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Ionis Pharmaceuticals, Inc.

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Key Metrics

Previous Close: $60.80
52-Week Range: $41.71 – $86.74
Market Cap: $9.76B
P/E (TTM): —
EPS (TTM): -3.36
Dividend Yield: —

Advanced Metrics

Price/Book: 22.13
PEG Ratio: 27.33
Return on Equity: -105.50%
Return on Assets: -12.43%
Gross Margin: -6.93%
Operating Margin: -38.18%
Profit Margin: -64.66%
Current Ratio: 7.89
Debt/Equity: 4.98
Total Debt: $2.19B
Free Cash Flow: $-346.76M
Revenue Growth: -40.70%
Earnings Growth: —
Enterprise Value: $9.85B

IONS Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$587.37M	$787.65M	$705.14M	$943.71M
Cost of Revenue	$14.12M	$9.13M	$11.21M	$15.91M
Gross Profit	$573.25M	$778.51M	$693.92M	$927.80M
Research & Development	$833.15M	$899.63M	$901.53M	$915.62M
Selling, General & Admin	$150.29M	$232.62M	$267.50M	$393.90M
Operating Expenses	$983.44M	$1.13B	$1.17B	$1.31B
Operating Income	-$410.19M	-$353.73M	-$475.11M	-$381.72M
EBITDA	-$227.76M	-$230.01M	-$353.72M	-$272.63M
Pretax Income	-$257.99M	-$333.96M	-$460.07M	-$379.60M
Income Tax	$11.74M	$32.32M	-$6.17M	$1.79M
Net Income	-$269.72M	-$366.29M	-$453.90M	-$381.39M
Diluted EPS	-1.90	-2.56	-3.04	-2.38
Diluted Shares	142.00M	143.00M	150.00M	160.00M

IONS Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$276.47M	$399.27M	$242.08M	$372.26M
Receivables	$25.54M	$97.78M	$92.19M	$66.06M
Inventory	$22.03M	$7.44M	$12.51M	$10.05M
Current Assets	$2.20B	$2.64B	$2.62B	$2.99B
Total Assets	$2.53B	$2.99B	$3.00B	$3.52B
Current Liabilities	$311.56M	$448.09M	$309.32M	$781.57M
Long-Term Debt	$1.18B	$1.23B	$1.25B	$1.35B
Total Debt	$1.37B	$1.45B	$1.42B	$2.06B
Total Liabilities	$1.96B	$2.60B	$2.42B	$3.03B
Retained Earnings	-$1.43B	-$1.80B	-$2.25B	-$2.63B
Shareholders' Equity	$572.89M	$386.69M	$588.35M	$489.09M
Working Capital	$1.89B	$2.19B	$2.31B	$2.21B
Net Debt	$913.78M	$883.40M	$1.01B	$1.43B

IONS Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$274.37M	-$307.51M	-$500.95M	-$268.58M
Capital Expenditure	-$20.10M	-$27.99M	-$50.34M	-$57.08M
Free Cash Flow	-$294.47M	-$335.50M	-$551.29M	-$325.67M
Depreciation & Amortisation	$22.11M	$22.50M	$21.99M	$22.69M
Stock-Based Compensation	$100.26M	$105.81M	$130.20M	$133.87M
Investing Cash Flow	-$262.64M	-$214.13M	-$134.03M	-$277.78M
Financing Cash Flow	-$55.30M	$644.08M	$478.06M	$675.84M
Share Repurchases	$0.00	—	—	—
Net Change in Cash	-$592.30M	$122.44M	-$156.92M	$129.48M

IONS Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$452.05M	$156.72M	$203.33M	$246.09M	$267.95M
Cost of Revenue	$4.15M	$2.34M	$7.96M	$3.00M	$2.74M
Gross Profit	$447.90M	$154.38M	$195.37M	$243.09M	$265.21M
Research & Development	$217.46M	$217.75M	$279.65M	$210.17M	$217.11M
Selling, General & Admin	$90.60M	$96.80M	$130.20M	$150.40M	$150.40M
Operating Expenses	$308.06M	$314.55M	$409.85M	$360.57M	$367.51M
Operating Income	$139.84M	-$160.17M	-$214.47M	-$117.48M	-$102.30M
EBITDA	$150.23M	-$103.34M	-$199.51M	-$64.53M	-$85.24M
Pretax Income	$123.53M	-$128.39M	-$227.92M	-$92.31M	-$113.38M
Income Tax	-$20.00K	$213.00K	$1.48M	$218.00K	$1.26M
Net Income	$123.55M	-$128.61M	-$229.39M	-$92.53M	-$114.65M
Diluted EPS	0.70	-0.80	-1.41	-0.56	-0.69
Diluted Shares	182.00M	160.00M	162.00M	164.87M	165.42M

IONS Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$297.30M	$338.34M	$372.26M	$173.38M	$350.06M
Receivables	$52.58M	$24.61M	$66.06M	$73.68M	$58.84M
Inventory	$8.48M	$10.47M	$10.05M	$5.56M	$50.83M
Current Assets	$2.58B	$2.52B	$2.99B	$2.94B	$2.49B
Total Assets	$2.99B	$3.03B	$3.52B	$3.45B	$2.99B
Current Liabilities	$897.24M	$903.46M	$781.57M	$716.59M	$315.64M
Long-Term Debt	$625.49M	$595.91M	$1.35B	$1.35B	$1.35B
Total Debt	$1.42B	$1.49B	$2.06B	$2.04B	$1.61B
Total Liabilities	$2.35B	$2.42B	$3.03B	$2.96B	$2.55B
Retained Earnings	-$2.27B	-$2.40B	-$2.63B	-$2.72B	-$2.84B
Shareholders' Equity	$631.72M	$617.97M	$489.09M	$491.41M	$439.74M
Working Capital	$1.68B	$1.62B	$2.21B	$2.22B	$2.18B
Net Debt	$958.31M	$888.48M	$1.43B	$1.61B	$1.00B

IONS Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$151.34M	-$131.44M	-$137.71M	-$792.82M	$565.53M
Capital Expenditure	-$14.27M	-$6.93M	-$22.66M	-$23.25M	-$18.23M
Free Cash Flow	$137.07M	-$138.37M	-$160.37M	-$816.07M	$547.30M
Depreciation & Amortisation	$5.45M	$4.50M	$7.34M	$7.45M	$7.64M
Stock-Based Compensation	$29.69M	$31.15M	$43.32M	$43.27M	$45.59M
Investing Cash Flow	-$120.07M	$91.34M	-$419.50M	$536.82M	$23.50M
Financing Cash Flow	$1.25M	$81.22M	$591.18M	$57.26M	-$412.29M
Net Change in Cash	$32.52M	$41.12M	$33.96M	-$198.74M	$176.73M

Market Snapshot

About

Ionis Pharmaceuticals is a biotechnology company pioneering RNA-targeted therapeutics. The company uses its proprietary antisense technology platform to design medicines that regulate RNA to treat diseases. Ionis has brought multiple drugs to market and has a robust pipeline targeting neurological diseases, cardiovascular conditions, and rare diseases. The company partners with major pharmaceutical firms and receives royalties from approved drugs including Spinraza for spinal muscular atrophy.