Tearsheet

Ionis Pharmaceuticals (IONS)


Market Price (9/18/2025): $61.17 | Market Cap: $9.7 Bil
Sector: Health Care | Industry: Biotechnology

Ionis Pharmaceuticals (IONS)


Market Price (9/18/2025): $61.17
Market Cap: $9.7 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights

0  Weak multi-year price returns
2Y Excs Rtn is -6.0%, 3Y Excs Rtn is -35%
Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -472 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -66%
1   Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.4%
2   Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -70%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -79%
3   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 -9.2%
0 Weak multi-year price returns
2Y Excs Rtn is -6.0%, 3Y Excs Rtn is -35%
1 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -472 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -66%
2 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.4%
3 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -70%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -79%
4 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 -9.2%

Market Valuation

 9/18/252024202320222021
Share Price CYE$61.17$34.96$50.59$37.77$30.43
Market Cap CYE ($ Bil)9.75.57.35.44.3
Total Debt ($ Bil)1.41.41.51.41.3
Total Cash ($ Bil)2.12.32.32.02.1
Enterprise Value ($ Bil)9.06.98.86.85.6
Valuation Ratios     
P/S TTM13.57.49.29.15.3
P/EBIT TTM-25.7-13.9-28.0-21.4-173.4
P/E TTM-21.2-11.5-19.8-19.9-150.1
Sector Ratios     
P/S TTM (Sector)3.83.64.14.57.3
P/EBIT TTM (Sector)-1.6-1.3-1.4-1.3-2.9
P/E TTM (Sector)-1.8-1.5-1.5-1.3-2.9
 9/18/2520242023
Share Price CYE$61.17$34.96$50.59
Market Cap CYE ($ Bil)9.75.57.3
Total Debt ($ Bil)1.41.41.5
Total Cash ($ Bil)2.12.32.3
Enterprise Value ($ Bil)9.06.98.8
Valuation Ratios   
P/S TTM13.57.49.2
P/EBIT TTM-25.7-13.9-28.0
P/E TTM-21.2-11.5-19.8
Sector Ratios   
P/S TTM (Sector)3.83.64.1
P/EBIT TTM (Sector)-1.6-1.3-1.4
P/E TTM (Sector)-1.8-1.5-1.5

Business Description

Ionis Pharmaceuticals, Inc. discovers and develops RNA-targeted therapeutics in the United States. The company offers SPINRAZA 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; and WAYLIVRA, a treatment for familial chylomicronemia syndrome and familial partial lipodystrophy. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
IONS Return-6%-46%24%34%-31%75%5%
Peers Return114%19%-1%-11%-1%2%124%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ALNY, RARE, SRPT, NTLA, ABBV. See IONS Returns vs. Peers.
[3] 2025 data is for the year up to 9/17/2025 (YTD)

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Financials

IONSALNYRARESRPTNTLAABBVMedian
NameIonis Ph.Alnylam .Ultragen.Sarepta .Intellia.AbbVie  
Mkt Price61.17451.7328.7117.0512.41220.8144.94
Mkt Cap9.758.62.81.71.3390.46.3
Rev LTM7172,3486102,4825358,3281,533
Op Inc LTM-472-115-505-1-51213,695-294
FCF LTM-563-75-442-454-42218,239-432
FCF 3Y Avg-438-184-496-505-39620,273-417
CFO LTM-502-45-421-301-41919,283-360
CFO 3Y Avg-401-131-450-395-38721,154-391

Growth & Margins

IONSALNYRARESRPTNTLAABBVMedian
NameIonis Ph.Alnylam .Ultragen.Sarepta .Intellia.AbbVie  
Rev Chg LTM-7.6%17.2%26.8%64.9%15.0%6.1%16.1%
Rev Chg 3Y Avg-1.4%40.8%22.2%45.0%6.2%0.6%14.2%
Rev Chg Q10.1%20.2%13.2%68.4%104.8%6.6%16.7%
QoQ Delta Rev Chg LTM1.7%4.4%3.3%11.1%16.0%1.7%3.9%
Op Mgn LTM-65.9%-4.9%-82.8%-0.0%-968.7%23.5%-35.4%
Op Mgn 3Y Avg-65.7%-27.5%-121.3%-16.1%-991.9%27.2%-46.6%
QoQ Delta Op Mgn LTM1.5%3.0%4.2%5.2%218.7%1.0%3.6%
CFO/Rev LTM-70.0%-1.9%-69.0%-12.1%-791.9%33.1%-40.6%
CFO/Rev 3Y Avg-59.0%-13.1%-93.5%-29.1%-766.0%37.5%-44.0%
FCF/Rev LTM-78.5%-3.2%-72.5%-18.3%-798.0%31.3%-45.4%
FCF/Rev 3Y Avg-64.4%-16.6%-104.0%-35.5%-785.0%36.0%-50.0%

Valuation

IONSALNYRARESRPTNTLAABBVMedian
NameIonis Ph.Alnylam .Ultragen.Sarepta .Intellia.AbbVie  
Mkt Cap9.758.62.81.71.3390.46.3
P/S13.524.94.60.724.46.710.1
P/EBIT-25.7-278.8-6.0-333.7-2.566.3-15.9
P/E-21.2-217.2-5.3-28.8-2.7103.7-13.3
P/CFO-19.4-1,298.5-6.7-5.6-3.120.2-6.1
Total Yield-4.7%-0.5%-18.9%-3.5%-37.3%3.9%-4.1%
Dividend Yield0.0%0.0%0.0%0.0%0.0%2.9%0.0%
FCF Yield 3Y Avg-7.0%-0.8%-14.4%-12.0%-23.9%7.3%-9.5%
D/E0.10.00.00.80.10.20.1
Net D/E-0.1-0.0-0.20.3-0.30.2-0.0

Returns

IONSALNYRARESRPTNTLAABBVMedian
NameIonis Ph.Alnylam .Ultragen.Sarepta .Intellia.AbbVie  
1M Rtn40.8%-1.1%-3.3%-18.8%15.7%6.9%2.9%
3M Rtn65.3%44.6%-23.1%-17.9%29.3%20.1%24.7%
6M Rtn83.5%78.2%-27.6%-78.7%33.4%5.9%19.7%
12M Rtn47.4%64.6%-50.9%-86.4%-45.0%18.2%-13.4%
3Y Rtn32.0%112.1%-37.6%-84.8%-81.1%71.6%-2.8%
1M Excs Rtn38.5%-3.5%-5.7%-21.1%13.3%4.5%0.5%
3M Excs Rtn58.9%36.0%-32.0%-31.2%19.2%9.8%14.5%
6M Excs Rtn68.1%67.4%-43.7%-94.4%17.5%-12.4%2.5%
12M Excs Rtn27.7%53.0%-68.4%-103.6%-61.1%0.4%-30.3%
3Y Excs Rtn-34.9%52.5%-101.7%-145.9%-141.5%13.2%-68.3%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Ionis operations788587   
Commercial revenue  342365 
Research and development revenue  468365 
Akcea Therapeutics    489
Elimination of Intercompany Activity    -225
Ionis Core    859
Total7885878107291,123


Net Income by Segment
$ Mil20242023202220212020
Ionis operations-366-270   
Total-366-270   


Price Behavior

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity10,502,338
Short Interest: % Change Since 8152025-2.6%
Average Daily Volume1,766,631
Days-to-Cover Short Interest5.94
Basic Shares Quantity158,735,000
Short % of Basic Shares6.6%

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/30/20254.6%3.8%3.1%
4/30/20253.0%6.9%12.2%
2/19/20252.8%-0.2%2.9%
11/6/2024-1.5%-3.2%-2.4%
8/1/20243.8%-5.4%0.9%
5/7/2024-3.2%-8.2%-5.7%
2/21/20241.0%6.9%-1.8%
11/2/2023-3.4%4.0%14.1%
...
SUMMARY STATS   
# Positive121211
# Negative121213
Median Positive2.6%3.5%7.6%
Median Negative-2.6%-3.0%-7.1%
Max Positive5.6%6.9%20.9%
Max Negative-5.0%-12.6%-22.8%

SEC Filings

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Report DateFiling DateFiling
6302025730202510-Q 6/30/2025
3312025430202510-Q 3/31/2025
12312024219202510-K 12/31/2024
93020241106202410-Q 9/30/2024
6302024801202410-Q 6/30/2024
3312024507202410-Q 3/31/2024
12312023221202410-K 12/31/2023
93020231102202310-Q 9/30/2023
6302023809202310-Q 6/30/2023
3312023503202310-Q 3/31/2023
12312022222202310-K 12/31/2022
93020221109202210-Q 9/30/2022
6302022809202210-Q 6/30/2022
3312022504202210-Q 3/31/2022
12312021225202210-K 12/31/2021
93020211103202110-Q 9/30/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Diaz Allene M. 8262025Sell42.531,42760,687781,151Form
1PARSHALL B LYNNE 8082025Sell41.874,600192,5953,631,841Form
2Geary Richard SEVP, Chief Development Officer8052025Sell42.8610,000428,5933,835,564Form
3Schneider EugeneEVP, Chf Clinical Develop Ofcr8052025Sell42.809,549408,7012,204,520Form
4Monia Brett PChief Executive Officer7142025Sell41.741,16048,4167,505,345Form