Tearsheet
Investment Highlights Market Valuation Price Chart Return vs. Risk About IONS Interactive Breakdown Better Bets vs. IONS Latest Trefis Analyses Trade Ideas Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Ionis Pharmaceuticals (IONS)

Market Price (10/31/2025): $74.75 | Market Cap: $11.9 Bil
Sector: Health Care | Industry: Biotechnology

Ionis Pharmaceuticals (IONS)

Market Price (10/31/2025): $74.75
Market Cap: $11.9 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0  Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%		 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -278 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -29%
1  Weak multi-year price returns
2Y Excs Rtn is -2.4%, 3Y Excs Rtn is -9.4%		 Stock price has recently run up significantly
6M Rtn6 month market price return is 134%
2   Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -32%
3   Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 62%
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 -6.3%
0 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
1 Weak multi-year price returns
2Y Excs Rtn is -2.4%, 3Y Excs Rtn is -9.4%
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -278 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -29%
3 Stock price has recently run up significantly
6M Rtn6 month market price return is 134%
4 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -32%
5 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 62%
6 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 -6.3%

Market Valuation & Key Metrics

IONSS&P 500
REVENUE GROWTHGOOD
Rev LTM ($ Bil)1.0
Rev Chg Q17.1%6.4%
Rev Chg LTM20.4%5.4%
Rev Chg 3Y Avg7.1%5.3%
PROFITABILITYVERY POOR
Op Inc LTM ($ Bil)-0.3
CFO LTM ($ Bil)-0.2
Net Inc LTM ($ Bil)-0.3
Op Mgn LTM-28.8%18.7%
CFO/Rev LTM-25.5%20.4%
Net Inc Mgn-26.5%12.8%
VALUATIONVERY HIGH
P/S12.43.2
P/CFO-48.315.5
P/FCF-38.620.6
P/E-46.623.6
STABILITYVERY GOOD
Debt/Equity0.120.21
Cash/Assets0.740.07

IONS Stock

   
   
   
   
   
   
   
Factor Drivers of Stock Movement
The 133.9% change in IONS stock from 5/1/2025 to 10/30/2025 was primarily driven by a 74.6% change in the company's P/S Multiple.

501202510302025Change
Stock Price ($)31.7174.17133.90%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)717.25966.9634.81%
P/S Multiple7.0212.2574.62%
Shares Outstanding (Mil)158.74159.76-0.65%
Cumulative Contribution133.89%

LTM = Last Twelve Months as of date shown
The 88.9% change in IONS stock from 10/30/2024 to 10/30/2025 was primarily driven by a 74.0% change in the company's P/S Multiple.

1030202410302025Change
Stock Price ($)39.2674.1788.92%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)813.46966.9618.87%
P/S Multiple7.0412.2573.96%
Shares Outstanding (Mil)145.96159.76-9.46%
Cumulative Contribution87.23%

LTM = Last Twelve Months as of date shown
The 67.8% change in IONS stock from 10/31/2022 to 10/30/2025 was primarily driven by a 66.0% change in the company's P/S Multiple.

1031202210302025Change
Stock Price ($)44.2074.1767.81%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)848.81966.9613.92%
P/S Multiple7.3812.2565.97%
Shares Outstanding (Mil)141.79159.76-12.67%
Cumulative Contribution65.11%

LTM = Last Twelve Months as of date shown

Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
IONS Return-6%-46%24%34%-31%112%17%
Peers Return91%4%-19%-22%-2%-10%12%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
IONS Win Rate42%33%58%58%25%67% 
Peers Win Rate53%42%48%43%35%49% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
IONS Max Drawdown-31%-55%-2%-11%-33%-27% 
Peers Max Drawdown-41%-33%-53%-45%-38%-51% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ALNY, RARE, NTLA, SRPT, APM. 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] 2025 data is for the year up to 10/30/2025 (YTD)

How Low Can It Go

Unique KeyEventIONSS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-59.8%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven149.0%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven1378 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-34.4%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven52.4%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven308 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-37.5%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven60.0%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days

Compare to ALNY, RARE, NTLA, SRPT, APM


In The Past

Ionis Pharmaceuticals's stock fell -59.8% during the 2022 Inflation Shock from a high on 1/25/2021. A -59.8% loss requires a 149.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Ionis Pharmaceuticals (IONS)

Better Bets than Ionis Pharmaceuticals (IONS)

 IONSBetter Performance than IONS
MetricValueIndustry (Biotechnology)
Rev Chg LTM20.4%INSM (30.3%), BBIO (62.5%), MDGL (3422.0%), HALO (35.0%), CYTK (2635.7%)
Rev Chg 3Y Avg7.1%AMGN (10.0%), VRTX (11.0%), ALNY (40.8%), INSM (22.8%), UTHR (19.0%)
Op Mgn LTM-28.8%ABBV (23.5%), AMGN (23.5%), GILD (37.4%), VRTX (-1.7%), REGN (26.7%)
CFO/Rev LTM-25.5%ABBV (33.1%), AMGN (34.4%), GILD (34.2%), VRTX (33.7%), REGN (35.6%)
FCF/Rev LTM-32.0%ABBV (31.3%), AMGN (30.4%), GILD (32.5%), VRTX (30.6%), REGN (27.2%)
Total Yield-2.2%ABBV (3.7%), AMGN (7.4%), GILD (7.0%), VRTX (3.4%), REGN (7.2%)
 IONSBetter Performance than IONS
MetricValueAll Other Sectors
Rev Chg LTM20.4%NVDA (71.6%), AVGO (28.0%), META (21.3%), PLTR (38.8%), AMD (27.2%)
Rev Chg 3Y Avg7.1%NVDA (92.0%), MSFT (13.2%), GOOGL (11.0%), AMZN (11.3%), AVGO (24.0%)
Op Mgn LTM-28.8%NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AMZN (11.4%)
CFO/Rev LTM-25.5%NVDA (46.6%), AAPL (26.6%), MSFT (50.0%), GOOGL (39.3%), AMZN (18.1%)
FCF/Rev LTM-32.0%NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), GOOGL (19.1%), AMZN (2.0%)
Total Yield-2.2%NVDA (1.8%), AAPL (2.8%), MSFT (3.3%), GOOGL (3.9%), AMZN (3.0%)
 Best Bets In Health Care Sector
 IONSRPRX HALO CPRX BMY LNTH PBH BIIB PFE EW ILMN
What You Pay           
P/E-46.215.314.112.315.414.014.013.612.811.812.4
P/EBIT-68.08.111.010.59.39.69.010.110.329.210.3
What You Get           
Rev Chg Q17.1%7.7%40.8%19.4%2.8%-4.1%-6.6%2.8%10.3%11.9%-4.8%
Rev Chg LTM20.4%3.0%35.0%28.5%1.3%5.7%0.6%4.8%13.5%9.1%-3.3%
Rev Chg 3Y Avg7.1%0.8%35.5%49.9%1.0%34.3%0.8%-0.9%-12.4%3.0%-3.0%
FCF/Rev 3Y Avg-57.4%113.4%43.4%38.9%29.0%26.1%21.6%17.0%13.8%11.9%9.0%

[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

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Ionis Pharmaceuticals Earnings Notes  
2Ionis Pharmaceuticals Stock Rallied 9.9% - Have You Assessed the RiskReturn 
3null  
4IONS Dip Buy Analysis  
5Day 8 of Gains Streak for Ionis Pharmaceuticals Stock with 13% Return (vs. 5.1% YTD) [6/9/2025]Notification 
6Ionis Pharmaceuticals Total Shareholder Return (TSR): -30.9% in 2024 and 4.7% 3-yr compounded annual returns (above peer average)  
7Ionis Pharmaceuticals (IONS) Operating Cash Flow ComparisonFinancials 
8Ionis Pharmaceuticals (IONS) Net Income ComparisonFinancials 
9Ionis Pharmaceuticals (IONS) Operating Income ComparisonFinancials 
10Ionis Pharmaceuticals (IONS) Revenue ComparisonFinancials 
11ARTICLES  
12Buy IONS Stock After Its 35% Pop? September 3rd, 2025
13Market Movers | Winners: CYTK, IONS, UTHR | Losers: UP, SOC, DNA September 2nd, 2025
14What’s Happening With Ionis Pharmaceuticals Stock? December 1st, 2021
15What’s Next For Ionis Pharmaceuticals Stock After A 14% Fall? October 19th, 2021
16Ionis Pharmaceuticals Stock Looks Attractive At $37 June 22nd, 2021
Title
0DASHBOARDS
1Buy IONS Stock After Its 35% Pop?
2Market Movers | Winners: CYTK, IONS, UTHR | Losers: UP, SOC, DNA
3What’s Happening With Ionis Pharmaceuticals Stock?
4What’s Next For Ionis Pharmaceuticals Stock After A 14% Fall?
5Ionis Pharmaceuticals Stock Looks Attractive At $37
6ARTICLES
7Ionis Pharmaceuticals Earnings Notes
8Ionis Pharmaceuticals Stock Rallied 9.9% - Have You Assessed the Risk
9null
10IONS Dip Buy Analysis
11Day 8 of Gains Streak for Ionis Pharmaceuticals Stock with 13% Return (vs. 5.1% YTD) [6/9/2025]
12Ionis Pharmaceuticals Total Shareholder Return (TSR): -30.9% in 2024 and 4.7% 3-yr compounded annual returns (above peer average)
13Ionis Pharmaceuticals (IONS) Operating Cash Flow Comparison
14Ionis Pharmaceuticals (IONS) Net Income Comparison
15Ionis Pharmaceuticals (IONS) Operating Income Comparison
16Ionis Pharmaceuticals (IONS) Revenue Comparison

Trade Ideas

Select past ideas related to IONS. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy09302025ADMAADMA BiologicsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		5.9%5.9%-4.6%
REGN_9302025_Dip_Buyer_ValueBuy09302025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		16.1%16.1%-0.8%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG09262025HAEHaemoneticsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		2.6%2.6%-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		14.2%14.2%-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper09052025ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		15.2%15.2%-8.0%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy09302025ADMAADMA BiologicsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		5.9%5.9%-4.6%
REGN_9302025_Dip_Buyer_ValueBuy09302025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		16.1%16.1%-0.8%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG09262025HAEHaemoneticsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		2.6%2.6%-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		14.2%14.2%-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper09052025ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		15.2%15.2%-8.0%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1INBXInhibrx Biosciences176.8%409.8%
2PUMPProPetro71.2%16.2%
3RNAAvidity Biosciences43.5%139.6%
4DYNDyne Therapeutics42.8%-0.0%
5GCIGannett39.3%3.8%
6FORMFormFactor38.3%34.7%
7MBXMBX Biosciences35.1%18.2%
8BBNXBeta Bionics33.8% 
9GHGuardant Health33.3%202.5%
10LUMNLumen Technologies32.7%94.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-75.2%5106.3%
2LRNStride-56.1%-35.8%
3NTLAIntellia Therapeutics-52.6%5.2%
4FMCFMC-48.7%-66.6%
5FIFiserv-47.4%-68.3%
6VRNSVaronis Systems-43.8%-21.2%
7THRYThryv-33.4%-44.8%
8NFENew Fortress Energy-30.5%-91.9%
9AKBAAkebia Therapeutics-29.5%10.5%
10UAMYUnited States Antimony-28.9%371.2%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1PRAXPraxis Precision Medicines279.1%161.2%
2INBXInhibrx Biosciences131.0%409.8%
3PUMPProPetro99.6%16.2%
4DYNDyne Therapeutics88.4%-0.0%
5VICRVicor85.4%89.2%
6CELCCelcuity74.6%503.2%
7GLUEMonte Rosa Therapeutics73.5%87.5%
8NVTSNavitas Semiconductor72.1%251.8%
9LUMNLumen Technologies70.3%94.7%
10BALYBallys63.4%4.1%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1PMIPicard Medical-62.9%5106.3%
2LRNStride-53.8%-35.8%
3FMCFMC-51.0%-66.6%
4FIFiserv-48.3%-68.3%
5NFENew Fortress Energy-43.6%-91.9%
6VGVenture Global-41.7% 
7OGNOrganon-40.2%-55.0%
8VRNSVaronis Systems-39.5%-21.2%
9ITGRInteger-38.5%-52.2%
10LENZLENZ Therapeutics-37.9%5.5%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1INBXInhibrx Biosciences176.8%409.8%
2PUMPProPetro71.2%16.2%
3RNAAvidity Biosciences43.5%139.6%
4DYNDyne Therapeutics42.8%-0.0%
5GCIGannett39.3%3.8%
6FORMFormFactor38.3%34.7%
7MBXMBX Biosciences35.1%18.2%
8BBNXBeta Bionics33.8% 
9GHGuardant Health33.3%202.5%
10LUMNLumen Technologies32.7%94.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-75.2%5106.3%
2LRNStride-56.1%-35.8%
3NTLAIntellia Therapeutics-52.6%5.2%
4FMCFMC-48.7%-66.6%
5FIFiserv-47.4%-68.3%
6VRNSVaronis Systems-43.8%-21.2%
7THRYThryv-33.4%-44.8%
8NFENew Fortress Energy-30.5%-91.9%
9AKBAAkebia Therapeutics-29.5%10.5%
10UAMYUnited States Antimony-28.9%371.2%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Ionis Pharmaceuticals

Financials

IONSALNYRARENTLASRPTAPMMedian
NameIonis Ph.Alnylam .Ultragen.Intellia.Sarepta .Aptorum  
Mkt Price74.17449.5635.1712.2723.251.4729.21
Mkt Cap11.858.33.51.32.3-3.5
Rev LTM9672,348610532,482-967
Op Inc LTM-278-115-505-512-1--278
FCF LTM-309-75-442-422-454--422
FCF 3Y Avg-420-184-496-396-505--420
CFO LTM-247-45-421-419-301--301
CFO 3Y Avg-380-131-450-387-395--387

Growth & Margins

IONSALNYRARENTLASRPTAPMMedian
NameIonis Ph.Alnylam .Ultragen.Intellia.Sarepta .Aptorum  
Rev Chg LTM20.4%17.2%26.8%15.0%64.9%-20.4%
Rev Chg 3Y Avg7.1%40.8%22.2%6.2%45.0%-22.2%
Rev Chg Q17.1%20.2%13.2%104.8%68.4%-20.2%
QoQ Delta Rev Chg LTM2.4%4.4%3.3%16.0%11.1%-4.4%
Op Mgn LTM-28.8%-4.9%-82.8%-968.7%-0.0%--28.8%
Op Mgn 3Y Avg-55.1%-27.5%-121.3%-991.9%-16.1%--55.1%
QoQ Delta Op Mgn LTM-0.5%3.0%4.2%218.7%5.2%-4.2%
CFO/Rev LTM-25.5%-1.9%-69.0%-791.9%-12.1%--25.5%
CFO/Rev 3Y Avg-52.4%-13.1%-93.5%-766.0%-29.1%--52.4%
FCF/Rev LTM-32.0%-3.2%-72.5%-798.0%-18.3%--32.0%
FCF/Rev 3Y Avg-57.4%-16.6%-104.0%-785.0%-35.5%--57.4%

Valuation

IONSALNYRARENTLASRPTAPMMedian
NameIonis Ph.Alnylam .Ultragen.Intellia.Sarepta .Aptorum  
Mkt Cap11.858.33.51.32.3-3.5
P/S12.324.85.724.10.9-12.3
P/EBIT-68.0-277.4-7.4-2.5-455.1--68.0
P/E-46.2-216.2-6.5-2.7-39.3--39.3
P/CFO-48.0-1,292.3-8.2-3.0-7.6--8.2
Total Yield-2.2%-0.5%-15.4%-37.7%-2.5%--2.5%
Dividend Yield0.0%0.0%0.0%0.0%0.0%-0.0%
FCF Yield 3Y Avg-6.0%-0.8%-14.4%-23.9%-12.0%--12.0%
D/E0.10.00.00.10.6-0.1
Net D/E-0.1-0.0-0.1-0.30.2--0.1

Returns

IONSALNYRARENTLASRPTAPMMedian
NameIonis Ph.Alnylam .Ultragen.Intellia.Sarepta .Aptorum  
1M Rtn13.4%-1.4%16.9%-29.0%20.7%-27.2%6.0%
3M Rtn72.6%14.6%28.7%5.4%41.6%-5.2%21.7%
6M Rtn133.9%76.2%-9.8%42.0%-63.0%59.8%50.9%
12M Rtn88.9%59.7%-32.2%-14.4%-81.8%5.0%-4.7%
3Y Rtn67.8%116.9%-13.1%-76.8%-79.6%-76.8%-44.9%
1M Excs Rtn11.1%-4.1%15.6%-36.3%18.7%-34.2%3.5%
3M Excs Rtn63.0%2.5%14.3%-2.6%36.8%-2.1%8.4%
6M Excs Rtn112.2%54.5%-31.5%20.2%-84.7%38.0%29.1%
12M Excs Rtn66.6%39.5%-50.9%-42.1%-99.3%-17.8%-30.0%
3Y Excs Rtn-9.4%49.6%-87.5%-152.8%-156.0%-151.9%-119.7%

Financials

$ Mil | FY: 12/312025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q4
Period End9/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/2022
Filing Date10/29/20257/30/20254/30/20252/19/202511/6/20248/1/20245/7/20242/21/202411/2/20238/9/20235/3/20232/22/2023
Key Financials Quarterly            
Total Revenue157452132227134225119325144188131152
Ebitda-103150-120-81-117-38-11724-115-52-92-32
Operating Income-160140-147-111-149-66-150-6-143-90-114-208
Net Income-129124-147-104-140-66-143-9-147-85-124-52
EPS-0.800.78-0.93-0.66-0.95-0.45-0.98-0.06-1.03-0.60-0.87-0.37
Key Financials TTM            
Total Revenue TTM967944717705803813777788615631576587
Ebitda TTM-154-168-356-352-248-245-259-234-290-216-261-228
Operating Income TTM-278-267-472-475-370-365-389-354-556-471-467-410
Net Income TTM-256-268-458-454-359-366-385-366-409-309-329-270
Growth Rates Quarterly            
Total Revenue Growth17.1%100.7%10.1%-30.2%-7.2%19.6%-8.4%113.6%-9.7%40.8%-8.0%-65.5%
EBITDA Growth12.0%497.1%-3.0%-439.8%-2.2%27.0%-27.3%175.0%-181.4%46.6%-56.8%-113.7%
Operating Income Growth-7.8%311.6%1.7%-1713.5%-3.7%26.7%-31.0%97.1%-142.3%-5.5%-98.5%-194.7%
Net Income Growth8.5%286.4%-2.9%-1026.5%4.7%22.3%-14.9%82.3%-213.7%18.9%-90.8%-123.3%
Margins Quarterly            
EBITDA Margin-65.9%33.2%-91.2%-35.5%-87.7%-16.8%-97.5%7.3%-79.6%-27.5%-70.1%-20.8%
Operating Income Margin-102.2%30.9%-111.7%-48.9%-111.1%-29.3%-125.1%-1.9%-99.4%-47.9%-87.5%-136.9%
Net Income Margin-82.1%27.3%-111.6%-46.1%-105.0%-29.4%-119.5%-2.9%-102.2%-45.3%-95.2%-34.5%
Cash & Debt            
Total Cash2,2402,2902,1452,2982,4832,0792,2062,3312,2362,3852,3471,987
Total Debt1,4891,4201,4101,4171,4471,4431,4441,4541,4521,4901,3611,369
Net Debt / (Cash)-751-870-735-881-1,037-635-762-878-783-895-985-618
Cash Flows Quarterly            
FCF from Operations-131151-151-116-115-120-15033-109-97-134-200
Cash Flows TTM            
FCF from Operations TTM-247-231-502-501-352-346-323-308-541-456-377-274
Returns to Shareholders Quarterly            
Dividends000000000000
Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC-28.2%27.5%-27.5%-22.1%-32.7%-16.2%-40.6%-1.9%-43.5%-30.8%-43.3%-60.1%
Return on Invested Capital (ROIC) TTM            
ROIC TTM-12.1%-12.8%-21.8%-23.9%-20.9%-22.3%-26.4%-27.1%-42.1%-40.2%-44.2%-29.6%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Ionis operations788    
Commercial revenue 303342365 
Research and development revenue 284468365 
Akcea Therapeutics    489
Elimination of Intercompany Activity    -225
Ionis Core    859
Total7885878107291,123


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


Price Behavior

IONS Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta-8.15-1.92-1.020.690.820.65
Up Beta-2.28-1.07-0.830.770.750.68
Down Beta-36.72-4.91-3.910.730.770.67
Up Capture146%82%150%136%121%28%
Bmk +ve Days13233574144420
Stock +ve Days13253576133380
Down Capture-1563%-502%-296%-14%85%85%
Bmk -ve Days8192952107330
Stock -ve Days8172849117366

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

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity13,699,358
Short Interest: % Change Since 930202511.6%
Average Daily Volume2,279,250
Days-to-Cover Short Interest6.01
Basic Shares Quantity159,765,000
Short % of Basic Shares8.6%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/29/2025-2.3%  
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%
...
SUMMARY STATS   
# Positive111111
# Negative131313
Median Positive2.4%3.4%7.6%
Median Negative-2.3%-3.0%-7.8%
Max Positive5.6%6.9%20.9%
Max Negative-5.0%-12.6%-22.8%

SEC Filings

Expand for More

Report DateFiling DateFiling
93020251029202510-Q 9/30/2025
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

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0BENNETT C FRANKEVP, Chief Scientific Officer9092025Sell59.606,000357,5814,927,404Form
1Swayze EricEVP Research9042025Sell49.2210,000492,2001,891,623Form
2WENDER JOSEPH H 9042025Sell55.0411,200616,4326,914,775Form
3PARSHALL B LYNNE 9042025Sell50.4210,750542,0153,811,449Form
4Geary Richard SEVP, Chief Development Officer9042025Sell50.3710,000503,6714,012,092Form

Industry Resources

External Quote Links


Prefer one of these to Trefis? Tell us why.