Ionis Pharmaceuticals (IONS) AI Stock Analysis

• Market Cap: $9.72B
• Dividend Yield: N/A
• Average Volume (3M): 2.87M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.83
• Revenue Growth: 16.04%
• EPS Growth: 30.61%
• Country: US
• Employees: 1,069
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 0.70
• Shares Outstanding: 159,391,240
• 10 Day Avg. Volume: 2,314,998
• 30 Day Avg. Volume: 2,873,032
• PEG Ratio: -0.61
• Price to Book (P/B): 8.88
• Price to Sales (P/S): 7.41
• P/FCF Ratio: -9.57
• Enterprise Value/Market Cap: 0.71
• Enterprise Value/Revenue: 7.29
• Enterprise Value/Gross Profit: 7.37
• Enterprise Value/Ebitda: -36.54
• 1Y Price Target: $73.22
• Price Target Upside: 19.33% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 22

• Rating: 64 Neutral
• Price Target: $65.00 ▲(5.93% Upside)

Ionis Pharmaceuticals' overall stock score is driven by strong technical momentum and positive corporate events, including FDA approvals and promising study results. However, financial performance concerns, particularly around profitability and cash flow, moderate the score.

Positive Factors

Revenue Growth

Ionis's strong revenue growth reflects successful product launches and market expansion, enhancing its long-term financial stability and market presence.

FDA Approvals

FDA approval of DAWNZERA strengthens Ionis's market position and expands its product portfolio, supporting long-term growth and competitive advantage.

Breakthrough Therapy Designation

Breakthrough designation for ION582 highlights Ionis's innovation in addressing rare diseases, potentially accelerating development and market entry.

Negative Factors

High Debt Levels

High leverage can constrain financial flexibility and increase risk, potentially impacting Ionis's ability to invest in growth and innovation.

Negative Cash Flows

Negative cash flows indicate potential liquidity challenges, limiting Ionis's capacity to fund operations and strategic initiatives without external financing.

Profitability Challenges

Ongoing profitability issues suggest Ionis may struggle to achieve sustainable earnings, affecting long-term financial health and shareholder value.

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 polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults; and WAYLIVRA, a treatment for familial chylomicronemia syndrome 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 TTR amyloidosis; Olezarsen for patients with severe hypertriglyceridemia (SHTG); Donidalorsen for patients with hereditary angioedema; ION363 for patients with amyotrophic lateral sclerosis; Pelacarsen for patients with established cardiovascular disease and elevated lipoprotein(a); and Tofersen to inhibit the production of superoxide dismutase 1. In addition, the company develops medicines for metabolic diseases, infectious diseases, renal diseases, ophthalmic diseases, and cancer. It has a strategic collaboration with Biogen Inc.; and collaboration and license agreement with AstraZeneca, Bayer AG, GlaxoSmithKline plc, Novartis AG, Roche, Janssen Biotech, Inc., and Flamingo Therapeutics, Inc. Ionis Pharmaceuticals, Inc. was founded in 1989 and is based in Carlsbad, California.

How the Company Makes Money

Ionis Pharmaceuticals generates revenue primarily through collaborations and partnerships with other pharmaceutical companies, which involve licensing fees, milestone payments, and royalties on sales of marketed products. The company has established significant collaborations, including those with Biogen, AstraZeneca, and Novartis, which contribute to its revenue through shared development costs and profit-sharing agreements. Additionally, Ionis earns revenue from the commercialization of its own products, including the marketed drug Tegsedi (inotersen) for the treatment of hereditary ATTR amyloidosis. The company’s revenue model is bolstered by its extensive pipeline of antisense oligonucleotide therapies, some of which are in late-stage development and have the potential for future commercialization.

Ionis Pharmaceuticals Financial Statement Overview

Summary

Ionis Pharmaceuticals shows strong revenue growth and gross profit margins, but faces significant challenges in profitability and managing leverage. High debt levels and negative cash flows highlight financial risks that need addressing.

Income Statement

Ionis Pharmaceuticals shows a strong gross profit margin of nearly 99% TTM, indicating efficient cost management. However, the company struggles with profitability, as evidenced by a negative net profit margin of -28.41% TTM and a negative EBIT margin of -22.42% TTM. Revenue growth is positive at 31.61% TTM, but the company remains unprofitable, which is a concern.

Balance Sheet

The company's debt-to-equity ratio is high at 2.25 TTM, indicating significant leverage, which could pose financial risks. Return on equity is negative, reflecting ongoing losses. The equity ratio is relatively low, suggesting limited shareholder equity relative to total assets.

Cash Flow

Ionis Pharmaceuticals has negative operating and free cash flows, with a concerning free cash flow growth rate of -48.70% TTM. The operating cash flow to net income ratio is negative, indicating cash flow challenges. However, the free cash flow to net income ratio is positive, suggesting some ability to cover net losses with free cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	944.24M	705.14M	787.65M	587.00M	810.00M	729.00M
Gross Profit	933.72M	693.92M	778.51M	573.00M	799.00M	717.00M
EBITDA	-188.44M	-475.08M	-230.01M	-227.76M	-239.00K	-107.88M
Net Income	-268.22M	-453.90M	-366.29M	-270.00M	-28.60M	-444.26M
Balance Sheet
Total Assets	2.99B	3.00B	2.99B	2.53B	2.61B	2.39B
Cash, Cash Equivalents and Short-Term Investments	2.29B	2.30B	2.33B	2.00B	2.13B	1.89B
Total Debt	1.42B	1.42B	1.45B	1.37B	1.25B	908.93M
Total Liabilities	2.35B	2.42B	2.60B	1.96B	1.84B	1.65B
Stockholders Equity	631.72M	588.35M	386.69M	572.89M	771.74M	743.28M
Cash Flow
Free Cash Flow	-291.96M	-546.23M	-335.52M	-294.47M	12.90M	-5.16M
Operating Cash Flow	-230.57M	-500.95M	-307.51M	-274.37M	30.80M	35.89M
Investing Cash Flow	-222.19M	-134.03M	-214.13M	-262.64M	194.91M	274.48M
Financing Cash Flow	455.38M	478.06M	644.08M	-55.30M	245.93M	-596.61M

Ionis Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 61.36
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IONS, the sentiment is Positive. The current price of 61.36 is above the 20-day moving average (MA) of 56.74, above the 50-day MA of 48.10, and above the 200-day MA of 37.35, indicating a bullish trend. The MACD of 4.57 indicates Positive momentum. The RSI at 70.27 is Negative, neither overbought nor oversold. The STOCH value of 26.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IONS.

Ionis Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KRYS	78 Outperform	4.79B	33.65	14.10%	―	116.09%	35.29%
ALKS	77 Outperform	4.56B	13.26	25.06%	―	-0.17%	23.84%
IONS	64 Neutral	$9.72B	―	-59.83%	―	16.04%	30.61%
AXSM	58 Neutral	5.86B	-23.17	-337.87%	―	69.83%	22.16%
CYTK	55 Neutral	5.77B	-9.42	164.44%	―	2635.74%	4.66%
SRPT	49 Neutral	1.82B	-24.58	-4.27%	―	64.89%	-221.56%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Ionis Pharmaceuticals Corporate Events

Ionis Pharmaceuticals Announces Positive Phase 3 Study Results

On September 2, 2025, Ionis Pharmaceuticals announced positive results from its Phase 3 CORE and CORE2 studies of olezarsen for severe hypertriglyceridemia (sHTG). The studies revealed significant reductions in fasting triglycerides and acute pancreatitis events, positioning olezarsen as a potential new standard for sHTG treatment. The results demonstrated a 72% reduction in triglycerides and an 85% reduction in pancreatitis events, with favorable safety and tolerability. Ionis plans to submit a supplemental new drug application to the FDA by the end of the year, marking a significant step in their efforts to address sHTG and expand their market presence.

Ionis Pharmaceuticals Gains FDA Approval for DAWNZERA

On August 21, 2025, Ionis Pharmaceuticals announced that the FDA approved DAWNZERA™ (donidalorsen) for preventing hereditary angioedema (HAE) attacks in patients aged 12 and older. DAWNZERA is the first RNA-targeted medicine for HAE, significantly reducing attack rates and offering a convenient dosing schedule. The approval was based on successful Phase 3 trial results, showing an 81% reduction in monthly HAE attack rates. This approval strengthens Ionis’ position in the market, offering a new treatment option for HAE patients, and is part of Ionis’ broader strategy to deliver life-changing medicines.

Ionis Pharmaceuticals Announces Leadership Transition

On June 12, 2025, Ionis Pharmaceuticals announced the retirement of Richard Geary, Ph.D., effective January 2026, after a 30-year tenure during which he led the development of several key medicines. Holly Kordasiewicz, Ph.D., will succeed him as executive vice president and chief development officer, bringing her extensive experience in neurology drug development to support Ionis’ growth and innovation in the biotechnology sector.

Ionis Pharmaceuticals Holds Annual Stockholders Meeting

Ionis Pharmaceuticals held its virtual Annual Meeting of Stockholders on June 5, 2025, where four proposals were considered. The stockholders elected directors to serve until the 2028 Annual Meeting, approved executive compensation on an advisory basis, authorized an increase in shares under the 2011 Equity Incentive Plan, and ratified the selection of Ernst & Young LLP as independent auditors for the 2025 fiscal year. These approvals reflect continued support for the company’s strategic direction and governance structure.