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IONS

Ionis Pharmaceuticals, Inc.

IONS

Ionis Pharmaceuticals, Inc. • NASDAQ
$82.73 ▲ 0.04% (+0.03)
Market Cap $13.15 B
52w High $82.95
52w Low $23.95
Dividend Yield 0%
P/E -51.39
Volume 701.30K
Outstanding Shares 158.91M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $156.719M ▼ $314.563M ▲ $-128.606M ▼ -82.062% ▼ $-0.8 ▼ $-94.378M ▼
Q2-2025 $452.049M ▲ $308.082M ▲ $123.551M ▲ 27.331% ▲ $0.78 ▲ $150.233M ▲
Q1-2025 $131.612M ▼ $276.972M ▼ $-146.938M ▼ -111.645% ▼ $-0.93 ▼ $-120.003M ▼
Q4-2024 $226.576M ▲ $333.569M ▲ $-104.349M ▲ -46.055% ▲ $-0.66 ▲ $-80.503M ▲
Q3-2024 $133.814M $281.399M $-140.48M -104.982% $-0.95 $-117.375M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.24B ▼ $3.033B ▲ $2.415B ▲ $617.967M ▼
Q2-2025 $2.29B ▲ $2.985B ▲ $2.353B ▲ $631.724M ▲
Q1-2025 $2.145B ▼ $2.813B ▼ $2.337B ▼ $475.726M ▼
Q4-2024 $2.298B ▼ $3.004B ▼ $2.415B ▼ $588.351M ▼
Q3-2024 $2.483B $3.081B $2.419B $662.468M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-128.606M ▼ $-131.437M ▼ $91.338M ▲ $81.218M ▲ $41.037M ▲ $-134.743M ▼
Q2-2025 $123.551M ▲ $151.338M ▲ $-120.068M ▼ $1.247M ▼ $33.112M ▲ $137.069M ▲
Q1-2025 $-146.938M ▼ $-150.775M ▼ $170.459M ▲ $2.199M ▲ $22.115M ▲ $-163.352M ▼
Q4-2024 $-104.349M ▲ $-116.139M ▼ $68.213M ▲ $-44.116M ▼ $-92.528M ▼ $-141.636M ▼
Q3-2024 $-140.48M $-114.99M $-340.795M $496.047M $40.612M $-124.046M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Commercial Member
Commercial Member
 $0 ▲$0 ▲$0 ▲$100.00M ▲
Product
Product
 $10.00M ▲$20.00M ▲$0 ▼$20.00M ▲
Royalty
Royalty
 $0 ▲$0 ▲$60.00M ▲$70.00M ▲
Collaborative Agreement Revenue
Collaborative Agreement Revenue
 $40.00M ▲$150.00M ▲$50.00M ▼$0 ▼
Commercial
Commercial
 $80.00M ▲$150.00M ▲$80.00M ▼$0 ▼
Other Commercial
Other Commercial
 $10.00M ▲$30.00M ▲$10.00M ▼$0 ▼
Product Sales Net
Product Sales Net
 $0 ▲$0 ▲$10.00M ▲$0 ▼
Research and Development Revenue
Research and Development Revenue
 $60.00M ▲$200.00M ▲$60.00M ▼$0 ▼
SPINRAZA Royalties
SPINRAZA Royalties
 $60.00M ▲$100.00M ▲$50.00M ▼$0 ▼
TEGSEDI and WAYLIVRA
TEGSEDI and WAYLIVRA
 $0 ▲$0 ▲$10.00M ▲$0 ▼
Licensing and Other Royalties
Licensing and Other Royalties
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Ionis looks like a classic R&D‑heavy biotech: strong science, but not yet a profitable business. Revenue over the last several years has moved around but not really broken out into clear, steady growth. The company earns very high gross margins on what it sells, which is typical for innovative drugs and royalties. However, the cost of running a large research engine and building a commercial organization more than outweighs that gross profit. As a result, operating losses are sizable and have generally widened again in the most recent year. Net losses have been consistent, and per‑share results remain clearly in negative territory. In plain terms, the company is still in a “invest heavily now, hope to earn it back later” phase, not in a “cash cow” phase.

Balance Sheet

Balance Sheet The balance sheet shows a company with meaningful resources but also real obligations. Total assets have grown over time, reflecting accumulated cash from past financings and partnerships, as well as the value of the pipeline and collaborations. However, the cash balance is well below its earlier peak, which matters given ongoing losses. Debt has climbed steadily and now represents a significant slice of the capital structure. Shareholders’ equity is positive but not especially large relative to total assets, meaning a fair amount of the company is financed through liabilities rather than just equity. Overall, Ionis has a workable balance sheet for a late‑stage biotech, but it is not “over‑capitalized” and will likely remain sensitive to capital market conditions.

Cash Flow

Cash Flow Ionis is currently a cash‑burning business. Over the last several years, cash generated by day‑to‑day operations has turned from slightly positive to meaningfully negative. Free cash flow has been negative as well, and this is driven mainly by operating costs, not by heavy spending on factories or equipment, which has been modest. This pattern is consistent with a company investing heavily in R&D and commercial launches before its revenue base has fully caught up. It also means Ionis depends on its existing cash, future partnership income, and access to debt or equity markets to keep funding the pipeline. The key financial question is how quickly current and future products can turn that cash burn into a more self‑funding model.

Competitive Edge

Competitive Edge Ionis holds a strong and differentiated position in RNA‑targeted medicines. It has been working in antisense technology for decades, which gives it deep know‑how, a broad patent estate, and a large library of tools for silencing disease‑causing genes. Its ligand‑conjugated antisense (LICA) and newer chemistry platforms are designed to make drugs more potent, longer‑lasting, and better targeted, which can translate into fewer side effects and more convenient dosing. On the commercial side, Ionis has multiple medicines on the market, some fully owned and some partnered, mostly focused on rare, serious diseases where treatments can command premium pricing and strong physician attention. This real‑world track record helps validate the platform and supports new partnerships. Competition is intense: other RNA‑focused players and gene therapy companies are also pursuing similar targets and technologies. But Ionis’s long history, broad pipeline, and mix of partnerships and self‑commercialized drugs provide it with a solid, multifaceted competitive footing.

Innovation and R&D

Innovation and R&D Innovation is the core of Ionis, and it is investing heavily to stay ahead. The company operates multiple RNA platforms—antisense, LICA‑enhanced drugs, siRNA, and emerging gene‑editing capabilities—giving it flexibility to pick the right tool for each disease. This is a key strength: it is not locked into a single technology. Its pipeline spans rare neurologic, cardiometabolic, and immunologic diseases. Several late‑stage programs stand out: expanding olezarsen into a much larger triglyceride disorder market, advancing treatments for Alexander disease, Angelman syndrome, and Dravet syndrome, and pushing its technologies into new tissues like muscle and the central nervous system. This breadth creates many shots on goal, but also means sustained high R&D spending and significant clinical and regulatory risk. Some projects will inevitably fail, and timelines can slip. Success depends on turning a subset of these candidates into durable, high‑value commercial products.

Summary

Ionis today is a science leader with a still‑maturing financial profile. Financially, it has relatively steady but not fast‑growing revenue, very high gross margins, and persistent losses driven by large R&D and commercialization investments. Cash burn and rising debt highlight the importance of future product success and continued access to capital. Strategically, the company’s strength lies in its deep RNA expertise, robust intellectual property, validated technologies, and growing portfolio of marketed rare‑disease medicines. Its pipeline offers multiple potential value drivers, from label expansions into broader populations to first‑in‑class therapies for severe genetic conditions. The central tension is straightforward: Ionis appears to have a strong scientific engine and a widening competitive moat, but must still prove that this can translate into a durable, self‑funding, and eventually profitable business. Outcomes will depend heavily on clinical trial results, regulatory approvals, competitive dynamics in RNA medicines, and execution of its shift toward more independent commercialization.

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