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R&D at other companies

Eli Lilly logo
Eli LillyLLY
$3.51B+28.4%
Arrowhead Research logo
Arrowhead ResearchARWR
$173.25M+30.2%
BridgeBio Pharma logo
BridgeBio PharmaBBIO
$126.64M+13.6%
Neurocrine Biosciences logo
Neurocrine BiosciencesNBIX
$296.2M+12.5%
Royalty Pharma logo
Royalty PharmaRPRX
$39.79M-21.2%
ALN
Alnylam PharmaceuticalsALNY

Other financials

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

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Market cap$12.25B+159%
Enterprise value$12.77B+175%
P/S11.6×+5.0×

Profitability

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Gross margin98.4%-0.2pp
Operating margin-33.3%-11.0pp
Net margin-30.9%-10.5pp
FCF margin-77.4%+35.3pp

Returns & leverage

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

Where this comes from

Reported directly by Ionis Pharmaceuticals in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The official record: Ionis Pharmaceuticals’s 10-K, filed February 26, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Ionis Pharmaceuticals's R&D?
Ionis Pharmaceuticals (IONS) reported R&D of $228.9M in Q4 2025.
How has Ionis Pharmaceuticals's R&D changed year-over-year?
Ionis Pharmaceuticals's R&D increased by 1.6% year-over-year, from $225.38M to $228.9M.
What is the long-term trend for Ionis Pharmaceuticals's R&D?
Over 2 years (2023 to 2025), Ionis Pharmaceuticals's R&D has grown at a 0.9% compound annual growth rate (CAGR), from $899.63M to $915.62M.
What does R&D mean?
Expenses dedicated to creating new products and improving existing ones.
How do you interpret R&D?
Higher spending indicates a commitment to long-term innovation, though it may temporarily reduce current profitability.
How does R&D compare across companies?
High R&D intensity is a hallmark of the pharmaceutical and biotechnology sectors compared to other industries.