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IONS (Ionis Pharmaceuticals, Inc.) Stock Financials & Earnings | Market Cap Arena
IONS
Ionis Pharmaceuticals, Inc.
Mkt Cap
$13B
Healthcare
·
Biotechnology
·
🇺🇸 United States
·
NASDAQ
Revenue (TTM)
$943M
Net Income (TTM)
-$381M
EPS (TTM)
-$2.46
Free Cash Flow (TTM)
-$320M
Gross Margin
98.3%
Op. Margin
-40.5%
Net Margin
-40.4%
FCF Margin
-33.9%
P/S Ratio (TTM)
13.4x
P/E Ratio (TTM)
—
YoY Rev Growth
+33.8%
Employees
—
Earnings Reports
▶
Q4 2025
NEW
Browse All Reports
Quarterly
FY
Revenue & Profitability
Revenue
Gross Profit
Operating Income
Quarter
Revenue
Gross Profit
Op. Income
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
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Valuation
P/S Ratio
P/E Ratio
Quarter
P/S
P/E
Q1 23
21.9x
—
Q2 23
20.0x
—
Q3 23
20.5x
—
Q4 23
16.0x
—
Q1 24
16.2x
—
Q2 24
15.5x
—
Q3 24
15.7x
—
Q4 24
17.9x
—
Q1 25
17.6x
—
Q2 25
13.4x
—
Q3 25
13.0x
—
Q4 25
13.4x
—
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Operating Cash Flow
Operating Cash Flow
Free Cash Flow
Quarter
Operating CF
Free CF
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
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Capital Expenditures
CapEx
Quarter
CapEx
Q1 23
$12M
Q2 23
$13M
Q3 23
$3M
Q4 23
$819K
Q1 24
$6M
Q2 24
$20M
Q3 24
$9M
Q4 24
$25M
Q1 25
$13M
Q2 25
$14M
Q3 25
$3M
Q4 25
$21M
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OpEx vs Revenue Growth (YoY)
Revenue Growth
OpEx Growth
Quarter
Revenue Growth
OpEx Growth
Q1 23
-8.0%
+22.7%
Q2 23
+40.8%
+27.0%
Q3 23
-9.7%
+31.3%
Q4 23
+113.6%
-8.1%
Q1 24
-8.4%
+9.9%
Q2 24
+19.6%
+4.6%
Q3 24
-7.2%
-1.7%
Q4 24
-30.2%
+2.0%
Q1 25
+10.1%
+3.5%
Q2 25
+100.7%
+7.2%
Q3 25
+17.1%
+12.2%
Q4 25
-10.4%
+23.9%
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Stock-Based Compensation
SBC ($)
% of Revenue
Quarter
SBC ($)
% of Revenue
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%
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OpEx Breakdown
R&D
G&A
S&M
SG&A
Quarter
R&D
G&A
S&M
SG&A
Q1 23
$198M
$46M
—
—
Q2 23
$230M
$46M
$42K
—
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
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War Chest
Cash & Equivalents
Short-Term Investments
Quarter
Cash
Short-term Investments
Total
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
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Shares Outstanding
Shares Outstanding
Quarter
Shares (Diluted)
QoQ Change
Q1 23
143M
+0.5%
Q2 23
143M
+0.3%
Q3 23
143M
+0.2%
Q4 23
144M
+0.5%
Q1 24
146M
+1.1%
Q2 24
146M
+0.3%
Q3 24
149M
+1.8%
Q4 24
158M
+6.3%
Q1 25
159M
+0.5%
Q2 25
182M
+14.9%
Q3 25
161M
-11.8%
Q4 25
162M
+0.8%
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Revenue Per Employee
Revenue / Employee
Year
Revenue/Employee
Employees
FY 14
$549K
390
FY 15
$663K
428
FY 16
$857K
435
FY 17
$940K
547
FY 18
$814K
737
FY 19
$1M
817
FY 20
$963K
757
FY 21
$1M
660
FY 22
$738K
796
FY 23
$850K
927
FY 24
$660K
1K
FY 25
$315K
3K
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