Ionis Pharmaceuticals Inc. (IONS)
NASDAQ:IONS
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Ionis Pharmaceuticals
(NASDAQ:IONS)
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Rating:54Neutral
Price Target:
$78.00
▲(3.02% Upside)
Action:Reiterated
Date:05/29/26
The score reflects weak underlying financial performance (ongoing losses, heavy cash burn, and high leverage) partially offset by a strong, guidance-raising earnings update with multiple near-term regulatory catalysts. Technical indicators are moderately supportive, while valuation lacks traditional support due to negative earnings and no dividend.
Positive Factors
Very high gross margins (~98%+)
Sustained gross margins near 98% reflect the ASO platform's low incremental production cost and strong product economics. High product-level margins provide durable operating leverage as commercial sales scale, improving long-term profitability potential once fixed R&D and SG&A are absorbed.
Negative Factors
Elevated and worsening leverage
A materially higher debt-to-equity ratio reduces financial flexibility and increases refinancing and covenant risk if markets tighten. Persistent operating losses mean leverage remains a multi-quarter structural constraint on strategic optionality and could force dilutive financings.
Read all positive and negative factors
Positive Factors
Negative Factors
Very high gross margins (~98%+)
Sustained gross margins near 98% reflect the ASO platform's low incremental production cost and strong product economics. High product-level margins provide durable operating leverage as commercial sales scale, improving long-term profitability potential once fixed R&D and SG&A are absorbed.
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
$12.64B
Dividend YieldN/A
Average Volume (3M)1.80M
Price to Earnings (P/E)―
Beta (1Y)0.79
Revenue Growth47.40%
EPS Growth32.85%
CountryUS
Employees1,069
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.99
Shares Outstanding165,262,560
10 Day Avg. Volume1,750,910
30 Day Avg. Volume1,798,477
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 Cap1.16
Enterprise Value/Revenue13.85
Enterprise Value/Gross Profit14.08
Enterprise Value/Ebitda3.23
Forecast
1Y Price Target
$107.06Price Target Upside41.41% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering17
EPS Forecast (FY)-3.62
Revenue Forecast (FY)$890.22M
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 makes money primarily through (1) commercial product revenues from medicines it sells and records as product sales where it has retained commercialization rights in certain markets, and (2) collaboration and licensing revenues from pharmaceu...
Ionis Pharmaceuticals Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial and operational momentum—substantial year-over-year revenue growth (87%), meaningful milestone receipts (~$95M), multiple regulatory milestones and expanded product launches, plus an improved full-year revenue guide and tighter operating outlook. These positives are tempered by near-term headwinds from a price reset causing expected Q2 revenue pressure, elevated operating expenses and a large (but improving) non-GAAP operating loss, potential payer access timing delays, and an observed but described-as-managed hepatic fat signal in long-term data. On balance, the company’s growth drivers, expanded launch footprint, strengthened guidance and partner-led catalysts outweigh the challenges described.Positive Updates
Strong Quarter Revenue Growth
Total Q1 revenue of $246 million, up 87% year-over-year, driven by commercial sales and ~ $95 million in milestone/R&D revenue from partners.
Negative Updates
Anticipated Near-Term Revenue Pressure from Price Reset
Company implemented an annual WAC price of $40,000 effective April 1 for Tryngolza/olezarsen which the company expects will cause a significant decline in Q2 Tryngolza revenue (guidance assumes a Q2 drop then steady return to growth post-approval).
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Quarter Revenue Growth
Total Q1 revenue of $246 million, up 87% year-over-year, driven by commercial sales and ~ $95 million in milestone/R&D revenue from partners.
Read all positive updates
Company Guidance
The company raised 2026 financial guidance, now expecting total revenue of $875–$900 million (up $75 million versus prior guidance) driven by growing commercial mix, after reporting Q1 revenue of $246 million (+87% YoY) that included ~$95 million of milestone/R&D revenue; Q1 commercial revenue was up >42% YoY with Tryngolza product sales >$27 million and DAWNZERA $16 million (DAWNZERA +125% QoQ). Product-level guidance was provided for the first time: Tryngolza $100–$110 million and DAWNZERA $110–$120 million for 2026 (Tryngolza price reset to $40,000 annual WAC effective April 1). Q1 operating expenses rose ~29% YoY; 2026 operating expenses are expected to increase in the low-teens percentage range with R&D roughly flat, non‑GAAP operating loss now guided to -$425M to -$475M (a $75M improvement), cash of ~$1.9B at quarter end (including $633M used to repay convertible notes) and projected year‑end cash >$1.6B, with cash‑flow breakeven targeted in 2028; key regulatory dates include olezarsen PDUFA June 30 and zilganersen PDUFA Sept 22.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 | 1.06B | 944.00M | 705.14M | 787.65M | 587.37M | 810.46M |
| Gross Profit | 1.04B | 928.00M | 693.92M | 778.51M | 573.25M | 799.61M |
| EBITDA | 4.54B | -286.75M | -353.72M | -235.87M | -227.76M | -5.19M |
| Net Income | -326.58M | -381.00M | -453.90M | -366.29M | -269.72M | -28.60M |
Balance Sheet | ||||||
| Total Assets | 3.45B | 3.52B | 3.00B | 2.99B | 2.53B | 2.61B |
| Cash, Cash Equivalents and Short-Term Investments | 1.92B | 2.68B | 2.30B | 2.33B | 2.00B | 2.13B |
| Total Debt | 2.04B | 2.61B | 1.42B | 1.45B | 1.37B | 1.25B |
| Total Liabilities | 2.96B | 3.03B | 2.42B | 2.60B | 1.96B | 1.84B |
| Stockholders Equity | 491.41M | 489.09M | 588.35M | 386.69M | 572.89M | 771.74M |
Cash Flow | ||||||
| Free Cash Flow | -971.26M | -320.03M | -546.23M | -335.52M | -294.47M | 12.90M |
| Operating Cash Flow | -910.63M | -268.58M | -500.95M | -307.51M | -274.37M | 30.80M |
| Investing Cash Flow | 88.58M | -277.78M | -134.03M | -214.13M | -262.64M | 194.91M |
| Financing Cash Flow | 730.90M | 675.84M | 478.06M | 644.08M | -55.30M | 245.93M |
Ionis Pharmaceuticals Technical Analysis
Positive
75.71
Price Trends
74.53
Positive
77.40
Negative
72.71
Positive
Market Momentum
0.34
Negative
58.46
Neutral
69.60
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 75.71 is above the 20-day moving average (MA) of 75.53, above the 50-day MA of 74.53, and above the 200-day MA of 72.71, indicating a bullish trend. The MACD of 0.34 indicates Negative momentum. The RSI at 58.46 is Neutral, neither overbought nor oversold. The STOCH value of 69.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | $21.28B | -69.99 | -6.85% | ― | -89.16% | -84.69% | |
63 Neutral | $32.53B | -22.33 | -83.22% | ― | ― | -76.93% | |
62 Neutral | $14.67B | 24.80 | -5641.90% | ― | 155.14% | ― | |
54 Neutral | $12.64B | -39.04 | -58.57% | ― | 47.40% | 32.85% | |
54 Neutral | $11.13B | -37.41 | -55.45% | ― | 14.09% | -58.14% | |
54 Neutral | $13.01B | -18.37 | 36.00% | ― | 355.17% | -6.09% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
IONS
Ionis Pharmaceuticals
77.33
43.82
130.77%
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ASND
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99.85%
RVMD
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154.63
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ROIV
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29.88
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171.88%
Ionis Pharmaceuticals Corporate Events
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/...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
Ionis Highlights Positive Zilganersen Data in Alexander Disease
Positive
Apr 21, 2026
On April 21, 2026, Ionis reported additional positive data from a pivotal Phase 1-3 study of its investigational RNA-targeted drug zilganersen in children and adults with Alexander disease, a rare, progressive and often fatal neurological disorder...
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 ...
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.