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Ionis Pharmaceuticals Inc (IONS) stock

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NASDAQ: IONS Nasdaq Biotechnology Next results ~November 4, 2026

C+ Fundamentals grade

Ionis Pharmaceuticals Inc is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$30

Valuation models combined (2)

Base case. Range ~$25–$31. Weighted average of 2 models (growth cash-flow model, forward price-to-sales vs peers), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Ionis Pharmaceuticals Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 19 selling2 purchases and 116 sales by directors and officers, last 12 monthsInsider trades
  • Funds260 adding, 204 cuttingOf 76 active managers that changed their stake, 42 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Ionis Pharmaceuticals files

Where Ionis Pharmaceuticals stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $874m, down 7.4% on a year earlier, slower than 47.5% a quarter earlier. That puts it 13 of 14 for growth among the pharmaceutical preparations companies we cover. Free-cash-flow margin fell to -64.2% from -30.7% a year earlier. Operating margin narrowed to -68.0% from -28.2%. The diluted share count is down 2.8% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 3 financial-health checks. Our price-to-sales vs peers value is $19.88 a share, against a share price of $44.89.

Source: 10-Q filed July 29, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Ionis Pharmaceuticals Inc's trailing-twelve-month revenue fell 7.4% year on year, with a free-cash-flow margin of -64.2%. Where it stands out: gross margin of 98.2% ranks 6 of 75 biotechnology companies we cover. Where it lags: change in growth rate of -54.9pp ranks 144 of 172 biotechnology companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 93.4% while net income fell 110.7%: a 17pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 2.8% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.4bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Revenue shrinking. Revenue fell 7.4% over the last 12 months.
  • Growth slowing. The growth rate is 54.9 points lower than a quarter earlier.
  • Loss-making. Operating margin is -68.0%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 39.8 points on a year ago.
  • Burning cash. Free cash flow was -64.2% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 18.7% of revenue, against a median of 19.2% for biotechnology companies we cover: a real cost that cash-flow figures leave out.

Latest results: FY2026 Q2

Filed July 29, 2026
Earnings per share
-$0.42 against an average estimate of -$0.88: beat by 51.7%
Revenue
$268m, down 40.7% on a year earlier
Share reaction
-3.7% in the first session after the results on July 29, 2026, against +0.1% for the S&P 500
Guidance given
full year 2026 product sales $100m to $110m (full year 2026); full year 2026 product sales $110m to $120m (full year 2026)
Next report
November 4, 2026; average EPS estimate -$0.93

Ionis Pharmaceuticals' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-5.2%
  • 1 week-5.0%
  • 1 month-5.3%
  • This year-47.9%
  • 1 year-44.5%
  • 5 years+22.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$874M
Operating margin
-68.0%
Net margin
-64.7%
EPS (TTM, diluted)
$-3.59

Growth

Revenue growth
−7.4%
Change in growth rate
−54.9 pts
Share count change
−2.8%

Cash

Free cash flow (TTM)
-$561M
FCF margin
-64.2%
Stock pay % of revenue
18.7%

Earnings

Last results
July 29, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Announcement
  4. Announcement
  5. Results
  6. Guidance
  7. Announcement
  8. Announcement
  9. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Ionis Pharmaceuticals Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Ionis Pharmaceuticals Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.92 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$31 ~$17–$44 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$25 ~$26–$98 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$30 ~$25–$31 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ionis Pharmaceuticals Inc with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$61.93$47.83$50.30$54.06$60.41$56.54$30.43$37.77$50.59$34.96$79.11$41.24
Market value$7.4bn$5.8bn$6.3bn$7.2bn$9.3bn$7.9bn$4.3bn$5.4bn$7.2bn$5.2bn$12.7bn$6.5bn
+ Net debt (− = net cash)−$128m$417m$405m$303m$104m$450m−$869m$918m$909m$1.0bn$1.4bn$1.0bn
Enterprise value$7.3bn$6.2bn$6.7bn$7.6bn$9.4bn$8.3bn$3.4bn$6.3bn$8.2bn$6.2bn$14.1bn$7.5bn
Multiples
Price / sales 26.1x16.7x12.5x12.1x8.2x10.8x5.3x9.1x9.2x7.4x13.4x7.4x
Price / earnings ——n/m26.5x33.3x———————
Price / free cash flow n/m—45.5x12.3x29.4xn/mn/m—————
EV / EBITDA ——178.7x—24.7x———————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

35 /100

Weak moat

How hard Ionis Pharmaceuticals's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -5.5% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 98.4%, moving by 0.7 percentage points (standard deviation) across 8 years.

  • Durability 10 / 20

    Operating margin has been a median -18.5%; its worst year was -74.8%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 5 of 10 years, at a median 5.2% of revenue.

  • Discipline 3 / 20

    The diluted share count rose 12.1% over five years; stock-based pay has been a median 19.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (40 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, before the open. Analysts expect revenue of $184m and EPS of −$0.93 (range −$1.08 to −$0.65) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$2.62 −70% $922m −2%
Next −$1.15 +56% $1.4bn +47%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.3% on 90 days ago. In the last 30 days, 3 analysts raised Ionis Pharmaceuticals Inc's forecast and 0 cut it.

Consensus EPS forecast Ionis Pharmaceuticals Inc, last 90 days
−$3.00 −$2.00 −$1.00 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$2.62 Current fiscal year, 60 days ago: −$2.59 Current fiscal year, 30 days ago: −$2.70 Current fiscal year, 7 days ago: −$2.70 Current fiscal year, Now: −$2.62 −$2.62 Next fiscal year, 90 days ago: −$1.07 Next fiscal year, 60 days ago: −$1.05 Next fiscal year, 30 days ago: −$1.11 Next fiscal year, 7 days ago: −$1.11 Next fiscal year, Now: −$1.15 −$1.15

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$2.62−$1.07
60 days ago −$2.59−$1.05
30 days ago −$2.70−$1.11
7 days ago −$2.70−$1.11
Now −$2.62−$1.15

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.88 −$0.42 +51.7%
Mar 2026 −$0.78 −$0.30 +60.9%
Dec 2025 −$1.22 −$1.15 +5.6%
Sept 2025 −$1.05 −$0.61 +41.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 29, 2026
  • full year 2026 product sales · TRYNGOLZA (olezarsen) full year 2026 $100m to $110m
    “On track to achieve full year 2026 product sales of $100-110 million, in line with revenues generated in 2025” source
  • full year 2026 product sales · DAWNZERA (donidalorsen) full year 2026 $110m to $120m
    “On track to achieve full year 2026 product sales of $110-120 million, representing a continuing driver of year-over-year revenue growth” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

25 analysts, Oct 2026
Buy2184%
Hold416%
Sell00%

Monthly trend

  1. Oct 2026912425
  2. Sep 2026910524
  3. Aug 2026910524
  4. Jul 2026910423

Counts of recommendations published by analysts covering Ionis Pharmaceuticals Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
16.5%
of tradable shares
Days to cover
5.2
at average volume
Short interest, 1 month
−1%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.6%
of shares
Employees
1,480
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −44.5%

$74.30 on October 31, 2025 to $41.24

ThenNowEffect
Revenue (last 12 months) $944m $874m −7.4%
P/S multiple 12.7x 7.4x −41.8%
Share count 162m 157m +2.9%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −12.6%

$47.19 on November 3, 2023 to $41.24

ThenNowEffect
Revenue (last 12 months) $631m $874m +38.6%
P/S multiple 10.7x 7.4x −30.4%
Share count 142m 157m −9.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
IONS−46%+24%+34%−31%+126%−48%
Industry peers (median)−35%−57%−18%−28%−5%−26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
IONS33%58%58%25%67%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
IONS−60%−26%−19%−37%−27%−52%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 70% from April 8, 2019 to April 8, 2025. Getting back needed a 238% gain, reached on February 6, 2026, 304 days after the low.

Price behaviour

52-week range
$41.24 – $86.50
From 52-week high
−52.3%
vs 50-day average
−15.2%
vs 200-day average
−38.1%
Volatility (1 year)
43%
Beta vs S&P 500
0.56

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±2.9%
After a week
4 up, 8 down
typical move ±4.6%
After a month
7 up, 5 down
typical move ±6.9%
Results releasedNext dayS&P 500 next day5 days21 days
July 29, 2026 −3.7% +0.1% −2.0% +12.9%
April 29, 2026 +4.2% +1.0% +7.1% +6.6%
February 25, 2026 −5.7% +0.3% −7.0% −13.1%
January 12, 2026 −1.0% 0.0% −3.4% +5.0%
October 29, 2025 +0.8% −1.1% +1.5% +12.5%
July 30, 2025 +3.6% −0.5% −1.9% +2.7%
April 30, 2025 +6.4% +0.7% +10.9% +12.4%
February 19, 2025 +2.3% −0.2% −0.6% +2.4%
November 6, 2024 −0.9% +3.3% −2.6% −1.8%
August 1, 2024 −0.7% −3.3% −3.9% −3.6%
May 7, 2024 −5.0% +0.1% −9.5% −5.7%
February 21, 2024 −0.8% +2.2% +4.9% −3.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Ionis Pharmaceuticals Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Ionis Pharmaceuticals Inc
$600M $800M $1B $1.2B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $615M Revenue (TTM), FY23 Q4: $787.6M Revenue (TTM), FY24 Q1: $776.6M Revenue (TTM), FY24 Q2: $813.5M Revenue (TTM), FY24 Q3: $803.1M Revenue (TTM), FY24 Q4: $705.1M Revenue (TTM), FY25 Q1: $717.3M Revenue (TTM), FY25 Q2: $944.1M Revenue (TTM), FY25 Q3: $967M Revenue (TTM), FY25 Q4: $943.7M Revenue (TTM), FY26 Q1: $1.1B Revenue (TTM), FY26 Q2: $874.1M $874.1M

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $615M
FY23 Q4 $787.6M
FY24 Q1 $776.6M
FY24 Q2 $813.5M
FY24 Q3 $803.1M
FY24 Q4 $705.1M
FY25 Q1 $717.3M
FY25 Q2 $944.1M
FY25 Q3 $967M
FY25 Q4 $943.7M
FY26 Q1 $1.1B
FY26 Q2 $874.1M
Revenue growth, TTM YoY Ionis Pharmaceuticals Inc
-20% 0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 21.8% Revenue growth, TTM YoY, FY23 Q4: 34.1% Revenue growth, TTM YoY, FY24 Q1: 34.8% Revenue growth, TTM YoY, FY24 Q2: 29.0% Revenue growth, TTM YoY, FY24 Q3: 30.6% Revenue growth, TTM YoY, FY24 Q4: -10.5% Revenue growth, TTM YoY, FY25 Q1: -7.6% Revenue growth, TTM YoY, FY25 Q2: 16.1% Revenue growth, TTM YoY, FY25 Q3: 20.4% Revenue growth, TTM YoY, FY25 Q4: 33.8% Revenue growth, TTM YoY, FY26 Q1: 47.5% Revenue growth, TTM YoY, FY26 Q2: -7.4% -7.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 21.8%
FY23 Q4 34.1%
FY24 Q1 34.8%
FY24 Q2 29.0%
FY24 Q3 30.6%
FY24 Q4 -10.5%
FY25 Q1 -7.6%
FY25 Q2 16.1%
FY25 Q3 20.4%
FY25 Q4 33.8%
FY26 Q1 47.5%
FY26 Q2 -7.4%
Operating margin (TTM) Ionis Pharmaceuticals Inc
-100% -50% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -90.3% Operating margin (TTM), FY23 Q4: -44.9% Operating margin (TTM), FY24 Q1: -50.1% Operating margin (TTM), FY24 Q2: -44.9% Operating margin (TTM), FY24 Q3: -46.1% Operating margin (TTM), FY24 Q4: -67.4% Operating margin (TTM), FY25 Q1: -65.9% Operating margin (TTM), FY25 Q2: -28.2% Operating margin (TTM), FY25 Q3: -28.8% Operating margin (TTM), FY25 Q4: -40.4% Operating margin (TTM), FY26 Q1: -33.3% Operating margin (TTM), FY26 Q2: -68.0% -68.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -90.3%
FY23 Q4 -44.9%
FY24 Q1 -50.1%
FY24 Q2 -44.9%
FY24 Q3 -46.1%
FY24 Q4 -67.4%
FY25 Q1 -65.9%
FY25 Q2 -28.2%
FY25 Q3 -28.8%
FY25 Q4 -40.4%
FY26 Q1 -33.3%
FY26 Q2 -68.0%
FCF margin (TTM) Ionis Pharmaceuticals Inc
-100% -50% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -92.6% FCF margin (TTM), FY23 Q4: -42.1% FCF margin (TTM), FY24 Q1: -43.9% FCF margin (TTM), FY24 Q2: -44.0% FCF margin (TTM), FY24 Q3: -46.2% FCF margin (TTM), FY24 Q4: -77.5% FCF margin (TTM), FY25 Q1: -77.4% FCF margin (TTM), FY25 Q2: -30.7% FCF margin (TTM), FY25 Q3: -31.3% FCF margin (TTM), FY25 Q4: -33.9% FCF margin (TTM), FY26 Q1: -91.8% FCF margin (TTM), FY26 Q2: -64.2% -64.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -92.6%
FY23 Q4 -42.1%
FY24 Q1 -43.9%
FY24 Q2 -44.0%
FY24 Q3 -46.2%
FY24 Q4 -77.5%
FY25 Q1 -77.4%
FY25 Q2 -30.7%
FY25 Q3 -31.3%
FY25 Q4 -33.9%
FY26 Q1 -91.8%
FY26 Q2 -64.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 122 108 99 102 147 214 284 347 508 600 1,123 729 810 587 788 705 944 874
Gross profit — — — — — — — 347 508 598 1,118 717 800 573 779 694 928 858
EBITDA −24 −44 −65 −62 −45 −41 −69 −13 38 −51 378 −159 −15 −396 −343 −465 −372 −582
Operating income −28 −48 −71 −69 −52 −48 −76 −20 31 −61 366 −172 −30 −410 −354 −475 −382 −594
Net income 155 −61 −85 −65 −61 −39 −88 −60 0 274 278 −444 −29 −270 −366 −454 −381 −565
Diluted EPS $1.58 −$0.62 −$0.85 −$0.65 −$0.55 −$0.33 −$0.74 −$0.50 $0.15 $2.07 $1.90 −$3.18 −$0.20 −$1.90 −$2.56 −$3.04 −$2.38 −$3.59
Growth (year on year)
Revenue +13.4% −10.8% −8.7% +3.0% +44.3% +45.4% +32.5% +22.2% +46.5% +18.1% +87.2% −35.0% +11.1% −27.5% +34.1% −10.5% +33.8% −7.4%
EBITDA — — — — — — — — — −234.2% — −141.9% — — — — — —
Operating income — — — — — — — — — −297.7% — −147.0% — — — — — —
Net income — −139.5% — — — — — — — — +1.6% −259.7% — — — — — —
Diluted EPS — −139.2% — — — — — — — — −8.2% −267.4% — — — — — —
Margins
Gross margin — — — — — — — 100.0% 100.0% 99.7% 99.6% 98.4% 98.7% 97.6% 98.8% 98.4% 98.3% 98.2%
EBITDA margin −19.4% −40.1% −65.1% −60.6% −30.6% −19.3% −24.2% −3.7% 7.4% −8.4% 33.7% −21.8% −1.8% −67.4% −43.6% −66.0% −39.4% −66.6%
Operating margin −22.6% −44.6% −71.8% −67.5% −35.1% −22.3% −26.7% −5.8% 6.1% −10.2% 32.6% −23.6% −3.7% −69.8% −44.9% −67.4% −40.4% −68.0%
Net margin 127.5% −56.5% −85.6% −64.2% −41.2% −18.2% −31.1% −17.4% 0.1% 45.6% 24.8% −60.9% −3.5% −45.9% −46.5% −64.4% −40.4% −64.7%
Free-cash-flow margin −100.2% −70.8% −126.2% 0.4% 42.1% −0.6% 4.7% −34.4% 27.5% 98.3% 28.0% 0.1% 2.3% −49.4% −42.1% −77.5% −33.9% −64.2%
Cash flow
Cash from operations −108 −64 −115 2 63 6 21 −112 174 603 346 36 31 −274 −308 −501 −269 −496
Capital spending 13 13 10 1 2 8 8 7 35 14 31 35 12 16 24 45 51 64
Free cash flow −122 −77 −125 0 62 −1 13 −119 139 589 315 1 19 −290 −331 −546 −320 −561
Stock-based pay 13 12 10 9 11 31 59 72 86 131 147 230 121 100 106 130 134 163
Free cash flow after stock pay −135 −89 −135 −8 51 −33 −46 −191 53 458 168 −229 −102 −390 −437 −676 −454 −724
Balance sheet
Cash 105 70 65 124 160 143 129 85 130 279 683 398 869 276 399 242 372 350
Total debt 129 154 179 149 155 158 1 502 535 582 788 848 — 1,194 1,308 1,253 1,812 1,380
Net debt (negative = net cash) 24 84 113 24 −5 15 −128 417 405 303 104 450 −869 918 909 1,011 1,440 1,030
Diluted shares 98m 99m 100m 101m 111m 118m 120m 121m 126m 134m 153m 140m 141m 142m 143m 150m 160m 157m
Returned to shareholders
Buybacks — — — — — — — — 0 0 34 91 0 0 — — — —
Total returned — — — — — — — — 0 0 34 91 0 0 — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 3 checks passed · June 30, 2026
What it owns · $3.0bn
Short-term assets $2.5bnLonger-term assets $503m
What it owes, and who funded it · $3.0bn
Short-term liabilities $316mLonger-term liabilities $2.2bnShareholders' equity $440m
  • Short-term assets cover short-term liabilities $2.5bn of assets due within a year against $316m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.5bn short-term assets against $2.2bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$594m against $19m of interest.

From Ionis Pharmaceuticals Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
−2.8%
year over year
Sales & admin spending
60.4%
of revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated IONS ASND BCRX BBIO KNSA TLX Median
Revenue, last 12 months $874m $814m $941m $946m $946m $804m $56m
Revenue growth, last 12 months −7.4% 106.9% 68.7% 167.3% 58.2% 55.6% 12.6%
Revenue growth, 3-year average 11.5% — 45.3% 364.6% 56.1% — 13.7%
Revenue growth, latest quarter −40.7% — 33.6% 192.6% 58.1% — 10.2%
Gross margin 98.2% 86.8% 97.8% 94.3% 90.2% 53.1% 82.9%
Operating margin −68.0% −18.9% −33.3% −38.5% 13.8% 3.7% −189.4%
Operating margin, 3-year average −47.0% <−999% −13.1% −153.6% 4.4% — −363.5%
Net margin −64.7% −31.7% −40.9% −59.8% 11.6% −0.9% −169.8%
Cash from operations / revenue −56.8% 7.5% 40.0% −39.0% 21.0% −2.2% −168.0%
Free-cash-flow margin −64.2% 7.5% 39.7% −39.1% 20.8% −5.3% −162.4%
Free-cash-flow margin, 3-year average −46.3% <−999% 6.7% −137.4% 13.6% — −310.0%
Stock pay / revenue 18.7% 16.1% 7.8% 16.1% 4.8% 2.4% 20.0%
Change in share count −2.8% 4.7% 11.4% 2.4% 8.5% −2.1% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth -7.4% 12.6% 115 of 172
Change in growth rate Growth -54.9pp -0.1pp 144 of 172
Gross margin Profitability 98.2% 82.4% 6 of 75
Operating margin Profitability -68.0% -189.4% 68 of 175
Net margin Profitability -64.7% -157.3% 69 of 180
Free-cash-flow margin Cash generation -64.2% -145.4% 70 of 176
Stock pay as % of revenue Cash generation 18.7% 19.2% 89 of 179
Long-term debt as % of assets Balance sheet 37.7% 20.6% 60 of 78
Change in share count Balance sheet -2.8% 7.9% 12 of 156

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Research and Development Revenue $508M ▲ 23.2%
Collaborative Agreement Revenue $466M ▲ 40.0%
Commercial $436M ▲ 48.7%
Royalty $286M ▲ 11.0%
Spinraza Royalties $212M ▼ 1.8%
Products $115M —
Tryngolza Sales $108M —
Wainus Royalties $49.1M ▲ 142.9%
Wainua Joint Development Revenue $42.1M ▼ 47.0%
Other Commercial $35M ▼ 2.1%
Other Royalties $24.2M ▲ 15.0%
Dawnzera Sales $7.8M —

These categories overlap or exclude eliminations, so shares aren't shown.

From Ionis Pharmaceuticals Inc's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$14.3B
Institutions reporting
511
Shares held vs prior quarter
▲ 4.2%
Positions opened / closed
60 / 45

Top buyers and sellers, Q2 2026: 260 institutions bought and 204 sold ; the biggest buyer was Royal Bank Of Canada (+2.4M shares) and the biggest seller T. Rowe Price Investment Management, Inc (−2.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $2B 24.6M 13.7% ▲ 0.3%
Capital World Investors $1.7B 21.7M 12.0% ▲ 2.3%
Blackrock, Inc. $849M 10.7M 6.0% ▲ 2.5%
Vanguard Portfolio Management LLC $623M 7.9M 4.4% ▲ 0.6%
Wellington Management Group LLP $607M 7.7M 4.3% ▲ 19.7%
Vanguard Capital Management LLC $572M 7.2M 4.0% ▲ 1.3%
Two Sigma Investments, LP $496M 6.3M 3.5% ▲ 6.7%
Royal Bank Of Canada $490M 6.2M 3.4% ▲ 62.6%
State Street Corp $344M 4.3M 2.4% ▲ 8.5%
T. Rowe Price Investment Management, Inc. $314M 4.0M 2.2% ▼ 35.7%
Geode Capital Management, LLC $295M 3.6M 2.1% ▼ 10.0%
Price T Rowe Associates Inc $253M 3.2M 1.8% ▲ 5.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ionis Pharmaceuticals Inc's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1.1M 2 trades by 1 insider, last 12 months Insider sales History → $124M 116 trades by 19 insiders · 82% under pre-set plans
Net ▼ $123M net selling
Insider Date Trade Shares Price Value
Swayze Eric EVP Research October 16, 2026 Sell 53 $43.54 $2,308
Devers Shannon L. EVP, Chief Human Resources Ofc October 16, 2026 Sell 1,357 $43.54 $59,082
Hayden Michael R Director July 31, 2026 Buy 5,000 $51.60 $258,000
Hayden Michael R Director July 30, 2026 Buy 15,000 $53.38 $800,700
Kordasiewicz Holly B. EVP, Chief Development Officer July 7, 2026 Sell pre-set plan 362 $84.30 $30,517
Diaz Allene M. Director July 7, 2026 Sell pre-set plan 10,111 $85.42 $863,682
Bennett C Frank EVP, Chief Scientific Officer July 7, 2026 Sell pre-set plan 5,536 $83.58 $462,699
Bennett C Frank EVP, Chief Scientific Officer July 7, 2026 Sell pre-set plan 15,000 $85.46 $1.3M
Klein Joseph Iii Director July 1, 2026 Sell pre-set plan 11,419 $79.04 $902,558
Klein Joseph Iii Director July 1, 2026 Sell pre-set plan 99 $79.45 $7,866
Monia Brett P Chief Executive Officer June 26, 2026 Sell pre-set plan 50,000 $80.59 $4M
Schneider Eugene EVP, Chf Clinical Develop Ofcr June 26, 2026 Sell pre-set plan 26,000 $81.05 $2.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 9 trades and filings

No trades in Ionis Pharmaceuticals Inc disclosed in the last 12 months; 9 earlier trades on record.

  • Daniel S. Goldman(D-NY 10):Sale (full), $1,001 - $15,000, traded March 6, 2023, filed April 17, 2023
  • Donna Shalala(FL):Sale (full), $1,001 - $15,000, traded June 24, 2019, filed April 27, 2020
  • Donna Shalala(FL):Purchase, $1,001 - $15,000, traded May 8, 2019, filed April 27, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 20, 2026 estimated from the company's past filing pattern, not announced

  • July 29, 2026
  • April 29, 2026
  • February 25, 2026
  • January 12, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Ionis Pharmaceuticals Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Ionis Pharmaceuticals Inc in brief

What does Ionis Pharmaceuticals Inc do?
Ionis Pharmaceuticals Inc is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Ionis Pharmaceuticals Inc's stock ticker?
Ionis Pharmaceuticals Inc trades under the ticker IONS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ionis Pharmaceuticals Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ionis Pharmaceuticals Inc reported revenue of $874M, 7.4% lower than a year earlier, according to its SEC filings.
What is Ionis Pharmaceuticals Inc's free cash flow?
Ionis Pharmaceuticals Inc's free-cash-flow margin is -64.2% of revenue over the trailing twelve months, ranking 70 of the 176 biotechnology companies we cover.
Who are Ionis Pharmaceuticals Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Capital World Investors and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Ionis Pharmaceuticals Inc's market cap?
On November 2, 2026, Ionis Pharmaceuticals Inc's market capitalisation was about $6.5B and net debt of $1B. Market figures come from third-party market data and may be delayed.
Who are Ionis Pharmaceuticals Inc's competitors?
In our Biotechnology peer group, the companies closest to Ionis Pharmaceuticals Inc are Ascendis Pharma A/s, Biocryst Pharmaceuticals Inc, Bridgebio Pharma, Inc., Kiniksa Pharmaceuticals International, plc and Telix Pharmaceuticals Ltd. The side-by-side comparison below sets their revenue, margins and growth against Ionis Pharmaceuticals Inc's.
Are insiders buying or selling Ionis Pharmaceuticals Inc stock?
Over the last 12 months, Ionis Pharmaceuticals Inc's directors and officers reported 2 open-market purchases and 116 sales on Form 4. The insider trading page charts every trade.
When is Ionis Pharmaceuticals Inc's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Ionis Pharmaceuticals Inc announces its own schedule.