IONS Healthcare

Ionis Pharmaceuticals, Inc.

$40.42-1.99%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 6.7B USD
Enterprise value: 6.9B USD
Full-time employees: 1,480

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: more debt relative to equity (3.71× vs a peer median of 0.22×)higher risk: more debt vs equity (3.71× vs peers 0.22×)

Ranks #1,115 of 1,157 healthcare companies (bottom 4%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 17% from December 2022 to July 2026.
Ionis Pharmaceuticals had 17% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Ionis Pharmaceuticals had 17% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Much more borrowing than peers. Debt is 3.7× equity vs a peer median of 0.2×.Debt is 3.7× equity vs peers 0.2×.
Debt is 3.7× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 3.7× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.
Stock-based pay is a large cost. Stock pay was 14% of revenue in 2025.
Ionis Pharmaceuticals paid employees $134M in stock in 2025, 14% of its $944M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Investment surge. Capital spending 5.5% of revenue, up from 2.7% in 2022.
Ionis Pharmaceuticals is spending 5.5% of revenue on facilities and equipment, up from 2.7% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

StockQuotient Score

19/ 100

Oct 5 19 → Nov 4 19

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-8.4%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-8.9%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-8.3%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield6.5%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

30/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

12-month revenue fell 17.4%

Why

Weaker than most peers on:

▼ EPS growth
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.20Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth11.5%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.67Sector median: 0.0584 · MAD: 0.0840

Revenue growth-7.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.39Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

20/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Operating margin fell 34.7 points to -68.0%

Why

Weaker than most peers on:

▼ Operating margin
▼ ROIC
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-68.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -6.17Sector median: 0.0706 · MAD: 0.1217

Return on assets-18.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.83Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-24.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.93Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin98.2%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-128.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.38

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.72Sector median: 0.6250 · MAD: 0.3380

Current ratio7.89×

SEC filings · latest balance sheetReported value33% base weight · Z-score 3.83Sector median: 2.5860 · MAD: 1.3850

Debt / equity3.71×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -9.77Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Ionis Pharmaceuticals

Is Ionis Pharmaceuticals getting weaker?: Its latest SEC filing (Jul 29, 2026) got weaker in some ways: operating margin fell 34.7 points to -68.0%; 12-month revenue fell 17.4%. Its overall score is unchanged at 19/100 since Oct 28, 2026.
How is Ionis Pharmaceuticals valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -8.4% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -8.4% vs peers 1.5% (weaker than 100% of peers).
Is Ionis Pharmaceuticals growing?: More slowly than most of its peers. Growth scores 30/100 against 1,393 healthcare peers. 3-year revenue growth 11.5% vs a peer median of 5.8% (stronger than 66% of peers).3-year revenue growth 11.5% vs peers 5.8% (stronger than 66% of peers). Revenue growth -7.4% vs a peer median of 6.1% (weaker than 82% of peers).Revenue growth -7.4% vs peers 6.1% (weaker than 82% of peers).
How profitable is Ionis Pharmaceuticals?: Less profitable than most of its peers. Profitability scores 20/100 against 1,393 healthcare peers. Operating margin -68.0% vs a peer median of 7.1% (weaker than 85% of peers).Operating margin -68.0% vs peers 7.1% (weaker than 85% of peers).
How risky is Ionis Pharmaceuticals?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 7.89× vs a peer median of 2.59× (stronger than 83% of peers).Current ratio 7.89× vs peers 2.59× (stronger than 83% of peers). Debt / equity 3.71× vs a peer median of 0.22× (weaker than 100% of peers).Debt / equity 3.71× vs peers 0.22× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 29, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Operating margin fell 34.7 points to -68.0%
12-month revenue fell 17.4%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.1B USD	874.1M USD	−17.4%
Net income (12 months)	−327.0M USD	−565.2M USD	+72.8%
Operating margin	-33.3%	-68.0%	−34.7 pts
Free cash flow (12 months)	−971.3M USD	−560.8M USD	−42.3%
Cash	173.4M USD	350.1M USD	+101.9%
Shares outstanding	165.3M	166.2M	+0.6%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	98.7%	97.6%	98.8%	98.4%	98.3%	▼ 0.1 pts
Operating margin	-3.7%	-69.8%	-44.9%	-67.4%	-40.4%	▲ 27 pts
Net margin	-3.5%	-45.9%	-46.5%	-64.4%	-40.4%	▲ 24 pts
Return on assets (ROA)	-1.1%	-10.6%	-12.3%	-15.1%	-10.8%	▲ 4.3 pts
Return on equity (ROE)	-3.7%	-47.1%	-94.7%	-77.1%	-78.0%	▼ 0.8 pts
Free cash flow margin	2.3%	-49.4%	-42.1%	-77.5%	-33.9%	▲ 44 pts
Current ratio	9.75×	7.07×	5.90×	8.47×	3.83×	▼ 55%
Quick ratio	9.65×	7.00×	5.88×	8.43×	3.81×	▼ 55%
Debt to equity	—	2.08×	3.38×	2.13×	3.71×	▲ 74%
Interest coverage	-3.23×	-50.50×	-27.94×	-27.96×	-22.11×	▲ 21%

IONS price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: more debt relative to equity (3.71× vs a peer median of 0.22×)higher risk: more debt vs equity (3.71× vs peers 0.22×)

Ranks #1,115 of 1,157 healthcare companies (bottom 4%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 17% from December 2022 to July 2026.

Ionis Pharmaceuticals had 17% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Ionis Pharmaceuticals had 17% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Much more borrowing than peers. Debt is 3.7× equity vs a peer median of 0.2×.Debt is 3.7× equity vs peers 0.2×.

Debt is 3.7× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 3.7× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.

Stock-based pay is a large cost. Stock pay was 14% of revenue in 2025.

Ionis Pharmaceuticals paid employees $134M in stock in 2025, 14% of its $944M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Investment surge. Capital spending 5.5% of revenue, up from 2.7% in 2022.

Ionis Pharmaceuticals is spending 5.5% of revenue on facilities and equipment, up from 2.7% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Questions investors ask about Ionis Pharmaceuticals

Is Ionis Pharmaceuticals getting weaker?

Its latest SEC filing (Jul 29, 2026) got weaker in some ways: operating margin fell 34.7 points to -68.0%; 12-month revenue fell 17.4%. Its overall score is unchanged at 19/100 since Oct 28, 2026.

How is Ionis Pharmaceuticals valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -8.4% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -8.4% vs peers 1.5% (weaker than 100% of peers).

Is Ionis Pharmaceuticals growing?

More slowly than most of its peers. Growth scores 30/100 against 1,393 healthcare peers. 3-year revenue growth 11.5% vs a peer median of 5.8% (stronger than 66% of peers).3-year revenue growth 11.5% vs peers 5.8% (stronger than 66% of peers). Revenue growth -7.4% vs a peer median of 6.1% (weaker than 82% of peers).Revenue growth -7.4% vs peers 6.1% (weaker than 82% of peers).

How profitable is Ionis Pharmaceuticals?

Less profitable than most of its peers. Profitability scores 20/100 against 1,393 healthcare peers. Operating margin -68.0% vs a peer median of 7.1% (weaker than 85% of peers).Operating margin -68.0% vs peers 7.1% (weaker than 85% of peers).

How risky is Ionis Pharmaceuticals?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 7.89× vs a peer median of 2.59× (stronger than 83% of peers).Current ratio 7.89× vs peers 2.59× (stronger than 83% of peers). Debt / equity 3.71× vs a peer median of 0.22× (weaker than 100% of peers).Debt / equity 3.71× vs peers 0.22× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.1B USD

874.1M USD

−17.4%

Net income (12 months)

−327.0M USD

−565.2M USD

+72.8%

Operating margin

-33.3%

-68.0%

−34.7 pts

Free cash flow (12 months)

−971.3M USD

−560.8M USD

−42.3%

Cash

173.4M USD

350.1M USD

+101.9%

Shares outstanding

165.3M

166.2M

+0.6%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

98.7%

97.6%

98.8%

98.4%

98.3%

▼ 0.1 pts

Operating margin

-3.7%

-69.8%

-44.9%

-67.4%

-40.4%

▲ 27 pts

Net margin

-3.5%

-45.9%

-46.5%

-64.4%

-40.4%

▲ 24 pts

Return on assets (ROA)

-1.1%

-10.6%

-12.3%

-15.1%

-10.8%

▲ 4.3 pts

Return on equity (ROE)

-3.7%

-47.1%

-94.7%

-77.1%

-78.0%

▼ 0.8 pts

Free cash flow margin

2.3%

-49.4%

-42.1%

-77.5%

-33.9%

▲ 44 pts

Current ratio

9.75×

7.07×

5.90×

8.47×

3.83×

▼ 55%

Quick ratio

9.65×

7.00×

5.88×

8.43×

3.81×

▼ 55%

Debt to equity

—

2.08×

3.38×

2.13×

3.71×

▲ 74%

Interest coverage

-3.23×

-50.50×

-27.94×

-27.96×

-22.11×

▲ 21%