(IONS) Ionis Pharmaceuticals - Overview

Sector: Healthcare | Industry: Biotechnology | Exchange: NASDAQ (USA) | Market Cap: 12.592m USD | Total Return: 127.2% in 12m

RNA Medicines, Biotechnology, Genetic Therapies, Pharmaceuticals
Total Rating 44
Safety 54
Buy Signal 0.16
Biotechnology
Industry Rotation: -8.2
Market Cap: 12.6B
Avg Turnover: 138M
Risk 3d forecast
Volatility36.1%
VaR 5th Pctl5.96%
VaR vs Median0.32%
Reward TTM
Sharpe Ratio1.87
Rel. Str. IBD81.6
Rel. Str. Peer Group58.3
Character TTM
Beta0.480
Beta Downside0.233
Hurst Exponent0.538
Drawdowns 3y
Max DD52.36%
CAGR/Max DD0.47
CAGR/Mean DD1.52
EPS (Earnings per Share) EPS (Earnings per Share) of IONS over the last years for every Quarter: "2021-03": -0.64, "2021-06": -0.57, "2021-09": -0.58, "2021-12": 1.41, "2022-03": -0.46, "2022-06": -0.74, "2022-09": -0.33, "2022-12": -1.36, "2023-03": -0.87, "2023-06": -0.6, "2023-09": -1.03, "2023-12": -0.06, "2024-03": -0.98, "2024-06": -0.45, "2024-09": -0.95, "2024-12": -0.4304, "2025-03": -0.9245, "2025-06": 0.7, "2025-09": -0.8, "2025-12": -1.1481, "2026-03": -0.303,
Last SUE: 1.67
Qual. Beats: 1
Revenue Revenue of IONS over the last years for every Quarter: 2021-03: 111.607, 2021-06: 125.75, 2021-09: 133.093, 2021-12: 440.006, 2022-03: 141.919, 2022-06: 133.791, 2022-09: 159.767, 2022-12: 151.889, 2023-03: 130.524, 2023-06: 188.411, 2023-09: 144.207, 2023-12: 119.497, 2024-03: 119.497, 2024-06: 225.25, 2024-09: 133.814, 2024-12: 226.576, 2025-03: 131.612, 2025-06: 452.049, 2025-09: 156.719, 2025-12: 203, 2026-03: 246.091,
Rev. CAGR: 25.52%
Rev. Trend: 88.9%
Last SUE: 0.91
Qual. Beats: 1

Warnings

Interest Coverage Ratio -4.4 is critical

Altman Z'' -0.09 < 1.0 - financial distress zone

Tailwinds

Confidence

Description: IONS Ionis Pharmaceuticals

Ionis Pharmaceuticals, Inc. is a California-based biotechnology firm specializing in RNA-targeted therapeutics. The company maintains a diverse commercial portfolio, including treatments for spinal muscular atrophy (SPINRAZA), hereditary transthyretin-mediated amyloidosis (WAINUA, TEGSEDI), and rare lipid disorders (TRYNGOLZA). Their business model relies heavily on strategic partnerships with major pharmaceutical entities like Biogen, AstraZeneca, and GSK to co-develop and commercialize complex genetic medicines.

The company’s research pipeline focuses on antisense technology, which utilizes synthetic nucleic acid molecules to bind to specific RNA and regulate protein production. Ionis currently manages several late-stage clinical trials targeting cardiovascular disease, Alexander disease, and Angelman syndrome. Biotechnology firms operating in the RNA space often face high research and development costs but benefit from strong intellectual property protections and orphan drug designations for rare diseases.

To better understand how these pipeline developments might impact long-term valuation, you should review the detailed financial metrics available on ValueRay. The company was founded in 1989 and continues to expand its reach through both direct commercialization and licensing agreements for its proprietary ligand-conjugated antisense technology.

Headlines to Watch Out For
  • WAINUA market share expansion in ATTRv-PN drives core product revenue growth
  • Regulatory approval of Olezarsen for hypertriglyceridemia determines near-term valuation upside
  • Royalties from SPINRAZA and QALSODY sustain research and development funding
  • Pipeline advancement of Pelacarsen and Bepirovirsen triggers milestone payment triggers
  • High research expenditures on antisense platform weigh on operational profitability margins
Piotroski VR-10 (Strict) 0.5
Net Income: -326.6m TTM > 0 and > 6% of Revenue
FCF/TA: -8.67 > 0.02 and ΔFCF/TA -1.02k > 1.0
NWC/Revenue: 209.9% < 20% (prev 302.4%; Δ -92.46% < -1%)
CFO/TA -0.26 > 3% & CFO -910.6m > Net Income -326.6m
Net Debt/EBITDA: error (EBITDA <= 0)
Current Ratio: 4.10 > 1.5 & < 3
Outstanding Shares: last quarter (164.9m) vs 12m ago 3.87% < -2%
Gross Margin: error (current vs previous; cannot be calculated due to missing/invalid data or negative margin)
Asset Turnover: 33.78% > 50% (prev 25.50%; Δ 8.28% > 0%)
Interest Coverage Ratio: -4.41 > 6 (EBITDA TTM -328.0m / Interest Expense TTM 79.9m)
Altman Z'' -0.09
A: 0.64 (Total Current Assets 2.94b - Total Current Liabilities 716.6m) / Total Assets 3.45b
B: -0.79 (Retained Earnings -2.72b / Total Assets 3.45b)
C: -0.11 (EBIT TTM -352.8m / Avg Total Assets 3.13b)
D: -0.93 (Book Value of Equity -2.75b / Total Liabilities 2.96b)
Altman-Z'' = -0.09 = B
Beneish M -2.39
DSRI: 1.26 (Receivables 73.7m/39.7m, Revenue 1.06b/717.3m)
GMI: 1.00 (GM 98.35% / 98.53%)
AQI: 0.84 (AQ_t 0.04 / AQ_t-1 0.05)
SGI: 1.47 (Revenue 1.06b / 717.3m)
TATA: 0.17 (NI -326.6m - CFO -910.6m) / TA 3.45b)
Beneish M = -2.39 (Cap -4..+1) = BBB
What is the price of IONS shares?

As of May 24, 2026, the stock is trading at USD 75.78 with a total of 2,264,442 shares traded.
Over the past week, the price has changed by +1.79%, over one month by +0.98%, over three months by -10.69% and over the past year by +127.18%.

Is IONS a buy, sell or hold?

Ionis Pharmaceuticals has received a consensus analysts rating of 4.08. Therefore, it is recommended to buy IONS.

  • StrongBuy: 12
  • Buy: 5
  • Hold: 8
  • Sell: 1
  • StrongSell: 0

What are the forecasts/targets for the IONS price?
Analysts Target Price 100.9 33.2%
Ionis Pharmaceuticals (IONS) - Fundamental Data Overview as of 23 May 2026
P/E Forward = 90.9091
P/S = 11.8997
P/B = 25.4848
P/EG = 25.7033
Revenue TTM = 1.06b USD
EBIT TTM = -352.8m USD
EBITDA TTM = -328.0m USD
Long Term Debt = 1.35b USD (from longTermDebt, last quarter)
Short Term Debt = 432.5m USD (from shortTermDebt, last quarter)
Debt = 2.30b USD (from shortLongTermDebtTotal, last quarter) + Leases 259.2m
Net Debt = 381.1m USD (calculated: Debt 2.30b - CCE 1.92b)
Enterprise Value = 13.0b USD (12.6b + Debt 2.30b - CCE 1.92b)
Interest Coverage Ratio = -4.41 (Ebit TTM -352.8m / Interest Expense TTM 79.9m)
EV/FCF = -0.43x (Enterprise Value 13.0b / FCF TTM -29.9b)
 FCF Yield = -230.4% (FCF TTM -29.9b / Enterprise Value 13.0b)
 FCF Margin = -2.83k% (FCF TTM -29.9b / Revenue TTM 1.06b)
 Net Margin = -30.87% (Net Income TTM -326.6m / Revenue TTM 1.06b)
 Gross Margin = unknown ((Revenue TTM 1.06b - Cost of Revenue TTM 17.5m) / Revenue TTM)
 Tobins Q-Ratio = 3.76 (Enterprise Value 13.0b / Total Assets 3.45b)
Interest Expense / Debt = 3.47% (Interest Expense 79.9m / Debt 2.30b)
Taxrate = 21.0% (US default 21%)
NOPAT = -278.7m (EBIT -352.8m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 3.95 (Total Current Assets 2.94b / Total Current Liabilities 742.6m)
Debt / Equity = 4.68 (Debt 2.30b / totalStockholderEquity, last quarter 491.4m)
 Debt / EBITDA = -1.16 (negative EBITDA) (Net Debt 381.1m / EBITDA -328.0m)
 Debt / FCF = -0.01 (negative FCF - burning cash) (Net Debt 381.1m / FCF TTM -29.9b)
 Total Stockholder Equity = 557.5m (last 4 quarters mean from totalStockholderEquity)
RoA = -10.43% (Net Income -326.6m / Total Assets 3.45b)
RoE = -9.95% (Net Income TTM -326.6m / Total Stockholder Equity 3.28b)
RoCE = -7.62% (EBIT -352.8m / Capital Employed (Equity 3.28b + L.T.Debt 1.35b))
 RoIC = -8.83% (negative operating profit) (NOPAT -278.7m / Invested Capital 3.16b)
 WACC = 6.91% (E(12.6b)/V(14.9b) * Re(7.67%) + D(2.30b)/V(14.9b) * Rd(3.47%) * (1-Tc(0.21)))
Discount Rate = 7.67% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 85.40 | Cagr: 5.70%
 [DCF] Fair Price = unknown (Cash Flow -29.9b)
 EPS Correlation: N/A | EPS CAGR: N/A | SUE: 1.67 | # QB: 1
Revenue Correlation: 88.92 | Revenue CAGR: 25.52% | SUE: 0.91 | # QB: 1
EPS current Quarter (2026-06-30): EPS=-0.87 | Chg30d=+7.65% | Revisions=+20% | Analysts=7
EPS next Quarter (2026-09-30): EPS=-0.81 | Chg30d=+12.12% | Revisions=+56% | Analysts=7
EPS current Year (2026-12-31): EPS=-2.56 | Chg30d=+22.88% | Revisions=+64% | GrowthEPS=-65.7% | GrowthRev=-5.7%
EPS next Year (2027-12-31): EPS=-0.62 | Chg30d=+0.03% | Revisions=+9% | GrowthEPS=+75.7% | GrowthRev=+66.7%
[Analyst] Revisions Ratio: +64%