Ionis Pharmaceuticals, Inc.
- Open
- 54.31
- Day high
- 54.69
- Day low
- 53.76
- Prev close
- 54.65
- Volume
- 2.5M
- Mkt cap
- $9.0B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 18.3
- P/S
- 11.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$27.9M over the last 3 months (0 open-market buys, 29 sales)
- 🏛Institutions accumulating (13F)
Ionis Pharmaceuticals, Inc. (IONS) is a Healthcare company listed on NASDAQ. The stock is up 30% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 29 sales (SEC Form 4).
Ionis Pharmaceuticals, Inc. (IONS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 12 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IONS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $-0.85 | $-0.56 | +34.1% | $246M | +25.8% |
| Feb 25, 2026 | $-1.24 | $-1.41 | -14.3% | $203M | +30.1% |
| Oct 28, 2025 | — | $-0.80 | — | $157M | — |
| Jul 30, 2025 | $0.27 | $0.86 | +218.5% | $452M | +243.1% |
| Apr 30, 2025 | $-1.11 | $-0.75 | +32.4% | $132M | -12.6% |
| Feb 19, 2025 | $-1.09 | $-0.66 | +39.4% | $227M | +72.8% |
| Aug 1, 2024 | $-0.92 | $-0.45 | +51.1% | $225M | +50.1% |
| Feb 21, 2024 | $-0.83 | $-0.06 | +92.8% | $325M | +85.7% |
| Nov 2, 2023 | $-1.04 | $-1.03 | +1.0% | $144M | +8.5% |
| May 3, 2023 | $-0.91 | $-0.87 | +4.4% | $131M | -7.1% |
| Feb 22, 2023 | $-1.06 | $-0.37 | +65.1% | $152M | -5.1% |
| Nov 9, 2022 | $-0.74 | $-0.33 | +55.4% | $160M | +11.0% |
IONS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 9, 2026 | Diaz Allene M.director | Option | 10,111 | $47.11 |
| Jul 9, 2026 | BENNETT C FRANKofficer: EVP, Chief Scientific Officer | Sell | 5,536 | $83.58 |
| Jul 9, 2026 | Kordasiewicz Holly B.officer: EVP, Chief Development Officer | Sell | 362 | $84.30 |
| Jul 9, 2026 | BENNETT C FRANKofficer: EVP, Chief Scientific Officer | Sell | 15,000 | $85.46 |
| Jul 9, 2026 | Diaz Allene M.director | Sell | 10,111 | $85.42 |
| Jul 6, 2026 | KLEIN JOSEPH IIIdirector | Sell | 99 | $79.45 |
| Jul 6, 2026 | LOSCALZO JOSEPHdirector | Grant | 2,301 | — |
| Jul 6, 2026 | BERTHELSEN SPENCER Rdirector | Grant | 5,369 | $79.19 |
| Jul 6, 2026 | KLEIN JOSEPH IIIdirector | Grant | 2,301 | — |
| Jul 6, 2026 | YANG MICHAEL J.director | Grant | 5,369 | $79.19 |
| Jul 6, 2026 | HERMAN JOAN Edirector | Grant | 5,369 | $79.19 |
| Jul 6, 2026 | Diaz Allene M.director | Grant | 2,301 | — |
| Jul 6, 2026 | KLEIN JOSEPH IIIdirector | Grant | 5,369 | $79.19 |
| Jul 6, 2026 | KLEIN JOSEPH IIIdirector | Option | 11,518 | $39.94 |
| Jul 6, 2026 | HERMAN JOAN Edirector | Grant | 2,301 | — |
Source: IONS SEC Form 4 filings, latest Jul 9, 2026. For informational purposes only — not investment advice.
See the full IONS insider & 13F page →Ionis Pharmaceuticals, Inc. company profile
Overview
Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) is a biotechnology company founded in 1989 and headquartered in Carlsbad, California. The company went public in 1991 and has established itself as a pioneer in RNA-targeted therapeutics, developing medicines that work by targeting specific RNA molecules to treat various diseases. Over its 35-year history, Ionis has evolved from a research-focused organization into a commercial-stage biopharmaceutical company with multiple approved drugs and a robust pipeline of late-stage development programs. The company has successfully launched several medicines independently and through partnerships, generating revenue from both product sales and royalties from partner-commercialized drugs.
Business
Ionis Pharmaceuticals operates in the biotechnology sector, specifically focusing on RNA-targeted therapeutics. This represents a relatively novel approach to drug development that works by using synthetic pieces of DNA called antisense oligonucleotides (ASOs) to target and modify RNA molecules inside cells. Unlike traditional drugs that typically target proteins, Ionis's medicines work upstream by targeting the RNA that provides instructions for making disease-causing proteins. The company's core technology platform centers around antisense oligonucleotides, which are short, synthetic DNA sequences designed to bind to specific RNA molecules. When these ASOs bind to their target RNA, they can either reduce the production of disease-causing proteins or modify how proteins are made. This approach allows Ionis to potentially treat diseases that were previously considered "undruggable" because the problematic proteins couldn't be directly targeted with conventional medicines. Ionis operates through multiple business segments: 1. Commercial Products (approximately 40-50% of revenue): The company markets several approved drugs including SPINRAZA for spinal muscular atrophy, TEGSEDI and WAYLIVRA for rare metabolic diseases, and recently launched TRYNGOLZA for familial chylomicronemia syndrome. 2. Partner Royalties (approximately 30-40% of revenue): Ionis receives royalties from drugs developed through partnerships with major pharmaceutical companies like Biogen, AstraZeneca, Bayer, and Roche. 3. Research and Development Revenue (approximately 20-30% of revenue): The company generates income from collaborative research agreements and milestone payments from pharmaceutical partners who license Ionis's technology and drug candidates. The company focuses primarily on rare diseases and neurological conditions, areas where there are significant unmet medical needs and limited treatment options available to patients.
Revenue model
Ionis generates revenue through multiple complementary business models that leverage its RNA-targeting technology platform. The company's primary revenue streams include direct product sales, royalty payments from partnered medicines, and research collaboration fees. Product Sales Revenue: Ionis directly commercializes several medicines in the United States, including TRYNGOLZA for familial chylomicronemia syndrome, which represents the company's first fully independent commercial launch. The company prices these medicines at premium levels typical of rare disease treatments, often exceeding $200,000 annually per patient. The paying customers are primarily insurance companies, government payers like Medicare and Medicaid, and patient assistance programs. Royalty Revenue: A significant portion of Ionis's income comes from royalty payments on medicines developed through partnerships but commercialized by larger pharmaceutical companies. For example, SPINRAZA, developed with Biogen for spinal muscular atrophy, generates approximately $200+ million annually in royalties for Ionis. These royalties typically range from single-digit to mid-teen percentages of partner net sales. Research and Development Revenue: The company receives upfront payments, milestone payments, and research funding from pharmaceutical partners who license Ionis's technology platform or specific drug candidates. This provides a steady income stream while medicines are still in development. Several factors significantly impact Ionis's margins and profitability. Positive margin drivers include the company's ability to leverage its established technology platform across multiple drug programs, reducing per-program development costs. The rare disease focus allows for premium pricing with limited competition. Additionally, the royalty model provides high-margin revenue with minimal incremental costs. Negative margin pressures include the high costs of clinical trials, particularly large Phase III studies required for regulatory approval. Manufacturing costs for oligonucleotide medicines remain elevated compared to traditional small-molecule drugs. The company also faces increasing competition in some therapeutic areas as other companies develop RNA-targeting approaches, potentially pressuring pricing and market share.
Competitive moat
Ionis possesses a moderate to strong competitive moat built primarily around its proprietary technology platform, extensive intellectual property portfolio, and first-mover advantages in RNA-targeted therapeutics. The company's most significant competitive advantage lies in its deep expertise and patent protection around antisense oligonucleotide chemistry and delivery mechanisms. Ionis has developed multiple generations of ASO technology, including advanced chemistries that improve drug stability, reduce side effects, and enhance tissue targeting. The company's intellectual property portfolio provides substantial protection, with patents covering both the fundamental antisense approach and specific chemical modifications that improve drug performance. This creates barriers for competitors trying to develop similar RNA-targeting medicines. Additionally, Ionis has accumulated decades of regulatory experience and clinical development expertise in oligonucleotide medicines, giving it advantages in navigating the complex approval process for this drug class. Network effects strengthen Ionis's position through its extensive partnership relationships with major pharmaceutical companies. These collaborations provide validation of the technology, financial resources for development, and access to global commercialization capabilities. The company's track record of successful drug approvals makes it an attractive partner for additional collaborations. However, the moat faces several potential threats. Competitive pressures are increasing as other biotechnology companies develop alternative RNA-targeting approaches, including RNA interference (RNAi) and mRNA technologies. Companies like Alnylam Pharmaceuticals have achieved success with RNAi medicines, creating alternative approaches to targeting RNA. Additionally, large pharmaceutical companies are building internal RNA-targeting capabilities, potentially reducing their dependence on partnerships with Ionis. The company's patents will eventually expire, opening opportunities for biosimilar competition. Furthermore, the high cost and complexity of oligonucleotide manufacturing could become less of a barrier as more companies develop expertise in this area.
Risks & safety
Ionis demonstrates a moderate margin of safety with strong liquidity but elevated cash burn rates typical of a growth-stage biotechnology company. • Liquidity and Solvency: Strong current ratio of 9.7x and quick ratio of 9.6x indicate excellent short-term liquidity. Cash and short-term investments of $264 million provide operational runway, though this represents a decline from previous periods. • Debt and Leverage: Elevated debt-to-equity ratio of 3.0x reflects significant liabilities, though much of this consists of deferred revenue and milestone obligations rather than traditional debt. The company maintains manageable debt service requirements. • Cash Burn: Negative free cash flow of -$163 million in Q1 2025 and -$546 million for full year 2024 indicates substantial cash consumption. However, management projects ending 2025 with $1.9 billion in cash, suggesting adequate runway for operations. • Valuation Metrics: Trading at negative P/E due to current losses, but price-to-book ratio of 10.1x appears elevated. EV/EBITDA of -10.3x reflects the company's current unprofitability. • Revenue Stability: Diversified revenue streams from royalties, product sales, and R&D collaborations provide some stability, though quarterly results can be volatile due to milestone timing. • Pipeline Risk: Multiple late-stage programs provide diversification, but clinical trial failures could significantly impact valuation and cash requirements.
Recent development
Over the past few years, Ionis has undergone a significant strategic transformation from primarily a research and development organization to a commercial-stage biopharmaceutical company. The most notable development has been the company's pivot toward independent commercialization of its medicines rather than relying solely on partnerships. Commercial Independence Strategy: The company successfully launched TRYNGOLZA for familial chylomicronemia syndrome in late 2024, marking its first fully independent commercial launch. This represents a major milestone as Ionis transitions from receiving royalties on partner-commercialized drugs to capturing the full value of its medicines through direct sales. The company is preparing for additional independent launches, including donidalorsen for hereditary angioedema expected in August 2025, and olezarsen for severe hypertriglyceridemia anticipated in 2026. Pipeline Expansion and Diversification: Ionis has significantly expanded its late-stage pipeline, advancing from three near-term commercial opportunities in 2022 to multiple Phase III programs across various therapeutic areas. Key developments include advancing ION-582 for Angelman syndrome into Phase III, progressing zilganersen for Alexander disease, and continuing development of pelacarsen for cardiovascular disease. The company has also expanded its neurology franchise to include seven medicines in clinical development. Technology Platform Evolution: The company has continued investing in next-generation antisense technologies, including improved oligonucleotide chemistries that enhance drug stability and reduce dosing frequency. Recent developments include advancing LICA (Ligand Conjugated Antisense) technology for improved tissue targeting and exploring novel backbone chemistries that could improve drug performance. Financial Strategy and Capital Allocation: Ionis has strengthened its balance sheet through strategic financing, including equity offerings that extended its cash runway to support multiple product launches. The company has also optimized its partnership strategy, retaining more rights to promising programs while continuing to partner less advanced or capital-intensive programs with larger pharmaceutical companies.
IONS company profile · for informational purposes only — not investment advice.
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