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Ionis Pharmaceuticals, Inc.

Ionis Pharmaceuticals, Inc.

NASDAQ•IONS
CEO: Dr. Brett P. Monia Ph.D.
Sector: Healthcare
Industry: Biotechnology
Listing Date: 1991-05-17
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 antisense injection for the treatment of polyneuropathy caused by hereditary transthyretin amyloidosis in adults; and WAYLIVRA, an antisense medicine for treatment for familial chylomicronemia syndrome (FCS) and familial partial lipodystrophy. It also develops medicines for various indications that are in phase 3 study, including Eplontersen as a monthly self-administered subcutaneous injection to treat all types of ATTR; Olezarsen for patients with FCS and severe hypertriglyceridemia (SHTG); Donidalorsen for patients with hereditary angioedema; ION363 for patients with amyotrophic lateral sclerosis; Tofersen to inhibit the production of superoxide dismutase 1; Pelacarsen for patients with established cardiovascular disease and elevated lipoprotein(a); and Bepirovirsen to inhibit the production of viral proteins associated with hepatitis B virus. In addition, the company develops IONIS-FB-LRx to inhibit the production of complement factor B and the alternative complement pathway; and ION224 to reduce the production of diacylglycerol acyltransferase 2. It has a strategic collaboration with Biogen for the treatment of neurological disorders; and collaboration and license agreement with Metagenomi, Inc, AstraZeneca, Bayer AG, GlaxoSmithKline plc, Novartis, Roche, Swedish Orphan Biovitrum AB, and PTC Therapeutics. The company was incorporated in 1989 and is based in Carlsbad, California.
Contact Information
2855 Gazelle Court, Carlsbad, CA, 92010, United States
760-931-9200
www.ionis.com
Market Cap
$12.36B
P/E (TTM)
-47.9
38.2
Dividend Yield
--
52W High
$86.15
52W Low
$23.95
52W Range
84%
Rank52Top 73.5%
2.9
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 2.9 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q3 2025 Data

Revenue

$156.72M+16.95%
4-Quarter Trend

EPS

-$0.80-15.79%
4-Quarter Trend

FCF

-$134.74M+8.62%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Revenue Surges 42% Nine-month total revenue reached $740.4M, up 42% driven by commercial sales and R&D collaboration milestones.
Net Loss Significantly Reduced Nine-month net loss narrowed substantially to $152.0M, compared to $349.5M loss reported in prior period.
Major R&D Revenue Recognized R&D revenue hit $445.9M for nine months, boosted by $278M upfront payment recognized from Ono deal.
Commercial Sales Gaining Traction Commercial revenue grew to $294.5M for nine months, primarily fueled by TRYNGOLZA and DAWNZERA launches.

Risk Factors

Partner Performance Dependency Success relies heavily on partners like Biogen and AstraZeneca; failure to perform impacts development and commercialization timelines.
Regulatory and Pricing Headwinds Revenue limited if government payers fail to provide adequate coverage or impose pricing restrictions on marketed medicines.
Independent Commercialization Hurdles Limited experience in commercializing two independently launched medicines, TRYNGOLZA and DAWNZERA, poses execution risk.
Intellectual Property Litigation Exposure Ongoing patent disputes, like the Arrowhead lawsuit, risk expensive litigation and potential adverse impact on key assets.

Outlook

Advancing Late-Stage Pipeline ION582 advanced to Phase 3 study; Olezarsen development continues for sHTG indication targeting 2026 launch.
Manufacturing Scale-Up Focus Need to optimize and expand large-scale commercial manufacturing capabilities, likely requiring substantial future capital expenditures.
Continued Commercial Investment Expect SG&A expenses to increase as company invests in independent commercial launches for TRYNGOLZA and DAWNZERA.
Future Financing Strategy Future capital needs may require public or private financing, potentially leading to stockholder dilution if equity issued.

Peer Comparison

Revenue (TTM)

Baxter International Inc.BAX
$11.02B
-6.3%
BioMarin Pharmaceutical Inc.BMRN
$3.09B
+12.4%
Exact Sciences CorporationEXAS
$3.08B
+14.5%

Gross Margin (Latest Quarter)

Ionis Pharmaceuticals, Inc.IONS
98.5%
-0.7pp
Exelixis, Inc.EXEL
96.9%
+0.1pp
BridgeBio Pharma, Inc.BBIO
94.6%
+16.5pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
RVMD$23.25B-23.7-49.2%7.0%
EXAS$19.45B-19.6-40.4%43.0%
MRNA$16.34B-5.2-31.4%6.0%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-11.6%
Growth Under Pressure
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
25%
Cash Flow Needs Attention

Research & Insights

Next earnings:Feb 18, 2026
|
EPS:-$1.23
|
Revenue:-
Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Oct 29, 2025|
    Revenue: $156.72M+17.0%
    |
    EPS: $-0.80-15.8%
    Beat
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Jul 30, 2025|
    Revenue: $452.05M+100.7%
    |
    EPS: $0.78-273.3%
    Beat
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: Apr 30, 2025|
    Revenue: $131.61M+10.1%
    |
    EPS: $-0.93-5.1%
    Beat
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 19, 2025|
    Revenue: $705.14M-10.5%
    |
    EPS: $-3.04-18.8%
    Beat
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 6, 2024|
    Revenue: $134.00M-6.9%
    |
    EPS: $-0.95-7.8%
    Beat
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 1, 2024|
    Revenue: $225.25M+19.8%
    |
    EPS: $-0.45-23.7%
    Beat
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 7, 2024|
    Revenue: $119.50M-8.8%
    |
    EPS: $-0.98+12.6%
    Meet
  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 21, 2024|
    Revenue: $787.65M+34.1%
    |
    EPS: $-2.56-34.7%
    Beat