NASDAQ : IONS
Ionis Pharmaceuticals, Inc. — Financial statements
Healthcare · Biotechnology · United States
Last price 43.52 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 7.23B
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Financial statements
Ionis Pharmaceuticals, Inc. (IONS) reported revenue of 874.09M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 874.09M | 943.71M | 705.14M | 787.65M | 587.37M | 810.46M |
| Cost of Revenue | 934.70M | 931.53M | 912.75M | 908.76M | 847.26M | 654.29M |
| Gross Profit | -60.60M | 12.18M | -207.61M | -121.11M | -259.90M | 156.16M |
| Selling, General & Admin | 533.75M | 393.87M | 267.47M | 232.62M | 150.29M | 186.35M |
| Operating Expenses | 533.75M | 393.87M | 267.47M | 232.62M | 150.29M | 186.35M |
| Operating Income | -594.35M | -381.68M | -475.08M | -353.73M | -410.19M | -30.19M |
| Interest Expense | -89.47M | -90.54M | -90.45M | -81.46M | -8.12M | -9.35M |
| Interest & Investment Income | 94.12M | 97.77M | 107.02M | 89.04M | 25.33M | 10.04M |
| Other Non Operating Income (Expenses) | 946.00K | 986.00K | 1.33M | 706.00K | -7.27M | -1.13M |
| EBT Excluding Unusual Items | -588.75M | -373.48M | -457.18M | -345.44M | -400.26M | -30.62M |
| Gain (Loss) on Sale of Investments | 43.10M | 10.22M | -2.89M | -1.91M | -7.33M | 10.10M |
| Gain (Loss) on Sale of Assets | 149.60M | |||||
| Other Unusual Items | -16.34M | -16.34M | 13.39M | -8.63M | ||
| Pretax Income | -562.00M | -379.60M | -460.07M | -333.96M | -257.99M | -29.15M |
| Income Tax Expense | 3.17M | 1.79M | -6.17M | 32.32M | 11.74M | -551.00K |
| Earnings From Continuing Operations | -565.17M | -381.39M | -453.90M | -366.29M | -269.72M | -28.60M |
| Net Income | -565.17M | -381.39M | -453.90M | -366.29M | -269.72M | -28.60M |
| Net Income to Common | -565.17M | -381.39M | -453.90M | -366.29M | -269.72M | -28.60M |
| Shares Outstanding (Basic) | 163.12M | 160.01M | 149.51M | 143.19M | 141.85M | 141.02M |
| Shares Outstanding (Diluted) | 163.12M | 160.01M | 149.51M | 143.19M | 141.85M | 141.02M |
| EPS (Basic) | -3.46 | -2.38 | -3.04 | -2.56 | -1.90 | -0.20 |
| EPS (Diluted) | -3.46 | -2.38 | -3.04 | -2.56 | -1.90 | -0.20 |
| Free Cash Flow | -560.84M | -320.03M | -546.23M | -331.32M | -290.09M | 18.84M |
| Free Cash Flow Per Share | -3.44 | -2.00 | -3.65 | -2.31 | -2.04 | 0.13 |
| Gross Margin | -6.93% | 1.29% | -29.44% | -15.38% | -44.25% | 19.27% |
| Operating Margin | -68.00% | -40.45% | -67.37% | -44.91% | -69.84% | -3.72% |
| Profit Margin | -64.66% | -40.41% | -64.37% | -46.50% | -45.92% | -3.53% |
| Free Cash Flow Margin | -64.16% | -33.91% | -77.46% | -42.06% | -49.39% | 2.33% |
| EBITDA | -579.49M | -369.24M | -463.13M | -340.88M | -393.45M | -12.35M |
| EBITDA Margin | -66.30% | -39.13% | -65.68% | -43.28% | -66.98% | -1.52% |
| D&A For EBITDA | 14.87M | 12.45M | 11.95M | 12.85M | 16.74M | 17.84M |
| EBIT | -594.35M | -381.68M | -475.08M | -353.73M | -410.19M | -30.19M |
| EBIT Margin | -68.00% | -40.45% | -67.37% | -44.91% | -69.84% | -3.72% |
| Revenue as Reported | 874.09M | 943.71M | 705.14M | 787.65M | 587.37M | 810.46M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 350.06M | 372.26M | 242.08M | 399.27M | 276.47M | 869.19M |
| Short-Term Investments | 1.75B | 2.31B | 2.06B | 1.94B | 1.72B | 1.26B |
| Cash & Short-Term Investments | 2.10B | 2.68B | 2.30B | 2.34B | 2.00B | 2.13B |
| Receivables | 58.84M | 66.06M | 92.19M | 97.78M | 25.54M | 61.90M |
| Inventory | 50.83M | 10.05M | 12.51M | 7.44M | 22.03M | 24.81M |
| Other Current Assets | 279.24M | 234.08M | 212.67M | 199.13M | 157.72M | 125.17M |
| Total Current Assets | 2.49B | 2.99B | 2.62B | 2.64B | 2.20B | 2.35B |
| Property, Plant & Equipment | 386.69M | 361.60M | 256.11M | 242.94M | 255.84M | 196.04M |
| Long-Term Investments | 19.82M | 52.21M | 41.02M | 42.99M | 40.37M | 32.32M |
| Other Long-Term Assets | 96.72M | 119.39M | 86.25M | 62.29M | 34.97M | 38.28M |
| Total Assets | 2.99B | 3.52B | 3.00B | 2.99B | 2.53B | 2.61B |
| Accounts Payable | 47.70M | 28.08M | 42.96M | 26.03M | 17.92M | 11.90M |
| Accrued Expenses | 166.07M | 222.32M | 178.05M | 215.62M | 189.28M | 127.37M |
| Current Portion of Long-Term Debt | 12.92M | 445.18M | 215.00K | 45.07M | 320.00K | 900.00K |
| Current Portion of Leases | 9.51M | 9.06M | 8.09M | 7.21M | 2.63M | |
| Current Income Taxes Payable | 2.88M | 2.71M | 34.00K | 2.15M | 6.25M | 36.00K |
| Current Unearned Revenue | 73.84M | 73.76M | 78.99M | 151.13M | 90.58M | 97.71M |
| Total Current Liabilities | 315.64M | 781.57M | 309.32M | 448.09M | 311.56M | 240.55M |
| Long-Term Debt | 1.91B | 1.90B | 1.79B | 1.74B | 1.18B | 1.23B |
| Long-Term Leases | 262.48M | 262.38M | 161.81M | 170.88M | 178.94M | 19.43M |
| Long-Term Unearned Revenue | 63.03M | 92.00M | 156.50M | 241.18M | 287.77M | 351.88M |
| Total Liabilities | 2.55B | 3.03B | 2.42B | 2.60B | 1.96B | 1.84B |
| Common Stock | 166.00K | 163.00K | 158.00K | 144.00K | 142.00K | 141.00K |
| Additional Paid-In Capital | 3.31B | 3.15B | 2.87B | 2.22B | 2.06B | 1.96B |
| Retained Earnings | -2.84B | -2.63B | -2.25B | -1.80B | -1.43B | -1.16B |
| Comprehensive Income & Other | -33.90M | -25.28M | -30.81M | -32.65M | -57.48M | -32.67M |
| Total Common Equity | 439.74M | 489.09M | 588.35M | 386.69M | 572.89M | 771.74M |
| Shareholders' Equity | 439.74M | 489.09M | 588.35M | 386.69M | 572.89M | 771.74M |
| Total Liabilities & Equity | 2.99B | 3.52B | 3.00B | 2.99B | 2.53B | 2.61B |
| Total Debt | 2.19B | 2.62B | 1.96B | 1.97B | 1.37B | 1.25B |
| Net Cash (Debt) | -86.67M | 64.58M | 344.14M | 370.23M | 628.21M | 882.13M |
| Net Cash Per Share | -0.53 | 0.40 | 2.30 | 2.59 | 4.43 | 6.26 |
| Filing Date Shares Outstanding | 166.18M | 165.19M | 158.96M | 145.75M | 142.95M | 141.69M |
| Total Common Shares Outstanding | 165.64M | 163.30M | 157.91M | 144.34M | 142.06M | 141.21M |
| Working Capital | 2.18B | 2.21B | 2.31B | 2.19B | 1.89B | 2.10B |
| Book Value Per Share | 2.65 | 2.99 | 3.73 | 2.68 | 4.03 | 5.47 |
| Tangible Book Value | 439.74M | 489.09M | 588.35M | 386.69M | 572.89M | 771.74M |
| Tangible Book Value Per Share | 2.65 | 2.99 | 3.73 | 2.68 | 4.03 | 5.47 |
| Land | 8.57M | 8.57M | 8.57M | 23.06M | ||
| Buildings | 41.80M | 41.23M | 41.23M | 41.16M | 144.05M | |
| Machinery | 11.72M | 9.86M | 9.84M | 9.57M | 10.59M | |
| Leasehold Improvements | 89.15M | 54.38M | 28.28M | 28.36M | 20.14M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -565.17M | -381.39M | -453.90M | -366.29M | -269.72M | -28.60M |
| Depreciation & Amortization | 26.93M | 22.69M | 21.99M | 22.50M | 22.11M | 19.56M |
| Other Amortization | 7.77M | 6.91M | 6.69M | 6.33M | 5.37M | 4.96M |
| Loss (Gain) From Sale of Assets | -2.82M | -3.00M | 10.44M | 18.47M | -147.57M | 2.71M |
| Loss (Gain) From Sale of Investments | -62.44M | -33.02M | -34.84M | -27.30M | 7.61M | 16.68M |
| Stock-Based Compensation | 163.34M | 133.87M | 130.20M | 105.81M | 100.26M | 120.68M |
| Other Operating Activities | 36.44M | 36.56M | 27.86M | 10.22M | 8.63M | |
| Change in Accounts Receivable | -6.26M | 26.13M | 5.59M | -72.06M | 36.36M | 14.31M |
| Change in Inventory | -25.84M | -13.67M | -5.07M | -2.47M | 5.33M | -2.84M |
| Change in Accounts Payable | 23.53M | -15.36M | 15.99M | 8.12M | 1.09M | -6.00M |
| Change in Unearned Revenue | -64.14M | -69.73M | -156.82M | 13.97M | -71.25M | -82.83M |
| Change in Income Taxes | 2.80M | 2.68M | -2.12M | -4.10M | 6.21M | -280.00K |
| Change in Other Net Operating Assets | -30.56M | 18.74M | -66.96M | -20.72M | 29.83M | -36.18M |
| Operating Cash Flow | -496.43M | -268.58M | -500.95M | -307.51M | -274.37M | 30.80M |
| Capital Expenditures | -64.41M | -51.44M | -45.28M | -23.80M | -15.72M | -11.96M |
| Sale (Purchase) of Intangibles | -6.67M | -5.64M | -5.06M | -4.18M | -4.38M | -5.95M |
| Sale (Purchase) of Real Estate | 254.08M | |||||
| Investment in Securities | 303.22M | -220.69M | -83.69M | -186.14M | -496.62M | 212.81M |
| Investing Cash Flow | 232.15M | -277.78M | -134.03M | -214.13M | -262.64M | 194.91M |
| Long-Term Debt Issued | 770.00M | 575.00M | 632.50M | |||
| Long-Term Debt Repaid | -267.81M | -44.67M | -488.10M | -50.69M | -318.93M | |
| Net Debt Issued (Repaid) | 69.67M | 502.19M | -44.67M | 86.90M | -50.69M | 313.57M |
| Issuance of Common Stock | 266.64M | 192.60M | 522.73M | 49.44M | 6.37M | 11.56M |
| Repurchase of Common Stock | -10.95M | -16.73M | ||||
| Other Financing Activities | -18.95M | -18.95M | 507.74M | -29.00K | -62.48M | |
| Financing Cash Flow | 317.36M | 675.84M | 478.06M | 644.08M | -55.30M | 245.93M |
| Foreign Exchange Rate Adjustments | -313.00K | 702.00K | -273.00K | 352.00K | -418.00K | -111.00K |
| Net Cash Flow | 52.76M | 130.18M | -157.19M | 122.79M | -592.72M | 471.53M |
| Free Cash Flow | -560.84M | -320.03M | -546.23M | -331.32M | -290.09M | 18.84M |
| Free Cash Flow Margin | -64.16% | -33.91% | -77.46% | -42.06% | -49.39% | 2.33% |
| Free Cash Flow Per Share | -3.44 | -2.00 | -3.65 | -2.31 | -2.04 | 0.13 |
| Levered Free Cash Flow | -346.76M | -154.72M | -352.83M | -173.51M | -80.22M | 76.54M |
| Unlevered Free Cash Flow | -298.61M | -105.04M | -302.98M | -128.93M | -80.51M | 77.42M |
| Cash Interest Paid | 10.78M | 10.78M | 10.87M | 6.51M | 2.90M | 4.78M |
| Cash Income Tax Paid | 944.00K | -639.00K | -5.62M | 48.33M | 5.01M | 38.00K |
| Change in Working Capital | -100.47M | -51.22M | -209.39M | -77.26M | 7.57M | -113.82M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 6.85B | 12.81B | 5.52B | 7.26B | 5.37B | 4.30B |
| Enterprise Value | 6.94B | 12.62B | 5.02B | 6.99B | 4.63B | 3.61B |
| Last Close Price | 41.24 | 79.11 | 34.96 | 50.59 | 37.77 | 30.43 |
| Forward PE | 216.04 | 216.04 | 216.04 | 216.04 | 216.04 | |
| PS Ratio | 7.84 | 13.58 | 7.83 | 9.21 | 9.13 | 5.30 |
| PB Ratio | 15.53 | 26.20 | 9.38 | 18.77 | 9.37 | 5.57 |
| P/TBV Ratio | 15.59 | 26.20 | 9.38 | 18.77 | 9.37 | 5.57 |
| P/FCF Ratio | 228.03 | |||||
| P/OCF Ratio | 139.52 | |||||
| PEG Ratio | 281.03 | 281.03 | 281.03 | 281.03 | 281.03 | |
| EV/Sales Ratio | 7.94 | 13.37 | 7.12 | 8.88 | 7.88 | 4.45 |
| EV/FCF Ratio | 191.38 | |||||
| Debt / Equity Ratio | 4.98 | 5.35 | 3.33 | 5.09 | 2.39 | 1.62 |
| Debt / FCF Ratio | 66.39 | |||||
| Net Debt / Equity Ratio | 0.20 | -0.13 | -0.58 | -0.96 | -1.10 | -1.14 |
| Net Debt / EBITDA Ratio | -0.15 | 0.17 | 0.74 | 1.09 | 1.60 | 71.44 |
| Net Debt / FCF Ratio | -0.15 | 0.20 | 0.63 | 1.12 | 2.17 | -46.81 |
| Asset Turnover | 0.29 | 0.29 | 0.23 | 0.28 | 0.23 | 0.32 |
| Inventory Turnover | 31.52 | 82.58 | 91.49 | 61.66 | 36.18 | 27.98 |
| Quick Ratio | 6.85 | 3.51 | 7.74 | 5.43 | 6.49 | 9.12 |
| Current Ratio | 7.89 | 3.83 | 8.47 | 5.90 | 7.07 | 9.75 |
| Return on Equity (ROE) | -105.50% | -70.80% | -93.10% | -76.34% | -40.12% | -3.77% |
| Return on Assets (ROA) | -12.42% | -7.31% | -9.91% | -8.00% | -9.96% | -0.75% |
| Return on Invested Capital (ROIC) | -72.02% | -114.15% | -194.54% | |||
| Return on Capital Employed (ROCE) | -22.20% | -13.90% | -17.60% | -13.90% | -18.50% | -1.30% |
| Earnings Yield | -8.40% | -2.98% | -8.22% | -5.05% | -5.03% | -0.67% |
| FCF Yield | -8.18% | -2.50% | -9.89% | -4.57% | -5.41% | 0.44% |
| Buyback Yield / Dilution | -4.49% | -7.02% | -4.42% | -0.95% | -0.59% | -1.01% |