Ionis Pharmaceuticals Inc (IONS)
Ionis Pharmaceuticals, Inc., a commercial-stage biotechnology company, provides RNA-targeted medicines in the United States. The company offers TRYNGOLZA reduces triglyceride levels in adults with familial chylomicronemia syndrome (FCS) and acute pancreatitis; DAWNZERA for prophylaxis to prevent attacks of hereditary angioedema in adults; WAINUA for the treatment of the polyneuropathy of hereditary transthyretin-medicated amyloidosis (ATTRv-PN) in adults; and SPINRAZA for pediatric and adult patients with spinal muscular atrophy (SMA). It also provides QALSODY for the treatment of Amyotrophic Lateral Sclerosis (ALS); TEGSEDI for the treatment of ATTRv-PN in adults; and WAYLIVRA for treatment for FCS and familial partial lipodystrophy. It also develops products under Phase 3 clinical trials, such as Olezarsen for patients with hypertriglyceridemia (SHTG) and cardiovascular disease (CVD); and Zilganerse, a potential treatment for people with genetically confirmed Alexander disease, as well as ION582 which is in Phase 3 clinical trial for the potential treatment of AS, a rare genetic neurological disease. In addition, the company develops Eplontersen to degrade mutant and wild-type TTR mRNA through binding to the TTR mRNA; Pelacarsen to inhibit the production of apolipoprotein(a) in the liver to offer a direct approach for reducing lipoprotein(a); Bepirovirsen to inhibit the production of viral proteins associated with hepatitis B virus; Sefaxersen to reduce the production of complement factor B and lower activation of the alternative complement pathway; and Ulefnersen to reduce the production of the fused in sarcoma, as well as other mid-stage pipeline investigational medicines. It has a strategic collaboration with Biogen for the treatment of neurological disorders; and collaboration and license agreement with GSK, AstraZeneca, Novartis, and Roche, as well as with Metagenomi. The company was incorporated in 1989 and is headquartered in Carlsbad, California.
- Symbol
- IONS
- Exchange
- Nasdaq
- Sector
- Healthcare
- Industry
- Biotechnology
- Market cap
- $7.58B
- 52 week range
- 43.01 - 86.74
Valuation
- Share price
- $43.93 (close of 2026-09-23)
- P/E (TTM)
- -13.22x
- Price to book
- 17.23x
- Price to free cash flow
- -13.51x
- Enterprise value
- $7.14B
- Book value per share
- $2.65
Price performance
| Period | Change |
|---|
| 1 day | -2.16% |
| 5 days | -7.03% |
| 1 month | -26.46% |
| 3 months | -42.19% |
| 6 months | -37.94% |
| Year to date | -44.47% |
| 1 year | -29.79% |
| 3 years | +2.86% |
| 5 years | +20.16% |
| 10 years | +25.44% |
| All time | +339.30% |
Profitability and growth
- Return on equity
- -77.98%
- Return on assets
- -10.82%
- Return on capital employed
- -13.92%
- Gross margin
- 98.31%
- Net margin
- -40.41%
- EBITDA margin
- -39.38%
- Revenue growth
- 33.83%
- Net income growth
- 15.97%
- Free cash flow growth
- 41.41%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- -7.40%
- Current ratio
- 7.89x
- Net debt to EBITDA
- 0.97x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $943.71M
- Cost of revenue
- $15.91M
- Gross profit
- $927.80M
- EBITDA
- $-371.68M
- Net income
- $-381.39M
- Earnings per share
- $-2.38
- Research and development
- $915.62M
- Interest expense
- $17.26M
- Shares outstanding
- 160.01M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | $943.71M | $927.80M | $-381.39M | $-2.38 |
| 2024-12-31 | $705.14M | $693.92M | $-453.90M | $-3.04 |
| 2023-12-31 | $787.65M | $778.51M | $-366.29M | $-2.56 |
| 2022-12-31 | $587.37M | $573.25M | $-269.72M | $-1.90 |
| 2021-12-31 | $810.46M | $799.61M | $-28.60M | $-0.20 |
| 2020-12-31 | $729.26M | $717.32M | $-444.26M | $-3.18 |
| 2019-12-31 | $1.12B | $1.12B | $278.14M | $2.00 |
| 2018-12-31 | $599.67M | $597.85M | $273.74M | $2.09 |
| 2017-12-31 | $514.18M | - | $346.00K | $0.15 |
| 2016-12-31 | $372.78M | - | $-60.40M | $-0.50 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | 98.31% | -40.41% | -77.98% | - |
| 2024-12-31 | 98.41% | -64.37% | -77.15% | - |
| 2023-12-31 | 98.84% | -46.50% | -94.72% | - |
| 2022-12-31 | 97.60% | -45.92% | -47.08% | - |
| 2021-12-31 | 98.66% | -3.53% | -3.71% | - |
| 2020-12-31 | 98.36% | -60.92% | -59.77% | -49.50% |
| 2019-12-31 | 99.61% | 24.78% | 17.63% | 35.08% |
| 2018-12-31 | 99.70% | 45.65% | 24.87% | -3.73% |
| 2017-12-31 | - | 0.07% | 0.09% | 13.18% |
| 2016-12-31 | - | -16.20% | -152.48% | - |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-12-31 | $2.68B | $1.33B |
| 2024-12-31 | $2.30B | $1.20B |
| 2023-12-31 | $2.33B | $1.24B |
| 2022-12-31 | $1.99B | $1.18B |
| 2021-12-31 | $2.11B | - |
| 2020-12-31 | $397.66M | - |
| 2019-12-31 | $683.29M | - |
| 2018-12-31 | $278.82M | - |
| 2017-12-31 | $129.63M | - |
| 2016-12-31 | $84.69M | - |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $-320.03M | $133.87M |
| 2024-12-31 | $-546.23M | $130.20M |
| 2023-12-31 | $-331.32M | $105.81M |
| 2022-12-31 | $-290.09M | $100.26M |
| 2021-12-31 | $18.84M | $120.68M |
| 2020-12-31 | $772.00K | $230.12M |
| 2019-12-31 | $314.72M | $146.57M |
| 2018-12-31 | $589.30M | $131.31M |
| 2017-12-31 | $139.38M | $85.97M |
| 2016-12-31 | $-119.21M | $72.11M |
Investor relations
Next earnings report
- Next confirmed report
- 2026-11-04
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-07-29 | Jun/2026 | - |
| 2026-04-29 | - | - |
| 2026-02-25 | - | - |
| 2025-10-29 | - | - |
| 2025-07-30 | - | - |
| 2025-04-30 | - | - |
| 2025-02-19 | - | - |
| 2024-11-06 | - | - |
Filings and sources
- Company website
- ionis.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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