Ionis Pharmaceuticals (IONS) AI Stock Analysis

• Market Cap: $6.64B
• Dividend Yield: N/A
• Average Volume (3M): 2.02M
• 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: 38
• Industry: Biotechnology
• EPS (TTM): 0.70
• Shares Outstanding: 159,391,240
• 10 Day Avg. Volume: 2,442,903
• 30 Day Avg. Volume: 2,021,633
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 1.04
• Enterprise Value/Revenue: 9.60
• Enterprise Value/Gross Profit: 9.82
• Enterprise Value/Ebitda: -18.29
• 1Y Price Target: $58.00
• Price Target Upside: 42.02% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 19

• Rating: 54 Neutral
• Price Target: $44.00 ▲(7.74% Upside)

Ionis Pharmaceuticals' stock score is influenced heavily by its financial challenges, including persistent losses and high leverage, which are significant risks. However, positive technical indicators suggest potential for short-term momentum. Valuation concerns due to negative profitability impact the stock's appeal. Overall, while there are growth prospects, the financial weaknesses are a substantial factor limiting the stock's score.

Positive Factors

Clinical Trials

Analysts believe that the bar for clinical success of olezarsen in reducing triglyceride levels is achievable, which could lead to a breakthrough opportunity.

Drug Launch Success

The launch of the new drug Tryngolza significantly exceeded sales expectations, indicating strong market demand.

Financial Guidance

IONS announced 2Q25 results and raised FY25 guidance by ~$100mm to $825mm-$850mm.

Negative Factors

Clinical Data Uncertainty

The most heated controversy is whether Ionis will show AP risk reduction in the sHTG Ph3 topline, expected in September.

Market Growth Concerns

Management commentary suggests growth will slow from here, with the focus shifting to patient finding after spending 1H25 focused on converting trial participants to commercial drug.

Revenue Risk

TRYNGOLZA's price is expected to drop from FCS rare pricing of $595k to $10-20k per year after sHTG approval, potentially risking a temporary stunt in TRYNGOLZA revenues.

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 faces significant financial challenges with persistent losses, high leverage, and negative cash flows. Despite a strong gross profit margin, the company struggles with profitability and cash flow issues, indicating a need for strategic realignment to improve financial health.

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	2.12B	1.89B
Total Debt	1.41B	1.96B	1.45B	1.34B	1.16B	749.00M
Total Liabilities	2.34B	2.42B	2.60B	1.96B	1.84B	1.55B
Stockholders Equity	475.73M	588.35M	386.69M	573.00M	772.00M	843.00M
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: Neutral
• Last Price: 40.84
• 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 Neutral. The current price of 40.84 is below the 20-day moving average (MA) of 42.09, above the 50-day MA of 39.84, and above the 200-day MA of 35.15, indicating a neutral trend. The MACD of 0.40 indicates Positive momentum. The RSI at 47.04 is Neutral, neither overbought nor oversold. The STOCH value of 20.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IONS.

Ionis Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALKS	71 Outperform	$4.41B	12.82	23.94%	―	-0.17%	23.84%
KRYS	71 Outperform	$4.01B	28.21	15.61%	―	116.09%	35.29%
IONS	54 Neutral	$6.64B	―	-59.83%	―	16.04%	30.61%
SRPT	54 Neutral	$1.75B	19.61	-4.76%	―	64.89%	-221.56%
Sector *	51 Neutral	$7.35B	-0.20	-44.86%	2.33%	28.96%	-1.05%
AXSM	51 Neutral	$5.23B	―	-280.68%	―	69.83%	22.16%
CYTK	46 Neutral	$4.08B	―	435.49%	―	2635.74%	4.66%

Ionis Pharmaceuticals Corporate Events

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.

The most recent analyst rating on (IONS) stock is a Hold with a $55.00 price target. To see the full list of analyst forecasts on Ionis Pharmaceuticals stock, see the IONS Stock Forecast page.

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.

The most recent analyst rating on (IONS) stock is a Hold with a $55.00 price target. To see the full list of analyst forecasts on Ionis Pharmaceuticals stock, see the IONS Stock Forecast page.

Ionis Pharmaceuticals Announces Positive Essence Study Results

On May 19, 2025, Ionis Pharmaceuticals announced positive results from the Essence study of olezarsen, showing significant reductions in triglyceride levels in people with moderate hypertriglyceridemia. The study met its primary and secondary endpoints, demonstrating a favorable safety profile, and supports olezarsen’s potential for broader use in treating severe hypertriglyceridemia, with further data expected in Q3 2025.

The most recent analyst rating on (IONS) stock is a Hold with a $50.00 price target. To see the full list of analyst forecasts on Ionis Pharmaceuticals stock, see the IONS Stock Forecast page.