IONIS PHARMACEUTICALS INC IONS
For three decades, we have invented medicines that bring better futures to people with serious diseases. As a pioneer in RNA-targeted medicines with a deep understanding of disease biology and an industry-leading drug discovery technology, we are driven to deliver innovative, life-changing advances for patients.
In the last year, we delivered on our strategy to create accelerating value for all our stakeholders. With two independent commercial launches now underway, we transitioned into a fully integrated commercial-stage biotechnology company. We currently have seven marketed medicines to treat serious diseases: TRYNGOLZA (olezarsen), DAWNZERA (donidalorsen), WAINUA (eplontersen), SPINRAZA (nusinersen), QALSODY (tofersen), TEGSEDI (inotersen) and WAYLIVRA (volanesorsen).
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $943.7M | $705.1M | $787.6M | $587.4M | $810.5M | $729.3M | $1.12B | $599.7M | $514.2M | $372.8M |
| Cost of revenue | $15.9M | $11.2M | $9.1M | $14.1M | $10.8M | $11.9M | $4.4M | $1.8M | $0 | $0 |
| Gross profit | $927.8M | $693.9M | $778.5M | $573.3M | $799.6M | $717.3M | $1.12B | $597.9M | $514.2M | $372.8M |
| R&D | $915.6M | $901.5M | $899.6M | — | $638.2M | $531.0M | $461.5M | $411.9M | $372.5M | $340.4M |
| SG&A | $393.9M | $267.5M | $232.6M | $150.3M | $186.3M | $354.3M | $286.6M | $244.6M | $108.5M | $48.6M |
| Total operating expenses | $1.33B | $1.18B | $1.14B | $997.6M | $840.6M | $901.3M | $756.7M | $661.0M | $483.1M | $392.9M |
| Operating income | -$381.7M | -$475.1M | -$353.7M | -$410.2M | -$30.2M | -$172.1M | $365.9M | -$61.4M | $31.0M | -$20.2M |
| Interest expense | $17.3M | $17.0M | $12.7M | $8.1M | $9.3M | $9.5M | $12.4M | $44.8M | $44.8M | $38.8M |
| Pre-tax income | -$379.6M | -$460.1M | -$334.0M | -$258.0M | -$29.1M | -$134.6M | $338.8M | -$76.2M | -$16.8M | -$57.5M |
| Income tax | $1.8M | $6.2M | $32.3M | $11.7M | $551.0K | $345.2M | $51.5M | $291.1M | $6.0M | $2.9M |
| Net income | -$381.4M | -$453.9M | -$366.3M | -$269.7M | -$28.6M | -$444.3M | $278.1M | $273.7M | $346.0K | -$60.4M |
| EPS, basic | -2.38 | -3.04 | -2.56 | -1.90 | -0.20 | -3.18 | 2.00 | 2.09 | 0.15 | -0.50 |
| EPS, diluted | -2.38 | -3.04 | -2.56 | -1.90 | -0.20 | -3.18 | 1.90 | 2.07 | 0.15 | -0.50 |
| Shares, diluted (wtd. avg.) | $160.0M | $149.5M | $143.2M | $141.8M | $141.0M | $139.6M | $153.2M | $134.1M | $126.1M | $120.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $372.3M | $242.1M | $399.3M | $276.5M | $869.2M | $397.7M | $683.3M | $278.8M | $129.6M | $84.7M |
| Short-term investments | $2.31B | $2.06B | $1.93B | $1.71B | $1.25B | $1.49B | $1.82B | $1.81B | $893.1M | $580.5M |
| Inventory | $10.0M | $12.5M | $7.4M | $22.0M | $24.8M | $22.0M | $18.2M | $8.6M | $10.0M | — |
| Total current assets | $2.99B | $2.62B | $2.64B | $2.20B | $2.35B | $2.13B | $2.72B | $2.21B | $1.17B | $797.9M |
| Property, plant and equipment | $123.0M | $94.3M | $71.0M | $74.3M | $178.1M | $181.1M | $153.7M | $132.2M | $121.9M | $92.8M |
| Other intangibles | — | — | — | — | $29.0M | $27.9M | $25.7M | $24.0M | $22.0M | $20.4M |
| Total assets | $3.52B | $3.00B | $2.99B | $2.53B | $2.61B | $2.39B | $3.23B | $2.67B | $1.32B | $912.5M |
| Accounts payable | $28.1M | $43.0M | $26.0M | $17.9M | $11.9M | $17.2M | $16.1M | $28.7M | $24.9M | $21.1M |
| Short-term debt | $432.1M | $165.0K | $157.0K | $151.0K | — | — | — | — | — | — |
| Total current liabilities | $781.6M | $309.3M | $448.1M | $311.6M | $240.6M | $598.9M | $273.0M | $280.3M | $243.6M | $133.8M |
| Long-term debt | $1.33B | $1.20B | $1.24B | $1.18B | — | — | — | — | — | — |
| Total liabilities | $3.03B | $2.42B | $2.60B | $1.96B | $1.84B | $1.65B | $1.55B | $1.48B | $957.5M | $812.9M |
| Retained earnings | -$2.63B | -$2.25B | -$1.80B | -$1.43B | -$1.16B | -$1.13B | -$707.5M | -$967.3M | -$1.24B | -$1.18B |
| Total equity | $489.1M | $588.4M | $386.7M | $572.9M | $771.7M | $743.3M | $1.58B | $1.10B | $365.3M | $39.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$268.6M | -$500.9M | -$307.5M | -$274.4M | $30.8M | $35.9M | $345.6M | $602.9M | $174.1M | -$112.1M |
| Depreciation and amortisation | $10.0M | $9.6M | $10.3M | $14.3M | $15.5M | $13.4M | $12.5M | $10.7M | $6.7M | $7.5M |
| Stock-based compensation | $133.9M | $130.2M | $105.8M | $100.3M | $120.7M | $230.1M | $146.6M | $131.3M | $86.0M | $72.1M |
| Capital expenditure | $51.4M | $45.3M | $23.8M | $15.7M | $12.0M | $35.1M | $30.9M | $13.6M | $34.8M | $7.1M |
| Investing cash flow | -$277.8M | -$134.0M | -$214.1M | -$262.6M | $194.9M | $274.5M | -$41.3M | -$929.6M | -$358.3M | $56.6M |
| Financing cash flow | $675.8M | $478.1M | $644.1M | -$55.3M | $245.9M | -$596.6M | $100.0M | $475.9M | $229.1M | $11.4M |
| Buybacks | — | — | — | $0 | $0 | $90.5M | $34.4M | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-016388.
Others in SIC 2834
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AKTX | Akari Therapeutics Plc | $1.79T | — | — |
| LLY | ELI LILLY & Co | $1.08T | 50.1x | 44.7% |
| JNJ | JOHNSON & JOHNSON | $663.28B | 25.0x | 6.0% |
| ONC | BeOne Medicines Ltd. | $529.55B | 1,885.6x | 40.2% |
| ABBV | AbbVie Inc. | $453.19B | 108.7x | 8.6% |
| MRK | Merck & Co., Inc. | $370.89B | 20.6x | 1.3% |
| ABT | ABBOTT LABORATORIES | $188.69B | 29.1x | 5.7% |
| PFE | PFIZER INC | $162.16B | 20.9x | -1.6% |