Ionis Pharmaceuticals (IONS)
NASDAQ:IONS
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Ionis Pharmaceuticals
(NASDAQ:IONS)
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Rating:50Neutral
Price Target:
$74.00
▲(2.56% Upside)
Action:ReiteratedDate:03/09/26
The score is held back primarily by weak financial performance (ongoing losses, cash burn, and higher leverage) and bearish technical momentum. These are partly offset by a positive earnings-call outlook featuring improving revenue trajectory and meaningful pipeline/launch catalysts, though continued large expected operating losses and timing risks limit the upside in the near term.
Positive Factors
Very high gross margins
Sustained ~98% gross margins reflect the capital-light, high-value nature of ASO drug production and licensing. These margins provide structural operating leverage: once fixed commercial and R&D costs are covered, incremental revenue can drop quickly to the bottom line, supporting long-term profitability potential.
Negative Factors
Elevated leverage
Very high leverage materially reduces financial flexibility, raises refinancing and interest-rate sensitivity, and constrains strategic options. With equity small relative to debt, unexpected trial delays or slower launches could necessitate dilutive financings or curtail investments, weighing on long-term stability.
Read all positive and negative factors
Positive Factors
Negative Factors
Very high gross margins
Sustained ~98% gross margins reflect the capital-light, high-value nature of ASO drug production and licensing. These margins provide structural operating leverage: once fixed commercial and R&D costs are covered, incremental revenue can drop quickly to the bottom line, supporting long-term profitability potential.
Read all positive factors
Ionis Pharmaceuticals (IONS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.92B
Dividend YieldN/A
Average Volume (3M)2.34M
Price to Earnings (P/E)―
Beta (1Y)0.82
Revenue Growth20.39%
EPS Growth34.00%
CountryUS
Employees1,069
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.41
Shares Outstanding165,192,020
10 Day Avg. Volume2,396,244
30 Day Avg. Volume2,335,788
Financial Highlights & Ratios
PEG Ratio1.53
Price to Book (P/B)25.88
Price to Sales (P/S)13.41
P/FCF Ratio-39.55
Enterprise Value/Market Cap1.19
Enterprise Value/Revenue15.01
Enterprise Value/Gross Profit15.27
Enterprise Value/Ebitda3.12
Forecast
1Y Price Target
$97.19Price Target Upside34.71% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)-3.98
Revenue Forecast (FY)$822.09M
Ionis Pharmaceuticals Business Overview & Revenue Model
Company Description
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 injection for the treatment of polyneurop...
How the Company Makes Money
Ionis Pharmaceuticals generates revenue primarily through the commercialization of its approved drugs and collaborations with other pharmaceutical companies. The company earns royalties from sales of its marketed products, such as Spinraza (nusine...
Ionis Pharmaceuticals Key Performance Indicators (KPIs)
Any
Revenue by Product
Shows revenue generated from individual products, highlighting which drugs are driving sales and indicating the company's reliance on specific treatments for growth.
Shows revenue generated from individual products, highlighting which drugs are driving sales and indicating the company's reliance on specific treatments for growth.
Data provided by:
The Fly
The FlyIonis Pharmaceuticals Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call conveyed strong positive momentum: multiple successful launches (TRYNGOLZA, DAWNZERA), landmark Phase III data (olezarsen, zilganersen), 34% revenue growth in 2025, expanding commercial infrastructure and robust partner progress underpin confident guidance and multibillion-dollar peak potential for key programs. Notable near-term risks and conservatism tempering outlook include guidance assuming a standard sNDA review (delaying broader sHTG sales), expected TRYNGOLZA revenue decline during transition and pricing negotiations, projected non-GAAP operating losses as commercial investments continue, cash use for debt repayment, and binary clinical/regulatory readouts (e.g., HORIZON) that carry execution risk. Overall, positive operational and clinical achievements substantially outweigh these manageable near-term financial and timing risks.Positive Updates
Strong Overall Revenue Growth
Total 2025 revenue of $944M, up 34% year-over-year, driven by growing contributions from marketed medicines and R&D collaborations.
Negative Updates
Guidance Assumes Standard Review for sNDA
2026 guidance is conservatively based on a standard FDA review for olezarsen (anticipating sHTG approval in Q4 if standard review), which delays broader sHTG revenue contribution compared with priority review timing.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Overall Revenue Growth
Total 2025 revenue of $944M, up 34% year-over-year, driven by growing contributions from marketed medicines and R&D collaborations.
Read all positive updates
Company Guidance
Ionis guided 2026 revenue of $800–$825 million (assuming a standard FDA review for olezarsen, with any sHTG sales largely in Q4), which the company says reflects roughly a 20% year‑over‑year increase on a like‑for‑like basis after excluding the one‑time $280 million sapablursen license fee; it expects operating expenses to rise in the low‑teens percent range, R&D spend to remain roughly flat, a non‑GAAP operating loss of $500–$550 million (similar to 2025 on a pro forma basis), ending cash and investments of about $1.6 billion (after a planned $433 million convertible note repayment), and a path to cash‑flow breakeven by 2028; product and pipeline assumptions driving guidance include TRYNGOLZA FY‑2025 sales of $108 million (Q4 $50M, +56% QoQ) with expected mid‑year revenue pressure then acceleration after sHTG launch, DAWNZERA $8 million in 2025 with peak sales >$500M, olezarsen positioned as a >$2 billion annual opportunity (sNDA filed, priority review requested but not assumed in guidance) supported by pivotal data showing up to 72% mean triglyceride reductions, an 85% reduction in adjudicated acute pancreatitis events and an NNT of 4 in the highest‑risk subgroup, royalties of $285 million in 2025 (up 11%), R&D revenue growth >20%, and $65 million already earned in the quarter (including $15M for EU DAWNZERA approval and $50M from a Roche trial start).Ionis Pharmaceuticals Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
22
Negative
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 944.00M | 705.14M | 787.65M | 587.37M | 810.46M |
| Gross Profit | 928.00M | 693.92M | 778.51M | 573.25M | 799.61M |
| EBITDA | -286.75M | -353.72M | -235.87M | -227.76M | -5.19M |
| Net Income | -381.00M | -453.90M | -366.29M | -269.72M | -28.60M |
Balance Sheet | |||||
| Total Assets | 3.52B | 3.00B | 2.99B | 2.53B | 2.61B |
| Cash, Cash Equivalents and Short-Term Investments | 2.68B | 2.30B | 2.33B | 2.00B | 2.13B |
| Total Debt | 2.61B | 1.42B | 1.45B | 1.37B | 1.25B |
| Total Liabilities | 3.03B | 2.42B | 2.60B | 1.96B | 1.84B |
| Stockholders Equity | 489.09M | 588.35M | 386.69M | 572.89M | 771.74M |
Cash Flow | |||||
| Free Cash Flow | -320.03M | -546.23M | -335.52M | -294.47M | 12.90M |
| Operating Cash Flow | -268.58M | -500.95M | -307.51M | -274.37M | 30.80M |
| Investing Cash Flow | -277.78M | -134.03M | -214.13M | -262.64M | 194.91M |
| Financing Cash Flow | 675.84M | 478.06M | 644.08M | -55.30M | 245.93M |
Ionis Pharmaceuticals Technical Analysis
Negative
72.15
Price Trends
78.84
Negative
78.48
Negative
65.50
Positive
Market Momentum
-2.20
Negative
41.28
Neutral
66.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IONS, the sentiment is Negative. The current price of 72.15 is below the 20-day moving average (MA) of 73.84, below the 50-day MA of 78.84, and above the 200-day MA of 65.50, indicating a neutral trend. The MACD of -2.20 indicates Negative momentum. The RSI at 41.28 is Neutral, neither overbought nor oversold. The STOCH value of 66.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IONS.
Ionis Pharmaceuticals Risk Analysis
Ionis Pharmaceuticals disclosed 37 risk factors in its most recent earnings report. Ionis Pharmaceuticals reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ionis Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $18.98B | -14.22 | -18.32% | ― | -83.82% | -109.22% | |
62 Neutral | $8.09B | 75.44 | 36.12% | ― | 23258.15% | 99.12% | |
59 Neutral | $18.33B | -13.39 | -63.10% | ― | -100.00% | -44.24% | |
57 Neutral | $13.32B | -50.22 | 127.54% | ― | 103.32% | 47.55% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $11.92B | -33.22 | -68.82% | ― | 20.39% | 34.00% | |
50 Neutral | $13.51B | -20.69 | 39.18% | ― | 62.46% | -73.59% |
* Healthcare Sector Average
IONS
Ionis Pharmaceuticals
72.15
41.00
131.62%
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Ionis Pharmaceuticals Corporate Events
Business Operations and StrategyExecutive/Board Changes
Ionis Pharmaceuticals Announces Board Retirements and New Appointment
Positive
Mar 9, 2026
Ionis Pharmaceuticals announced on March 9, 2026, that long-serving directors B. Lynne Parshall and lead independent director Joseph H. Wender will retire from its board at the end of their terms, effective June 4, 2026. Their departures mark the ...
Business Operations and StrategyProduct-Related Announcements
Ionis Advances Bepirovirsen After Positive Phase 3 Results
Positive
Jan 7, 2026
On January 7, 2026, Ionis Pharmaceuticals reported that its partner GSK delivered positive topline data from the pivotal Phase 3 B-Well 1 and B-Well 2 trials of bepirovirsen, an investigational antisense oligonucleotide for chronic hepatitis B, in...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.