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Ionis Pharmaceuticals

IONS

Ionis Pharmaceuticals is a commercial-stage biotechnology company specializing in RNA-targeted therapeutics.

Market cap
$13.96B+104%
Revenue$1.1B+47.5%
Net income-$327.0M+28.6%
Free cash flow-$1.3B-133%
EPS (diluted)-$2.07+30.8%
Trailing twelve months · change vs. prior year

Earnings

Next report

Aug 5, 2026 (In 3 weeks)
Revenue estimate$190.4M
EPS estimate-$0.92

Financials

Q1 2026

Income statement

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Revenue$246.1M+87.0%
Gross profit$243.1M+86.8%
Operating income-$117.4M+20.0%
Net income-$92.5M+37.0%
EPS (diluted)-$0.56+39.8%

Balance sheet

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Cash & equivalents$173.4M-34.4%
Total debt$691.7M+334%
Total equity$491.4M+3.3%
Total assets$3.4B+22.6%

Cash flow

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Operating cash flow-$792.8M-426%
CapEx$21.8M+73.0%
Free cash flow-$814.6M-399%

Valuation & ratios

Valuation

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Market cap$13.96B+104%
Enterprise value$14.48B+97.2%
P/S13.2×+5.9×

Profitability

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Gross margin98.4%-0.2pp
Operating margin-33.3%-11.0pp
Net margin-30.9%-10.5pp

Returns & leverage

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Return on equity-67.6%-20.3pp
Debt / equity1.4×+1.1×
Current ratio4.1×-5.6×

Segments

By product

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Research And Development Revenue$138.3M+149%
Collaborative Agreement Revenue$120.7M+168%
Commercial$107.8M+41.5%
Royalty$58.3M-9.1%
Spinraza Royalties$43.7M-9.0%

By segment

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Ionis Operations$246.1M+87.0%

Competitors

Profile

Ionis Pharmaceuticals is a commercial-stage biotechnology company specializing in RNA-targeted therapeutics. The company leverages its proprietary antisense technology to discover and develop medicines that treat serious diseases by precisely modulating the expression of disease-causing genes. Its core value proposition lies in its industry-leading drug discovery platform and a robust pipeline focused on neurology, cardiometabolic diseases, and rare conditions.

Competitive position

A pioneer and leader in RNA-targeted therapeutics with a fully integrated commercial infrastructure and a dominant intellectual property estate in antisense technology.

GeographiesUnited States, European Union, Canada, China, Japan, Brazil
Customer segmentsPatients with rare diseases, Global pharmaceutical companies, Healthcare systems
Business modelProduct Sales, Licensing and Royalties, Collaborative R&D
SuppliersNucleotide building block suppliers, Contract Manufacturing Organizations (CMOs), Specialized laboratory equipment providers
CustomersSpecialty drug distributors, Hospitals and clinics, Global pharmaceutical licensees
Listed1991
Employees927.0
CEOBrett Monia
FilingsSEC EDGAR

Questions, answered.

What is Ionis Pharmaceuticals's market cap?
Ionis Pharmaceuticals (IONS) has a market capitalization of $14.0B and trades on NASDAQ.
What is Ionis Pharmaceuticals's revenue and profitability?
Ionis Pharmaceuticals generated $1.1B in trailing twelve-month revenue with a net loss of $327.0M, representing a net margin of -30.9%. Gross margin stands at 98.4%, with free cash flow of -$1.3B. These figures are based on the Q1 2026 filing.
Who are Ionis Pharmaceuticals's competitors?
Ionis Pharmaceuticals's key competitors include Alnylam Pharmaceuticals, BridgeBio Pharma, Arrowhead Pharmaceuticals, and others. These companies compete in similar markets and product categories.
Who does Ionis Pharmaceuticals partner with?
Ionis Pharmaceuticals's notable partners include AstraZeneca, Biogen, GSK, and others.
Where is Ionis Pharmaceuticals headquartered?
Ionis Pharmaceuticals is headquartered in United States of America and employs approximately 927 people. It has been publicly traded since 1991.