IONS

MKT CAP:$12B

Ionis Pharmaceuticals, Inc.

Market Cap

$12B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$74.09-$5.58 (-7.00%)

Apr 23, 2026

Company Details

Ionis Pharmaceuticals, Inc. discovers and develops RNA-targeted therapeutics in the United States. The company offers SPINRAZA for spinal muscular atrophy (SMA) in pediatric and adult patients; TEGSEDI, an injection for the treatment of pol...

CEO

Brett Monia

IPO Date

May 17, 1991

Website

www.ionispharma.com

Key Metrics TTM

Revenue

$943M

+33.8% YoY

Net Income

-$381M

EPS (Diluted)

-$2.46

Free Cash Flow

-$320M

Revenue / Share

$5.82

Gross Margin

98.3%

Operating Margin

-40.5%

Net Margin

-40.4%

FCF Margin

-33.9%

P/S

12.8x

P/E

—

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 26, 2026

$944M+33.9%EPS -$2.38

Q4 2025

Feb 26, 2026

$203M-10.4%EPS -$1.41

Q3 2025

Oct 29, 2025

$157M+17.1%EPS -$0.80

Q2 2025

Jul 30, 2025

$452M+100.7%EPS $0.68

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$142M	$138M	-$58M
Q2 22	$134M	$129M	-$86M
Q3 22	$160M	$158M	-$59M
Q4 22	$152M	$148M	-$208M
Q1 23	$131M	$129M	-$114M
Q2 23	$188M	$186M	-$90M
Q3 23	$144M	$142M	-$143M
Q4 23	$325M	$321M	-$6M
Q1 24	$119M	$117M	-$150M
Q2 24	$225M	$221M	-$66M
Q3 24	$134M	$133M	-$149M
Q4 24	$227M	$223M	-$111M
Q1 25	$132M	$130M	-$147M
Q2 25	$452M	$448M	$140M
Q3 25	$157M	$154M	-$160M
Q4 25	$203M	$195M	-$215M

Valuation

Quarter	P/S	P/E
Q1 22	14.4x	—
Q2 22	14.2x	—
Q3 22	13.8x	1651.7x
Q4 22	20.6x	—
Q1 23	21.0x	—
Q2 23	19.2x	—
Q3 23	19.7x	—
Q4 23	15.4x	—
Q1 24	15.6x	—
Q2 24	14.9x	—
Q3 24	15.1x	—
Q4 24	17.1x	—
Q1 25	16.9x	—
Q2 25	12.8x	—
Q3 25	12.5x	—
Q4 25	12.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$32M	-$35M
Q2 22	-$18M	-$23M
Q3 22	-$24M	-$31M
Q4 22	-$200M	-$205M
Q1 23	-$134M	-$146M
Q2 23	-$97M	-$110M
Q3 23	-$109M	-$112M
Q4 23	$33M	$34M
Q1 24	-$150M	-$156M
Q2 24	-$120M	-$140M
Q3 24	-$115M	-$124M
Q4 24	-$116M	-$142M
Q1 25	-$151M	-$163M
Q2 25	$151M	$137M
Q3 25	-$131M	-$135M
Q4 25	-$138M	-$159M

Capital Expenditures

Quarter	CapEx
Q1 22	$4M
Q2 22	$5M
Q3 22	$7M
Q4 22	$5M
Q1 23	$12M
Q2 23	$13M
Q3 23	$3M
Q4 23	$819.0K
Q1 24	$6M
Q2 24	$20M
Q3 24	$9M
Q4 24	$25M
Q1 25	$13M
Q2 25	$14M
Q3 25	$3M
Q4 25	$21M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+27.2%	-2.0%
Q2 22	+6.4%	+10.4%
Q3 22	+20.0%	-0.0%
Q4 22	-65.5%	+64.0%
Q1 23	-8.0%	+22.7%
Q2 23	+40.8%	+27.0%
Q3 23	-9.7%	+31.3%
Q4 23	+113.6%	-8.1%
Q1 24	-8.4%	+9.9%
Q2 24	+19.6%	+4.6%
Q3 24	-7.2%	-1.7%
Q4 24	-30.2%	+2.0%
Q1 25	+10.1%	+3.5%
Q2 25	+100.7%	+7.2%
Q3 25	+17.1%	+12.2%
Q4 25	-10.4%	+23.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$26M	18.5%
Q2 22	$25M	18.3%
Q3 22	$24M	14.9%
Q4 22	$26M	16.9%
Q1 23	$27M	20.6%
Q2 23	$27M	14.1%
Q3 23	$26M	18.0%
Q4 23	$26M	8.1%
Q1 24	$31M	26.2%
Q2 24	$31M	13.6%
Q3 24	$32M	23.9%
Q4 24	$36M	16.0%
Q1 25	$30M	22.6%
Q2 25	$30M	6.6%
Q3 25	$31M	19.9%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$161M	$34M	—	—
Q2 22	$181M	$34M	—	—
Q3 22	$183M	$34M	—	—
Q4 22	$308M	$48M	—	—
Q1 23	$198M	$46M	—	—
Q2 23	$230M	$46M	$42.0K	—
Q3 23	$215M	$70M	—	—
Q4 23	$257M	$71M	—	—
Q1 24	$214M	$53M	—	—
Q2 24	$222M	$65M	—	—
Q3 24	$220M	$62M	—	—
Q4 24	$245M	$88M	—	—
Q1 25	$201M	$76M	—	—
Q2 25	$217M	$91M	—	—
Q3 25	$218M	$97M	—	—
Q4 25	$280M	—	—	$130M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$543M	$1.5B	$2.1B
Q2 22	$522M	$1.5B	$2.0B
Q3 22	$315M	$1.7B	$2.0B
Q4 22	$276M	$1.7B	$2.0B
Q1 23	$309M	$2.0B	$2.3B
Q2 23	$425M	$2.0B	$2.4B
Q3 23	$352M	$1.9B	$2.2B
Q4 23	$399M	$1.9B	$2.3B
Q1 24	$349M	$1.9B	$2.2B
Q2 24	$294M	$1.8B	$2.1B
Q3 24	$335M	$2.1B	$2.5B
Q4 24	$242M	$2.1B	$2.3B
Q1 25	$264M	$1.9B	$2.1B
Q2 25	$297M	$2.0B	$2.3B
Q3 25	$338M	$1.9B	$2.2B
Q4 25	$372M	$2.3B	$2.7B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	142M	-11.5%	+0.6%
Q2 22	142M	+0.1%	+0.6%
Q3 22	142M	+0.1%	+0.6%
Q4 22	142M	+0.0%	-11.3%
Q1 23	143M	+0.5%	+0.8%
Q2 23	143M	+0.3%	+0.9%
Q3 23	143M	+0.2%	+1.0%
Q4 23	144M	+0.5%	+1.4%
Q1 24	146M	+1.1%	+2.0%
Q2 24	146M	+0.3%	+2.0%
Q3 24	149M	+1.8%	+3.7%
Q4 24	158M	+6.3%	+9.7%
Q1 25	159M	+0.5%	+9.1%
Q2 25	182M	+14.9%	+24.9%
Q3 25	161M	-11.8%	+8.2%
Q4 25	162M	+0.8%	+2.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$215.0K	660
Q2 22	$202.7K	660
Q3 22	$242.1K	660
Q4 22	$190.8K	796
Q1 23	$164.0K	796
Q2 23	$236.7K	796
Q3 23	$181.2K	796
Q4 23	$350.1K	927
Q1 24	$128.9K	927
Q2 24	$243.0K	927
Q3 24	$144.4K	927
Q4 24	$212.0K	1K
Q1 25	$123.1K	1K
Q2 25	$422.9K	1K
Q3 25	$146.6K	1K
Q4 25	$144.8K	1K

Revenue / Employee