Ionis Pharmaceuticals (IONS)
Market Price (9/18/2025): $61.17 | Market Cap: $9.7 BilSector: Health Care | Industry: Biotechnology
Ionis Pharmaceuticals (IONS)
Market Price (9/18/2025): $61.17Market Cap: $9.7 BilSector: Health CareIndustry: Biotechnology
Investment Highlights
Weak multi-year price returns2Y Excs Rtn is -6.0%, 3Y Excs Rtn is -35% | Not profitable at operating income levelOp 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% | |
Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.4% | ||
Not cash flow generativeCFO/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% | ||
Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.2% |
Weak multi-year price returns2Y Excs Rtn is -6.0%, 3Y Excs Rtn is -35% |
Not profitable at operating income levelOp 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% |
Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.4% |
Not cash flow generativeCFO/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% |
Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.2% |
Market Valuation
9/18/25 | 2024 | 2023 | 2022 | 2021 | |
---|---|---|---|---|---|
Share Price CYE | $61.17 | $34.96 | $50.59 | $37.77 | $30.43 |
Market Cap CYE ($ Bil) | 9.7 | 5.5 | 7.3 | 5.4 | 4.3 |
Total Debt ($ Bil) | 1.4 | 1.4 | 1.5 | 1.4 | 1.3 |
Total Cash ($ Bil) | 2.1 | 2.3 | 2.3 | 2.0 | 2.1 |
Enterprise Value ($ Bil) | 9.0 | 6.9 | 8.8 | 6.8 | 5.6 |
Valuation Ratios | |||||
P/S TTM | 13.5 | 7.4 | 9.2 | 9.1 | 5.3 |
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) | 3.8 | 3.6 | 4.1 | 4.5 | 7.3 |
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 |
9/18/25 | 2024 | 2023 | |
---|---|---|---|
Share Price CYE | $61.17 | $34.96 | $50.59 |
Market Cap CYE ($ Bil) | 9.7 | 5.5 | 7.3 |
Total Debt ($ Bil) | 1.4 | 1.4 | 1.5 |
Total Cash ($ Bil) | 2.1 | 2.3 | 2.3 |
Enterprise Value ($ Bil) | 9.0 | 6.9 | 8.8 |
Valuation Ratios | |||
P/S TTM | 13.5 | 7.4 | 9.2 |
P/EBIT TTM | -25.7 | -13.9 | -28.0 |
P/E TTM | -21.2 | -11.5 | -19.8 |
Sector Ratios | |||
P/S TTM (Sector) | 3.8 | 3.6 | 4.1 |
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.
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Price Returns Compared
Expand for Detailed View2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
---|---|---|---|---|---|---|---|
Returns | |||||||
IONS Return | -6% | -46% | 24% | 34% | -31% | 75% | 5% |
Peers Return | 114% | 19% | -1% | -11% | -1% | 2% | 124% |
S&P 500 Return | 16% | 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)
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Ionis Pharmaceuticals
Financials
Median | |
---|---|
Name | |
Mkt Price | 44.94 |
Mkt Cap | 6.3 |
Rev LTM | 1,533 |
Op Inc LTM | -294 |
FCF LTM | -432 |
FCF 3Y Avg | -417 |
CFO LTM | -360 |
CFO 3Y Avg | -391 |
Growth & Margins
Median | |
---|---|
Name | |
Rev Chg LTM | 16.1% |
Rev Chg 3Y Avg | 14.2% |
Rev Chg Q | 16.7% |
QoQ Delta Rev Chg LTM | 3.9% |
Op Mgn LTM | -35.4% |
Op Mgn 3Y Avg | -46.6% |
QoQ Delta Op Mgn LTM | 3.6% |
CFO/Rev LTM | -40.6% |
CFO/Rev 3Y Avg | -44.0% |
FCF/Rev LTM | -45.4% |
FCF/Rev 3Y Avg | -50.0% |
Valuation
Median | |
---|---|
Name | |
Mkt Cap | 6.3 |
P/S | 10.1 |
P/EBIT | -15.9 |
P/E | -13.3 |
P/CFO | -6.1 |
Total Yield | -4.1% |
Dividend Yield | 0.0% |
FCF Yield 3Y Avg | -9.5% |
D/E | 0.1 |
Net D/E | -0.0 |
Returns
Median | |
---|---|
Name | |
1M Rtn | 2.9% |
3M Rtn | 24.7% |
6M Rtn | 19.7% |
12M Rtn | -13.4% |
3Y Rtn | -2.8% |
1M Excs Rtn | 0.5% |
3M Excs Rtn | 14.5% |
6M Excs Rtn | 2.5% |
12M Excs Rtn | -30.3% |
3Y Excs Rtn | -68.3% |
Comparison Analyses
Segment Financials
Revenue by Segment
$ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
---|---|---|---|---|---|
Ionis operations | 788 | 587 | |||
Commercial revenue | 342 | 365 | |||
Research and development revenue | 468 | 365 | |||
Akcea Therapeutics | 489 | ||||
Elimination of Intercompany Activity | -225 | ||||
Ionis Core | 859 | ||||
Total | 788 | 587 | 810 | 729 | 1,123 |
$ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
---|---|---|---|---|---|
Ionis operations | -366 | -270 | |||
Total | -366 | -270 |
Returns Analyses
Earnings Returns History
Expand for MoreForward Returns | |||
---|---|---|---|
Earnings Date | 1D Returns | 5D Returns | 21D Returns |
7/30/2025 | 4.6% | 3.8% | 3.1% |
4/30/2025 | 3.0% | 6.9% | 12.2% |
2/19/2025 | 2.8% | -0.2% | 2.9% |
11/6/2024 | -1.5% | -3.2% | -2.4% |
8/1/2024 | 3.8% | -5.4% | 0.9% |
5/7/2024 | -3.2% | -8.2% | -5.7% |
2/21/2024 | 1.0% | 6.9% | -1.8% |
11/2/2023 | -3.4% | 4.0% | 14.1% |
... | |||
SUMMARY STATS | |||
# Positive | 12 | 12 | 11 |
# Negative | 12 | 12 | 13 |
Median Positive | 2.6% | 3.5% | 7.6% |
Median Negative | -2.6% | -3.0% | -7.1% |
Max Positive | 5.6% | 6.9% | 20.9% |
Max Negative | -5.0% | -12.6% | -22.8% |
SEC Filings
Expand for MoreReport Date | Filing Date | Filing |
---|---|---|
6302025 | 7302025 | 10-Q 6/30/2025 |
3312025 | 4302025 | 10-Q 3/31/2025 |
12312024 | 2192025 | 10-K 12/31/2024 |
9302024 | 11062024 | 10-Q 9/30/2024 |
6302024 | 8012024 | 10-Q 6/30/2024 |
3312024 | 5072024 | 10-Q 3/31/2024 |
12312023 | 2212024 | 10-K 12/31/2023 |
9302023 | 11022023 | 10-Q 9/30/2023 |
6302023 | 8092023 | 10-Q 6/30/2023 |
3312023 | 5032023 | 10-Q 3/31/2023 |
12312022 | 2222023 | 10-K 12/31/2022 |
9302022 | 11092022 | 10-Q 9/30/2022 |
6302022 | 8092022 | 10-Q 6/30/2022 |
3312022 | 5042022 | 10-Q 3/31/2022 |
12312021 | 2252022 | 10-K 12/31/2021 |
9302021 | 11032021 | 10-Q 9/30/2021 |
Insider Activity
Expand for MoreOwner | Title | Filing Date | Action | Price | Shares | TransactedValue | Value ofHeld Shares | Form | |
---|---|---|---|---|---|---|---|---|---|
0 | Diaz Allene M. | 8262025 | Sell | 42.53 | 1,427 | 60,687 | 781,151 | Form | |
1 | PARSHALL B LYNNE | 8082025 | Sell | 41.87 | 4,600 | 192,595 | 3,631,841 | Form | |
2 | Geary Richard S | EVP, Chief Development Officer | 8052025 | Sell | 42.86 | 10,000 | 428,593 | 3,835,564 | Form |
3 | Schneider Eugene | EVP, Chf Clinical Develop Ofcr | 8052025 | Sell | 42.80 | 9,549 | 408,701 | 2,204,520 | Form |
4 | Monia Brett P | Chief Executive Officer | 7142025 | Sell | 41.74 | 1,160 | 48,416 | 7,505,345 | Form |
Industry Resources
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