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IONSIonis Pharmaceuticals, Inc.
$86.33$14.3B
Overview & Verdict
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IONS logoIonis Pharmaceuticals, Inc.(IONS)Earnings, Financials & Key Ratios

IONS•NASDAQ
$86.33
Price updated Jul 7, 2026
SectorHealthcareIndustryBiotechnologySub-IndustryRNA and Genome Editing Developers
AboutIonis 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.Show more
  • Revenue$944M+33.9%
  • EBITDA-$362M+20.2%
  • Net Income-$381M+16.1%
  • EPS (Diluted)-2.38+21.7%
  • Gross Margin98.31%-0.1%
  • EBITDA Margin-38.32%+40.4%
  • Operating Margin-40.47%+39.9%
  • Net Margin-40.36%+37.3%
  • ROE-70.72%+24.0%

IONS Price & Volume

Ionis Pharmaceuticals, Inc. (IONS) stock price & volume — 10-year historical chart

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Commercial Pivot Pressures Ionis Liquidity and Margins

Investment Thesis • Updated 2026Q1

VerdictNegative
Growth:Mixed
Profitability:Negative
Financial:Vulnerable
Cash Flow:Burning
Primary Risk:Commercialization execution and dilution

Key Thesis Takeaways

  • Ionis Pharmaceuticals is currently navigating a high-stakes transition from a licensing-heavy business model to an independent commercial entity, a shift that has resulted in significant operating margin compression to -47.7% as of 2026Q1.
  • While the company maintains robust gross margins of 98.8%, the reliance on milestone-dependent revenue creates volatility that complicates long-term financial predictability.
  • Investors should monitor the company's ability to scale commercial operations without further eroding its thin $491.4M equity base or necessitating dilutive capital raises given the current $2.0B debt burden.

Verdict Logic

the company's narrowing liquidity buffer, with cash and equivalents falling to $173.4M in 2026Q1, suggests substantial risk of future dilution to support ongoing operations.

IONS Growth Metrics

Ionis Pharmaceuticals, Inc. (IONS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years12.77%
5 Years5.3%
3 Years17.14%
TTM47.49%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM28.7%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM30.1%

Return on Capital

10 Years-6.27%
5 Years-13.27%
3 Years-15.68%
Last Year-14.05%

IONS Recent Earnings

Ionis Pharmaceuticals, Inc. (IONS) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 11/12 qtrs (92%)●Beat Revenue 8/12 qtrs (73%)
Q2 2026Latest
Apr 29, 2026
Metric
Actual
Est
EPS
$0.56+34.1%
$0.85
Rev
$246M+25.8%
$196M
Q1 2026
Feb 25, 2026
Metric
Actual
Est
EPS
$1.41-14.0%
$1.24
Rev
$203M+30.1%
$156M
Q4 2025
Oct 29, 2025
Metric
Actual
Est
EPS
$0.61+47.0%
$1.15
Rev
$157M+2.1%
$154M
Q3 2025
Jul 30, 2025
Metric
Actual
Est
EPS
$0.86+218.5%
$0.27
Rev
$452M+243.1%
$132M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 29, 2026
$0.56vs $0.85+34.1%
$246Mvs $196M+25.8%
Q1 2026Feb 25, 2026
$1.41vs $1.24-14.0%
$203Mvs $156M+30.1%
Q4 2025Oct 29, 2025
$0.61vs $1.15+47.0%
$157Mvs $154M+2.1%
Q3 2025Jul 30, 2025
$0.86vs $0.27+218.5%
$452Mvs $132M+243.1%
Based on last 12 quarters of dataView full earnings history →

Latest IONS News

Recent stock market news and headlines for Ionis Pharmaceuticals, Inc. (IONS)

Zacks Investment Research·17h ago
IONS Completes Enrollment in Pivotal Cohort of Angelman Syndrome Study

Ionis completes enrollment in the pivotal pediatric cohort of its phase III REVEAL study, advancing obudanersen toward potential regulatory submissions.

Business Wire·1 day ago
Ionis completes enrollment in pivotal cohort of the Phase 3 REVEAL study evaluating obudanersen in Angelman syndrome

CARLSBAD, Calif.--(BUSINESS WIRE)--Ionis Pharmaceuticals, Inc. (Nasdaq: IONS) today announced that it has completed enrollment in the pivotal cohort (Cohort 1) of the global Phase 3 REVEAL study evaluating obudanersen (ION582), an investigational RNA-targeted medicine for people living with Angelman syndrome (AS), a serious and rare neurodevelopmental disorder associated with significant impairments in communication, physical function and cognition. The pivotal cohort enrolled 136 participants.

Zacks Investment Research·Jun 26, 2026
IONS Out-Licenses ex-U.S. Rights for Rare Neurology Drug to Recordati

Ionis grants Recordati ex-U.S. rights to zilganersen for Alexander disease while retaining U.S. commercialization and securing upfront and royalty payments.

Seeking Alpha·Jun 25, 2026
Ionis Pharmaceuticals, Inc. (IONS) Discusses FDA Approval of TRYNGOLZA for Severe Hypertriglyceridemia and Acute Pancreatitis Risk Reduction Transcript

Ionis Pharmaceuticals, Inc. (IONS) Discusses FDA Approval of TRYNGOLZA for Severe Hypertriglyceridemia and Acute Pancreatitis Risk Reduction Transcript

Zacks Investment Research·Jun 25, 2026
FDA Expands IONS' Tryngolza Label to Treat Severe Hypertriglyceridemia

Ionis wins FDA approval to expand Tryngolza to severe hypertriglyceridemia, opening a broader market as the first approved treatment for the condition.

Peers Comparison

Key metrics vs top competitors for Ionis Pharmaceuticals, Inc. (IONS)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
IONS logoIONSIonis Pharmaceuticals, Inc.Current
$86.33$14.27B-36.2733.87%-40.36%-70.72%—
ALNY logoALNYAlnylam Pharmaceuticals, Inc.
$321.59$42.91B138.0265.19%13.46%98.29%—
SRPT logoSRPTSarepta Therapeutics, Inc.
$19.79$2.09B-2.7815.58%2.98%4.89%—
BMRN logoBMRNBioMarin Pharmaceutical Inc.
$60.35$11.61B33.5312.87%8.29%4.41%—
RARE logoRAREUltragenyx Pharmaceutical Inc.
$35.87$3.53B-6.1520.13%-91.03%——
AKRO logoAKROAkero Therapeutics, Inc.
$54.65$4.5B-14.57——-30.58%—

Compare IONS vs Peers

Ionis Pharmaceuticals, Inc. (IONS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ALNY

Most directly comparable listed peer for IONS.

Scale Benchmark

vs LLY

Larger-name benchmark to compare IONS against a more recognizable public peer.

Peer Set

Compare Top 5

vs ALNY, SRPT, BMRN, RARE

IONS SEC Filings & Documents

Ionis Pharmaceuticals, Inc. (IONS) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 29, 2026·SEC

Material company update

Apr 21, 2026·SEC

Material company update

Mar 9, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 26, 2026·SEC

FY 2025

Feb 19, 2025·SEC

10-Q Quarterly Reports

4
FY 2026

Apr 29, 2026·SEC

FY 2025

Oct 29, 2025·SEC

FY 2025

Jul 30, 2025·SEC

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IONS Frequently Asked Questions

Ionis Pharmaceuticals, Inc. (IONS) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Ionis Pharmaceuticals, Inc.'s revenue?

Ionis Pharmaceuticals, Inc. (IONS) reported $1.06B in revenue for fiscal year 2025. This represents a 4560% increase from $22.7M in 1996.

How fast is Ionis Pharmaceuticals, Inc. growing?

Ionis Pharmaceuticals, Inc. (IONS) grew revenue by 33.9% over the past year. This is strong growth.

Is IONS profitable?

Ionis Pharmaceuticals, Inc. (IONS) reported a net loss of $326.6M for fiscal year 2025.

Dividend & Returns
What is IONS's return on equity?

Ionis Pharmaceuticals, Inc. (IONS) has a return on equity (ROE) of -70.7%. Negative ROE indicates the company is unprofitable.

What is Ionis Pharmaceuticals, Inc.'s free cash flow?

Ionis Pharmaceuticals, Inc. (IONS) had negative free cash flow of $971.3M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in IONS back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →