10082025	69.74	13,441	937,338	3,758,068	Form
94	Monia, Brett P	Chief Executive Officer	Direct	Sell	10082025	69.26	437	30,268	12,437,821	Form
95	Baroldi, Joseph	EVP, Chief Business Officer	Direct	Sell	10082025	69.37	1,625	112,725	2,101,959	Form
96	Swayze, Eric	EVP Research	Direct	Sell	10022025	66.23	12,972	859,082	2,470,359	Form
97	O'Neil, Patrick R	EVP CLO & General Counsel	Direct	Sell	10022025	67.69	64,664	4,377,054	3,867,084	Form
98	Baroldi, Joseph	EVP, Chief Business Officer	Direct	Sell	10022025	68.01	15,000	1,020,210	2,171,415	Form
99	Swayze, Eric	EVP Research	Direct	Sell	10022025	66.09	14,142	934,662	2,465,334	Form
100	Wender, Joseph H		by Trust	Sell	10012025	65.50	16,800	1,100,385	6,028,210	Form
101	O'Neil, Patrick R	EVP CLO & General Counsel	Direct	Sell	9302025	64.68	14,827	958,976	3,695,037	Form
102	Geary, Richard S	EVP, Chief Development Officer	Direct	Sell	9302025	65.24	57,900	3,777,668	5,197,197	Form
103	Hougen, Elizabeth L	EVP, Finance & CFO	Direct	Sell	9302025	65.26	49,800	3,249,734	7,210,755	Form
104	O'Neil, Patrick R	EVP CLO & General Counsel	Direct	Sell	9302025	64.54	10,473	675,945	3,687,267	Form

Investor Activity (13F)

Updated Oct 28, 2026

13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Tweedy, Browne Co LLC	$170.9 Mil	13.6%	93	TRIM -7.7%	13F
Boone Capital Management LLC	$37.6 Mil	11.5%	13	ADD +19.8%	13F
Davern Capital Partners, LP	$29.1 Mil	8.0%	17	ADD +62.2%	13F
Atle Fund Management AB	$9.4 Mil	3.0%	39	TRIM -69.8%	13F
Sector Gamma AS	$12.7 Mil	3.0%	42	TRIM -8.4%	13F
Artia Global Partners LP	$10.8 Mil	2.4%	48	Hold	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Davern Capital Partners, LP	$29.1 Mil	8.0%	17	ADD +62.2%	13F
Boone Capital Management LLC	$37.6 Mil	11.5%	13	ADD +19.8%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	As Of	Filing
Tri Locum Partners LP	$44.1 Mil	5.7%	15	Exited	Dec 31, 2025	13F
Atle Fund Management AB	$9.4 Mil	3.0%	39	TRIM -69.8%	Mar 31, 2026	13F
Sector Gamma AS	$12.7 Mil	3.0%	42	TRIM -8.4%	Mar 31, 2026	13F
Tweedy, Browne Co LLC	$170.9 Mil	13.6%	93	TRIM -7.7%	Mar 31, 2026	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Tweedy, Browne Co LLC	$170.9 Mil	13.6%	93	TRIM -7.7%	13F
Boone Capital Management LLC	$37.6 Mil	11.5%	13	ADD +19.8%	13F
Davern Capital Partners, LP	$29.1 Mil	8.0%	17	ADD +62.2%	13F
Sector Gamma AS	$12.7 Mil	3.0%	42	TRIM -8.4%	13F
Artia Global Partners LP	$10.8 Mil	2.4%	48	Hold	13F
Atle Fund Management AB	$9.4 Mil	3.0%	39	TRIM -69.8%	13F

IONS Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Status	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

Diversification Alternatives

How Is The Market Pricing IONS?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What IONS Makes & Who Pays

TTM figures based on

IONS Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Biotechnology Resources

Fierce Biotech

Nature Biotechnology

Genetic Engineering & Biotechnology News

Biotechnology Innovation Organization

BioWorld

BioTechniques

HBS Biotechnology Publications

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Core Cache Last Updated: 10/27/2026

Ionis Pharmaceuticals (IONS)

Market Price (10/28/2026): $43.96 | Market Cap: $7.3 BilSector: Health Care | Industry: Biotechnology

Ionis Pharmaceuticals (IONS)

Market Price (10/28/2026): $43.96Market Cap: $7.3 BilSector: Health CareIndustry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

IONS in ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About Ionis Pharmaceuticals (IONS)

SPINRAZA (for Spinal Muscular Atrophy - SMA)

TEGSEDI (for hereditary transthyretin-mediated amyloidosis - hATTR)

WAYLIVRA (for Familial Chylomicronemia Syndrome - FCS and Familial Partial Lipodystrophy - FPLD)

Interactive Breakdown

Better Bets vs. Ionis Pharmaceuticals (IONS)

INDUSTRY: Biotechnology

Higher Rev Chg 3Y Avg | Lower P/S (Values for IONS: 12.5% | 8.3x)

Higher Rev Chg LTM (Value for IONS: -7.4%)

Higher Rev Chg 3Y Avg (Value for IONS: 12.5%)

Higher Op Mgn LTM (Value for IONS: -68.0%)

Higher CFO/Rev LTM (Value for IONS: -56.8%)

Higher FCF/Rev LTM (Value for IONS: -64.9%)

Higher Total Yield (Value for IONS: -7.8%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for IONS: 12.5% | 8.3x)

Higher Rev Chg LTM (Value for IONS: -7.4%)

Higher Rev Chg 3Y Avg (Value for IONS: 12.5%)

Higher Op Mgn LTM (Value for IONS: -68.0%)

Higher CFO/Rev LTM (Value for IONS: -56.8%)

Higher FCF/Rev LTM (Value for IONS: -64.9%)

Higher Total Yield (Value for IONS: -7.8%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for IONS: 12.5% | 8.3x)

Higher Rev Chg LTM (Value for IONS: -7.4%)

Higher Rev Chg 3Y Avg (Value for IONS: 12.5%)

Higher Op Mgn LTM (Value for IONS: -68.0%)

Higher CFO/Rev LTM (Value for IONS: -56.8%)

Higher FCF/Rev LTM (Value for IONS: -64.9%)

Higher Total Yield (Value for IONS: -7.8%)

Best Bets in Health Care

P/EBIT (Value for IONS: -15.2x)

P/E (Value for IONS: -12.9x)

Rev Chg 3Y Avg (Value for IONS: 12.5%)

Rev Chg LTM (Value for IONS: -7.4%)

Rev Chg Q (Value for IONS: -40.7%)

FCF/Rev 3Y Avg (Value for IONS: -47.1%)

Peer Outperformance in Biotechnology

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Market Price (10/28/2026): $43.96
Market Cap: $7.3 Bil
Sector: Health Care
Industry: Biotechnology