Ionis Pharmaceuticals Inc

IONS

Healthcare|Biotechnology|USA

$58.25

-6.02 (-9.37%)

Tangible Book

$2.96

Financials

Financial Snapshot

Market Cap

$9.63B

Enterprise Value

$-121.8M

Revenue (TTM)

$1.06B

Net Income (TTM)

$-327.0M

Cash & Equivalents

—

Net Cash/Share

$-6.27

Free Cash Flow (TTM)

$-977.7M

Operating CF (TTM)

$-910.6M

Debt/Equity

4.15

Cash Runway & Burn Rate

Cash on Hand

$0.00

Quarterly Burn

$227.7M

Monthly Burn

$75.9M

Est. Runway

—

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Investments	$665.2M	$1.02B	$2.08B	$2.50B	$1.89B	$2.11B	$1.99B	$2.33B	$2.30B	$2.68B	$1.92B
Operating Cash Flow	$-112.1M	$174.1M	$602.9M	$345.6M	$35.9M	$30.8M	$-274.4M	$-307.5M	$-500.9M	$-268.6M	$-910.6M
Free Cash Flow	$-123.6M	$136.3M	$585.3M	$309.3M	$-5.2M	$12.9M	$-294.5M	$-335.5M	$-551.3M	$-325.7M	$-977.7M
Capital Expenditure	$-11.5M	$-37.9M	$-17.7M	$-36.3M	$-41.0M	$-17.9M	$-20.1M	$-28.0M	$-50.3M	$-57.1M	$-67.1M
Financing Cash Flow	$11.4M	$229.1M	$475.9M	$100.0M	$-596.6M	$245.9M	$-55.3M	$644.1M	$478.1M	$675.8M	$730.9M

R&D Spending

R&D (TTM)

$925.0M

R&D Intensity

87.4%

R&D Growth YoY

+1.0%

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$372.8M	$514.2M	$599.7M	$1.12B	$729.3M	$810.5M	$587.4M	$787.6M	$705.1M	$943.7M	$1.06B
R&D Expense	$344.3M	$374.6M	$414.6M	$465.7M	$535.1M	$643.5M	$833.1M	$899.6M	$901.5M	$915.6M	$925.0M
R&D % of Revenue	92.4%	72.9%	69.1%	41.5%	73.4%	79.4%	141.8%	114.2%	127.9%	97.0%	87.4%
SG&A	$48.6M	$108.5M	$244.6M	$286.6M	$332.2M	$170.9M	$150.3M	$232.6M	$267.5M	$393.9M	$468.0M

Income Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$372.8M	$514.2M	$599.7M	$1.12B	$729.3M	$810.5M	$587.4M	$787.6M	$705.1M	$943.7M	$1.06B
Cost of Goods Sold	$0.00	$0.00	$1.8M	$4.4M	$11.9M	$10.8M	$14.1M	$9.1M	$11.2M	$15.9M	$17.4M
Gross Profit	$372.8M	$514.2M	$597.9M	$1.12B	$717.3M	$799.6M	$573.3M	$778.5M	$693.9M	$927.8M	$1.04B
R&D	$344.3M	$374.6M	$414.6M	$465.7M	$535.1M	$643.5M	$833.1M	$899.6M	$901.5M	$915.6M	$925.0M
SG&A	$48.6M	$108.5M	$244.6M	$286.6M	$332.2M	$170.9M	$150.3M	$232.6M	$267.5M	$393.9M	$468.0M
Operating Income	$-20.2M	$31.0M	$-61.4M	$365.9M	$-150.0M	$-14.7M	$-410.2M	$-353.7M	$-475.1M	$-381.7M	$-352.3M
Interest Expense	$-38.8M	$-44.8M	$-44.8M	$-12.4M	$-6.3M	$-4.4M	$-8.1M	$-81.5M	$-84.4M	$-84.3M	$-83.2M
Pretax Income	$-57.5M	$-16.8M	$-76.2M	$338.8M	$-134.6M	$-29.1M	$-258.0M	$-334.0M	$-460.1M	$-379.6M	$-325.1M
Net Income	$-60.4M	$346.0K	$273.7M	$278.1M	$-444.3M	$-28.6M	$-269.7M	$-366.3M	$-453.9M	$-381.4M	$-327.0M
EPS (Diluted)	-0.50	0.15	2.07	1.90	-3.18	-0.20	-1.90	-2.56	-3.04	-2.38	-2.07
EBITDA	$-9.6M	$36.3M	$-18.8M	$367.2M	$-111.1M	$-5.2M	$-227.8M	$-230.0M	$-353.7M	$-272.6M	$-217.1M
Shares Out. (M)	120.93	126.10	134.06	153.16	139.61	141.02	141.85	143.19	149.51	160.01	164.87

Balance Sheet

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Equivalents	$84.7M	$129.6M	$278.8M	$683.3M	$397.7M	$869.2M	$276.5M	$399.3M	$242.1M	$372.3M	$173.4M
Marketable Securities	$580.5M	$893.1M	$1.81B	$1.82B	$1.49B	$1.25B	$1.71B	$1.93B	$2.06B	$2.31B	$1.75B
Total Current Assets	$797.9M	$1.17B	$2.21B	$2.72B	$2.13B	$2.35B	$2.20B	$2.64B	$2.62B	$2.99B	$2.94B
Total Assets	$912.5M	$1.32B	$2.67B	$3.23B	$2.39B	$2.61B	$2.53B	$2.99B	$3.00B	$3.52B	$3.45B
Total Current Liabilities	$133.8M	$243.6M	$280.3M	$273.0M	$598.9M	$240.6M	$311.6M	$448.1M	$309.3M	$781.6M	$716.6M
Long-Term Debt	$500.5M	$592.9M	$628.1M	$770.0M	$600.1M	$1.23B	$1.18B	$1.23B	$1.25B	$1.35B	$1.35B
Total Liabilities	$812.9M	$957.5M	$1.48B	$1.55B	$1.65B	$1.84B	$1.96B	$2.60B	$2.42B	$3.03B	$2.96B
Stockholders' Equity	$99.6M	$281.0M	$1.05B	$1.47B	$743.3M	$771.7M	$572.9M	$386.7M	$588.4M	$489.1M	$491.4M
Retained Earnings	$-1.18B	$-1.24B	$-967.3M	$-707.5M	$-1.13B	$-1.16B	$-1.43B	$-1.80B	$-2.25B	$-2.63B	$-2.72B

Cash Flow Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Operating Cash Flow	$-112.1M	$174.1M	$602.9M	$345.6M	$35.9M	$30.8M	$-274.4M	$-307.5M	$-500.9M	$-268.6M	$-910.6M
Capital Expenditure	$-11.5M	$-37.9M	$-17.7M	$-36.3M	$-41.0M	$-17.9M	$-20.1M	$-28.0M	$-50.3M	$-57.1M	$-67.1M
Free Cash Flow	$-123.6M	$136.3M	$585.3M	$309.3M	$-5.2M	$12.9M	$-294.5M	$-335.5M	$-551.3M	$-325.7M	$-977.7M
Investing Cash Flow	$56.6M	$-358.3M	$-929.6M	$-41.3M	$274.5M	$194.9M	$-262.6M	$-214.1M	$-134.0M	$-277.8M	$88.6M
Financing Cash Flow	$11.4M	$229.1M	$475.9M	$100.0M	$-596.6M	$245.9M	$-55.3M	$644.1M	$478.1M	$675.8M	$730.9M
Issuance of Stock	$13.4M	$255.1M	$475.9M	$119.7M	$52.0M	$11.6M	$6.4M	$49.4M	$522.7M	$192.6M	$247.7M
Repurchase of Stock	$0.00	$0.00	$0.00	$-34.4M	$-90.5M	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Issuance of Debt	$4.0M	$59.8M	$0.00	$109.5M	$0.00	$632.5M	$0.00	$575.0M	$0.00	$770.0M	$770.0M
Payments of Debt	$-7.1M	$-83.7M	$0.00	$-12.5M	$0.00	$-318.9M	$-50.7M	$-488.1M	$-44.7M	$-267.8M	$-267.8M
Stock Based Comp.	$72.1M	$86.0M	$131.3M	$146.6M	$230.1M	$120.7M	$100.3M	$105.8M	$130.2M	$133.9M	$147.4M
Net Change in Cash	$-44.1M	$44.9M	$149.2M	$404.5M	$-285.6M	$471.5M	$-592.7M	$122.8M	$-157.2M	$130.2M	$-90.8M

Dilution Tracker

Shares Outstanding

165M

5-Year Share Growth

+16.9%

Stock Issuance (TTM)

$247.7M

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Shares Out. (M)	120.93	126.10	134.06	153.16	139.61	141.02	141.85	143.19	149.51	160.01	164.87
YoY Change %	—	4.3%	6.3%	14.3%	-8.8%	1.0%	0.6%	0.9%	4.4%	7.0%	3.0%
Stock Issuance	$13.4M	$255.1M	$475.9M	$119.7M	$52.0M	$11.6M	$6.4M	$49.4M	$522.7M	$192.6M	$247.7M
Stock Repurchase	$0.00	$0.00	$0.00	$-34.4M	$-90.5M	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Stock Based Comp.	$72.1M	$86.0M	$131.3M	$146.6M	$230.1M	$120.7M	$100.3M	$105.8M	$130.2M	$133.9M	$147.4M

Margins & Profitability

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Gross Margin %	0.0%	0.0%	99.7%	99.6%	98.4%	98.7%	97.6%	98.8%	98.4%	98.3%	98.3%
Operating Margin %	-5.4%	6.0%	-10.2%	32.6%	-20.6%	-1.8%	-69.8%	-44.9%	-67.4%	-40.4%	-33.3%
Net Margin %	-16.2%	0.1%	45.6%	24.8%	-60.9%	-3.5%	-45.9%	-46.5%	-64.4%	-40.4%	-30.9%
EBITDA Margin %	-2.6%	7.1%	-3.1%	32.7%	-15.2%	-0.6%	-38.8%	-29.2%	-50.2%	-28.9%	-20.5%
FCF Margin %	-33.2%	26.5%	97.6%	27.6%	-0.7%	1.6%	-50.1%	-42.6%	-78.2%	-34.5%	-92.4%
ROE %	-40.2%	0.2%	41.2%	22.1%	-40.1%	-3.8%	-40.1%	-76.3%	-93.1%	-70.8%	-60.4%
ROA %	-6.5%	0.0%	13.7%	9.4%	-15.8%	-1.1%	-10.5%	-13.3%	-15.1%	-11.7%	-10.3%
R&D / Revenue	-	-	-	-	-	-	-	-	-	-	-

Valuation

P/E (TTM)At Loss

HistoricalAt Loss / 47.66 / 1064.40

Industry Med.27.41

P/S9.39

Historical5.20 / 9.79 / 27.39

Industry Med.9.51

P/B19.67

Historical4.16 / 10.46 / 66.79

Industry Med.2.93

EV/EBITDA-44.89

Historical-2080.14 / -19.64 / 345.57

Industry Med.13.14

EV/Revenue9.21

Historical4.14 / 8.39 / 26.79

Industry Med.8.71

P/FCF—

Historical10.68 / 61.12 / 412.02

Industry Med.27.54

Intrinsic Value Models

Tangible Book

$2.96

Median P/S Value

$62.67

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
PE Ratio	At Loss	335.33	26.12	31.79	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss
PS Ratio	15.51	12.33	12.09	8.24	10.82	5.29	9.12	9.20	7.41	13.41	9.39
PB Ratio	58.40	22.37	7.11	5.76	10.68	5.57	9.37	18.88	9.38	26.41	19.67
EV/EBITDA	-594.05	163.49	-325.89	18.96	-62.59	-661.74	-20.85	-27.93	-13.12	-45.14	-44.89
EV/Revenue	15.36	11.55	10.24	6.20	9.53	4.24	8.08	8.16	6.58	13.04	9.21

Analyst Estimates & Quality

Altman Z-Score

1.69

Distress

Piotroski F-Score

Weak

Beneish M-Score

-1.28

Possible Manipulator

Forward Estimates

Metric	Current Year	Next Year	2 Years Out
Revenue	$897M	$1,489M	$2,174M
Net Income	$-602M	$-233M	$200M
EPS	-3.59	-1.31	1.04
Book Value per Share	0.24	0.21	2.00
Operating Cash Flow per Share	-5.03	0.54	1.95
Operating CF	$-829.32M	$88.21M	$321.50M

Dividends

Revenue Segments

By Business

Segment	2025
Ionis operations	$943.7M

By Geography

Segment	2025
United States	$943.7M