Ionis Pharmaceuticals (IONS) AI Stock Analysis

• Market Cap: $6.80B
• Dividend Yield: N/A
• Average Volume (3M): 1.96M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.82
• Revenue Growth: 16.04%
• EPS Growth: 30.61%
• Country: US
• Employees: 1,069
• Sector: Healthcare
• Sector Strength: 51
• Industry: Biotechnology
• EPS (TTM): 0.70
• Shares Outstanding: 159,391,240
• 10 Day Avg. Volume: 1,789,588
• 30 Day Avg. Volume: 1,958,772
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.01
• Enterprise Value/Revenue: 9.60
• Enterprise Value/Gross Profit: 9.82
• Enterprise Value/Ebitda: -18.29
• 1Y Price Target: $63.94
• Price Target Upside: 49.95% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 20

• Rating: 52 Neutral
• Price Target: $43.00 ▲(0.84% Upside)

Ionis Pharmaceuticals' overall stock score is primarily impacted by its financial challenges, including persistent losses and high leverage. However, positive earnings call sentiment and recent corporate events provide a counterbalance, indicating potential for future growth. The technical analysis and valuation scores reflect a cautious market outlook.

Positive Factors

FDA Approval

FDA approval of Dawnzera for hereditary angioedema is a key milestone for Ionis, representing the second of four independent launches expected in the coming years.

Market Opportunity

Severe hypertriglyceridemia is an indication with a high unmet need and a potential $1B+ commercial opportunity.

Market Position

Dawnzera has become the HAE product with the longest dosing interval that is self-administered via an autoinjector.

Negative Factors

Clinical Data

Dawnzera's 55% attack-rate reduction at 24 weeks is not competitive compared to Takhzyro's 87% at 26 weeks.

Competitive Landscape

HAE is a very crowded space, with upcoming competitors offering long-term durability.

Safety Concerns

The label for Dawnzera includes a safety warning for anaphylaxis, which occurred in 2 patients during the clinical study.

Ionis Pharmaceuticals Business Overview & Revenue Model

Company Description

Ionis Pharmaceuticals, Inc. is a biopharmaceutical company headquartered in Carlsbad, California, specializing in the development of innovative RNA-targeted therapies. The company focuses on treating a range of diseases, including neurological disorders, cardiovascular diseases, and metabolic conditions, with a robust pipeline of drug candidates that leverage its proprietary antisense technology. Ionis collaborates with various pharmaceutical companies to enhance drug development and expand its therapeutic reach.

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 is facing significant financial challenges, characterized by persistent losses, high leverage, and negative cash flows. Despite strong cost management, the inability to achieve net profitability and positive cash flow is concerning. The balance sheet reflects high debt levels and declining equity, limiting financial flexibility.

Income Statement

Ionis Pharmaceuticals has shown a trend of declining revenues and persistent losses. The TTM data shows a gross profit margin of 98.88%, indicating strong cost management relative to revenue. However, the company is experiencing significant operating losses, with a negative EBIT margin and net profit margin, highlighting profitability challenges. Revenue growth is inconsistent, with fluctuations year-on-year, and recent declines are concerning.

Balance Sheet

The company is heavily leveraged with a high debt-to-equity ratio of 2.96 in the TTM period. The stockholders' equity has been decreasing, indicating financial strain. Return on equity is negative due to net losses. Although cash and equivalents are substantial, the equity ratio of 16.90% indicates a weaker capital structure.

Cash Flow

Negative operating and free cash flows signal challenges in generating sufficient cash from operations. The operating cash flow to net income ratio is negative, reflecting cash flow issues. Free cash flow has been consistently negative, indicating ongoing capital expenditure and funding requirements, which could pose liquidity risks.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	717.44M	705.14M	787.65M	587.00M	810.00M	729.00M
Gross Profit	701.33M	693.92M	778.51M	573.00M	799.00M	717.00M
EBITDA	-376.51M	-475.08M	-230.01M	-227.76M	-239.00K	-107.88M
Net Income	-458.03M	-453.90M	-366.29M	-270.00M	-29.00M	-487.00M
Balance Sheet
Total Assets	2.81B	3.00B	2.99B	2.53B	2.61B	2.39B
Cash, Cash Equivalents and Short-Term Investments	2.15B	2.30B	2.33B	1.99B	2.11B	1.89B
Total Debt	1.41B	1.42B	1.45B	1.37B	1.25B	908.93M
Total Liabilities	2.34B	2.42B	2.60B	1.96B	1.84B	1.65B
Stockholders Equity	475.73M	588.35M	386.69M	572.89M	771.74M	743.28M
Cash Flow
Free Cash Flow	-569.17M	-546.23M	-335.52M	-294.47M	12.90M	-5.16M
Operating Cash Flow	-501.78M	-500.95M	-307.51M	-274.37M	30.80M	35.89M
Investing Cash Flow	-39.67M	-134.03M	-214.13M	-262.64M	194.91M	274.48M
Financing Cash Flow	456.69M	478.06M	644.08M	-55.30M	245.93M	-596.61M

Ionis Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 42.64
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• 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 42.64 is above the 20-day moving average (MA) of 42.43, above the 50-day MA of 41.85, and above the 200-day MA of 35.41, indicating a bullish trend. The MACD of 0.31 indicates Positive momentum. The RSI at 52.87 is Neutral, neither overbought nor oversold. The STOCH value of 29.38 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
ALKS	82 Outperform	$4.78B	13.91	23.94%	―	-0.17%	23.84%
KRYS	75 Outperform	$4.27B	30.05	15.61%	―	116.09%	35.29%
AXSM	58 Neutral	$6.05B	―	-280.68%	―	69.83%	22.16%
IONS	52 Neutral	$6.80B	―	-59.83%	―	16.04%	30.61%
Sector *	51 Neutral	$7.86B	-0.26	-41.41%	2.22%	22.87%	-2.01%
SRPT	49 Neutral	$1.78B	19.61	-4.76%	―	64.89%	-221.56%
CYTK	47 Neutral	$4.23B	―	435.49%	―	2635.74%	4.66%

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.