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Ionis Pharmaceuticals
(NASDAQ:IONS)
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Rating:50Neutral
Price Target:
$62.00
▲(9.64% Upside)
Action:Reiterated
Date:08/06/26
The score is held down primarily by weak financial performance (ongoing losses, cash burn, and high leverage) and a clearly bearish technical trend (price below all major moving averages with negative MACD). Offsetting these, the latest earnings call supported a higher outlook component due to reiterated 2026 guidance, strong cash position, and multiple commercial/pipeline catalysts, though meaningful execution and clinical-readout risks remain.
Positive Factors
TRYNGOLZA approval creates a differentiated commercial platform
TRYNGOLZA gives Ionis an independently commercialized product with a differentiated label and strong clinical efficacy. This expands the company beyond partnered economics and provides a platform for durable growth in a large, high-risk patient population.
Negative Factors
Persistent losses and cash burn limit self-funded growth
Ongoing operating and free-cash-flow losses mean current products and partnerships are not yet funding the business. Continued investment in launches and trials could prolong external funding needs and delay the expected path to cash-flow breakeven.
Read all positive and negative factors
Positive Factors
Negative Factors
TRYNGOLZA approval creates a differentiated commercial platform
TRYNGOLZA gives Ionis an independently commercialized product with a differentiated label and strong clinical efficacy. This expands the company beyond partnered economics and provides a platform for durable growth in a large, high-risk patient population.
Read all positive factors
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 (IONS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.31B
Dividend YieldN/A
Average Volume (3M)3.68M
Price to Earnings (P/E)―
Beta (1Y)0.75
Revenue Growth-7.49%
EPS Growth-98.12%
CountryUS
Employees1,480
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-3.46
Shares Outstanding166,184,330
10 Day Avg. Volume4,065,506
30 Day Avg. Volume3,678,486
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$88.67Price Target Upside56.79% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering20
EPS Forecast (FY)-3.59
Revenue Forecast (FY)$920.34M
Ionis Pharmaceuticals Business Overview & Revenue Model
Company Description
Founded in 1989 and headquartered in Carlsbad, California, Ionis Pharmaceuticals, Inc. is a biopharmaceutical company specializing in the discovery and development of RNA-targeted therapies within the United States. Its commercial portfolio includ...
How the Company Makes Money
Ionis primarily makes money through (1) commercial product revenues and (2) partnered-development economics such as license fees, milestone payments, and royalties. Commercial revenues come from selling medicines that Ionis markets directly in cer...
Ionis Pharmaceuticals Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call conveyed strong execution across approvals, launches and financials: a landmark approval and early commercial uptake for TRYNGOLZA, accelerating DAWNZERA adoption, solid revenue growth (Q2 revenue $268M, H1 $514M; Q2 commercial revenue $119M up 15% YoY) and a healthy cash position ($2.1B). The company reiterated 2026 guidance and a path to cash-flow breakeven in 2028 while advancing a robust pipeline with multiple near-term catalysts (Zilganersen PDUFA Sept 22, Bepirovirsen PDUFA Oct 26, Pelacarsen readout). Key challenges include the negative CARDIO-TTRansform outcome for Eplontersen, short-term reimbursement frictions (medical exceptions, ICD-10 coding), the Q2 impact from an intentional TRYNGOLZA price reduction, and dependence on partner trial readouts that could affect medium-term profitability. Overall, positives — approvals, launch momentum, strong revenue growth and cash runway — meaningfully outweigh the headwinds described.Positive Updates
TRYNGOLZA FDA Approval and Launch Momentum
TRYNGOLZA approved as the first FDA medicine to reduce triglycerides and risk of acute pancreatitis in adults with severe hypertriglyceridemia (sHTG). Prescriptions began on day of approval and both 50 mg and 80 mg doses were in channel within ~1 week. Label includes acute pancreatitis risk reduction; early sHTG launch described as "encouraging." Company expects TRYNGOLZA to return to revenue growth in H2 and to meet full-year TRYNGOLZA product sales guidance of $100M–$110M.
Negative Updates
CARDIO-TTRansform Phase III Disappointment (Eplontersen)
Eplontersen (ATTR cardiomyopathy) did not meet the primary efficacy endpoint in the overall population despite substantial and durable TTR reductions and nominally significant results in the monotherapy subgroup. Company and partner AstraZeneca are analyzing data; results will be presented at ESC.
Read all updates
Q2-2026 Updates
Positive
Negative
TRYNGOLZA FDA Approval and Launch Momentum
TRYNGOLZA approved as the first FDA medicine to reduce triglycerides and risk of acute pancreatitis in adults with severe hypertriglyceridemia (sHTG). Prescriptions began on day of approval and both 50 mg and 80 mg doses were in channel within ~1 week. Label includes acute pancreatitis risk reduction; early sHTG launch described as "encouraging." Company expects TRYNGOLZA to return to revenue growth in H2 and to meet full-year TRYNGOLZA product sales guidance of $100M–$110M.
Read all positive updates
Company Guidance
Ionis reiterated 2026 financial guidance and key metrics: full‑year revenue of $875–$900 million (weighted slightly more to commercial), TRYNGOLZA product sales of $100–$110 million and DAWNZERA product sales of $110–$120 million, an expected non‑GAAP operating loss of $425–$475 million, 2026 operating expenses rising in the low‑teens percentage versus 2025 while R&D spending is expected to be roughly flat, and a projected year‑end cash balance greater than $1.6 billion (cash, cash equivalents and short‑term investments were $2.1 billion at quarter end). Second‑quarter and year‑to‑date revenues were $268 million and $514 million (up 56% and 69% YoY excluding a $280 million one‑time Ono payment in H1 2025); Q2 commercial revenue was $119 million (TRYNGOLZA $5M, DAWNZERA $26M; H1 TRYNGOLZA $32M, DAWNZERA $42M), and Q2 R&D revenue was $149 million (H1 $288M). Management expects TRYNGOLZA to return to revenue growth in H2, anticipates meaningful R&D revenue and potential milestones (e.g., Bepirovirsen, Pelacarsen) in the back half of the year, and remains on track for cash‑flow breakeven by 2028.Ionis Pharmaceuticals Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
27
Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 873.76M | 944.00M | 705.14M | 787.65M | 587.37M | 810.46M |
| Gross Profit | 857.70M | 928.00M | 693.92M | 778.51M | 573.25M | 799.61M |
| EBITDA | 4.33B | -286.75M | -353.72M | -235.87M | -227.76M | -5.19M |
| Net Income | -564.78M | -381.00M | -453.90M | -366.29M | -269.72M | -28.60M |
Balance Sheet | ||||||
| Total Assets | 2.99B | 3.52B | 3.00B | 2.99B | 2.53B | 2.61B |
| Cash, Cash Equivalents and Short-Term Investments | 2.05B | 2.68B | 2.30B | 2.33B | 2.00B | 2.13B |
| Total Debt | 2.42B | 2.61B | 1.42B | 1.45B | 1.37B | 1.25B |
| Total Liabilities | 2.56B | 3.03B | 2.42B | 2.60B | 1.96B | 1.84B |
| Stockholders Equity | 439.74M | 489.09M | 588.35M | 386.69M | 572.89M | 771.74M |
Cash Flow | ||||||
| Free Cash Flow | -558.88M | -320.03M | -546.23M | -335.52M | -294.47M | 12.90M |
| Operating Cash Flow | -496.43M | -268.58M | -500.95M | -307.51M | -274.37M | 30.80M |
| Investing Cash Flow | 232.15M | -277.78M | -134.03M | -214.13M | -262.64M | 194.91M |
| Financing Cash Flow | 749.91M | 675.84M | 478.06M | 644.08M | -55.30M | 245.93M |
Ionis Pharmaceuticals Technical Analysis
Neutral
56.55
Price Trends
63.59
Negative
69.27
Negative
73.88
Negative
Market Momentum
0.09
Negative
61.35
Neutral
89.22
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IONS, the sentiment is Neutral. The current price of 56.55 is below the 20-day moving average (MA) of 56.95, below the 50-day MA of 63.59, and below the 200-day MA of 73.88, indicating a neutral trend. The MACD of 0.09 indicates Negative momentum. The RSI at 61.35 is Neutral, neither overbought nor oversold. The STOCH value of 89.22 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $15.72B | 17.84 | 190.44% | ― | 128.41% | ― | |
64 Neutral | $26.26B | -95.97 | -6.12% | ― | -67.58% | 45.61% | |
59 Neutral | $15.85B | -22.65 | 31.67% | ― | 202.39% | 12.83% | |
58 Neutral | $12.25B | -38.72 | -60.54% | ― | 16.85% | -80.39% | |
58 Neutral | $45.35B | -23.88 | -96.44% | ― | ― | -95.67% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $10.31B | -17.93 | -110.84% | ― | -7.49% | -98.12% |
* Healthcare Sector Average
IONS
Ionis Pharmaceuticals
63.57
21.40
50.75%
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RVMD
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211.38
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ROIV
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36.47
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208.02%
Ionis Pharmaceuticals Corporate Events
Business Operations and StrategyFinancial Disclosures
Ionis Pharmaceuticals Reaffirms 2026 Financial Guidance Outlook
Positive
Jul 10, 2026
Ionis Pharmaceuticals reaffirmed its previously announced financial guidance for the fiscal year ending December 31, 2026, keeping its outlook unchanged from the targets disclosed with its first-quarter 2026 earnings on April 29, 2026. The reitera...
Business Operations and StrategyProduct-Related Announcements
Ionis, AstraZeneca report Phase 3 eplontersen setback
Negative
Jul 9, 2026
Ionis Pharmaceuticals and AstraZeneca reported on July 9, 2026, that the large Phase 3 CARDIO-TTRansform trial of eplontersen in transthyretin-mediated amyloid cardiomyopathy failed to meet its primary endpoint of reducing cardiovascular mortality...
Business Operations and StrategyProduct-Related Announcements
Ionis wins FDA approval for TRYNGOLZA triglyceride therapy
Positive
Jun 24, 2026
On June 24, 2026, Ionis Pharmaceuticals announced that the U.S. FDA approved TRYNGOLZA (olezarsen) as the first and only treatment indicated to reduce triglycerides and the risk of acute pancreatitis in adults with severe hypertriglyceridemia, wit...
Business Operations and StrategyProduct-Related Announcements
Ionis Highlights Positive Long-Term Olezarsen Data in Hypertriglyceridemia
Positive
Jun 12, 2026
On June 12, 2026, Ionis Pharmaceuticals reported positive new data from its CORE-OLE open-label extension study evaluating olezarsen in patients with severe hypertriglyceridemia, presented at the National Lipid Association Scientific Sessions in C...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Ionis Pharmaceuticals Adds Veteran Leader to Board
Positive
Jun 8, 2026
Ionis Pharmaceuticals on June 4, 2026, appointed veteran biopharmaceutical executive Ludwig Hantson, Ph.D., to its board of directors, adding a former Alexion chief executive with extensive experience at Baxter, Novartis and Johnson Johnson as th...
Business Operations and StrategyProduct-Related Announcements
Ionis Gains on Positive Phase 3 Hepatitis B Data
Positive
May 28, 2026
On May 28, 2026, Ionis Pharmaceuticals said partner GSK reported positive pivotal Phase 3 data for bepirovirsen, an antisense oligonucleotide for chronic hepatitis B, showing a 19% functional cure rate in adults with baseline HBsAg ≤3000 IU/...
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.