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.

Ticker
IONS
Exchange
Nasdaq
Sector
Healthcare
Industry
Biotechnology
Market cap
$6.53B
52-week range
$38.31 - $86.74

Valuation

Share price
$39.42 (close of Nov 6, 2026)
P/E (TTM)
-11.39x
Price to book
14.85x
Price to free cash flow
-11.64x
Enterprise value
$6.09B
Book value per share
$2.65

Price performance

PeriodChange
1 day+1.60%
5 days-9.42%
1 month-10.41%
3 months-27.66%
6 months-48.71%
Year to date-50.17%
1 year-46.80%
3 years-14.84%
5 years+17.01%
10 years+45.30%
All time+294.20%

Short interest

As of
Oct 15, 2026
Short % of float
16.46%
Shares short
20.65M
Days to cover
7.65
Change since prior report
-8.24%
Source
FINRA consolidated short interest

Profitability and growth

Return on equity
-77.98%
Return on invested capital
-14.95%
Return on assets
-10.82%
Return on capital employed
-13.92%
Gross margin
98.31%
Net margin
-40.41%
EBITDA margin
-39.13%
Revenue growth
33.83%

Cash flow and balance sheet

Free cash flow yield (TTM)
-8.59%
Current ratio
7.89x
Net debt to EBITDA
0.97x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
Revenue
$943.71M
Cost of revenue
$15.91M
Gross profit
$927.80M
EBITDA
-$369.24M
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 endRevenueGross profitNet incomeEPS
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 endGross marginNet marginReturn on equityReturn on capital
2025-12-3198.31%-40.41%-77.98%-14.95%
2024-12-3198.41%-64.37%-77.15%-23.39%
2023-12-3198.84%-46.50%-94.72%-19.22%
2022-12-3197.60%-45.92%-47.08%-21.12%
2021-12-3198.66%-3.53%-3.71%-3.47%
2020-12-3198.36%-60.92%-59.77%-10.80%
2019-12-3199.61%24.78%17.63%13.28%
2018-12-3199.70%45.65%24.87%-1.76%
2017-12-31-0.07%0.09%3.23%
2016-12-31--16.20%-60.66%-3.35%

Cash and debt by year

Period endCashDebt
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$59.71M
2020-12-31$397.66M$539.11M
2019-12-31$683.29M$785.50M
2018-12-31$278.82M$628.06M
2017-12-31$129.63M$592.88M
2016-12-31$84.69M$500.51M

Free cash flow by year

Period endFree cash flowStock-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
Nov 9, 2026
Consensus EPS estimate
$-1.22

Past earnings dates

ReportedFiscal periodEPS estimate
2026-07-29Jun 2026-$1.09
2026-04-29Mar 2026-$0.89
2026-02-25Dec 2025-$1.31
2025-10-29Sep 2025-$1.23
2025-07-30Jun 2025-$0.11
2025-04-30Mar 2025-$1.16
2025-02-19Dec 2024-$1.12
2024-11-06Sep 2024-$1.16

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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