IONS · Ionis Pharmaceuticals Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $246.09M | - | $156.72M | $452.05M | $131.61M | - | $133.81M | $225.25M | $119.50M | - |
| Cost of Revenue | $2.98M | - | $2.34M | $4.15M | $1.46M | - | $1.07M | $4.16M | $2.15M | - |
| Gross Profit | $243.11M | - | $154.38M | $447.90M | $130.15M | - | $132.74M | $221.09M | $117.35M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $150.36M | - | $96.81M | $90.62M | $76.25M | - | $61.64M | $65.11M | $52.64M | - |
| Total Operating Expenses | $363.51M | - | $316.90M | $312.23M | $278.47M | - | $282.47M | $291.34M | $269.01M | - |
| D&A | $3.30M | - | - | - | $2.23M | - | - | - | $2.55M | - |
| Operating Income | ($117.42M) | - | ($160.18M) | $139.82M | ($146.86M) | - | ($148.66M) | ($66.09M) | ($149.51M) | - |
| Interest Expense | $5.16M | - | $4.21M | $4.11M | $4.11M | - | $4.16M | $4.49M | $4.15M | - |
| Income Tax | $218.0K | - | $213.0K | ($20.0K) | $116.0K | - | ($3.62M) | $64.0K | $75.0K | - |
| Net Income | ($92.53M) | - | ($128.61M) | $123.55M | ($146.94M) | - | ($140.48M) | ($66.27M) | ($142.80M) | - |
| EPS - Basic | ($0.56) | - | ($0.80) | $0.78 | ($0.93) | - | ($0.95) | ($0.45) | ($0.98) | - |
| EPS - Diluted | ($0.56) | - | ($0.80) | $0.70 | ($0.93) | - | ($0.95) | ($0.45) | ($0.98) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $173.38M | $372.26M | $338.34M | $297.30M | $264.19M | $242.08M | $334.61M | $293.99M | $348.89M | $399.27M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | $5.56M | $10.05M | $10.47M | $8.48M | $11.50M | $12.51M | $28.45M | $28.72M | $30.26M | $28.43M |
| Accounts Payable | $26.03M | $28.08M | $14.33M | $22.80M | $17.46M | $42.96M | $9.05M | $9.24M | $13.08M | $26.03M |
| Current Assets | $2.94B | $2.99B | $2.52B | $2.58B | $2.42B | $2.62B | $2.71B | $2.33B | $2.42B | $2.64B |
| Total Assets | $3.45B | $3.52B | $3.03B | $2.99B | $2.81B | $3.00B | $3.08B | $2.69B | $2.76B | $2.99B |
| Current Liabilities | $716.59M | $781.57M | $903.46M | $897.24M | $250.29M | $309.32M | $304.57M | $306.16M | $327.65M | $448.09M |
| Long-term Debt | - | $1.33B | - | - | - | $1.20B | - | - | - | $1.24B |
| Total Liabilities | $2.96B | $3.03B | $2.42B | $2.35B | $2.34B | $2.42B | $2.42B | $2.43B | $2.47B | $2.60B |
| Stockholders' Equity | $491.41M | $489.09M | $617.97M | $631.72M | $475.73M | $588.35M | $662.47M | $263.70M | $296.51M | $386.69M |
| Retained Earnings | ($2.72B) | ($2.63B) | ($2.40B) | ($2.27B) | ($2.40B) | ($2.25B) | ($2.15B) | ($2.00B) | ($1.94B) | ($1.80B) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($792.82M) | - | - | - | ($150.78M) | - | - | - | ($149.94M) | - |
| Investing Cash Flow | $536.82M | - | - | - | $170.46M | - | - | - | $76.11M | - |
| Financing Cash Flow | $57.26M | - | - | - | $2.20M | - | - | - | $23.57M | - |
| CapEx | $21.76M | - | - | - | $12.58M | - | - | - | $4.49M | - |
| Free Cash Flow | ($814.58M) | - | - | - | ($163.35M) | - | - | - | ($154.43M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 98.8% | - | 98.5% | 99.1% | 98.9% | - | 99.2% | 98.2% | 98.2% | - |
| Operating margin | -47.7% | - | -102.2% | 30.9% | -111.6% | - | -111.1% | -29.3% | -125.1% | - |
| EBITDA margin | -46.4% | - | - | - | -109.9% | - | - | - | -123.0% | - |
| Net margin | -37.6% | - | -82.1% | 27.3% | -111.6% | - | -105.0% | -29.4% | -119.5% | - |
| Free cash flow margin | -331.0% | - | - | - | -124.1% | - | - | - | -129.2% | - |
| FCF / Net income | 8.80 | - | - | - | 1.11 | - | - | - | 1.08 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 61.1% | - | 61.8% | 20.0% | 57.9% | - | 46.1% | 28.9% | 44.1% | - |
| Effective tax rate | - | - | - | -0.0% | - | - | - | - | - | - |
| Return on assets | -2.7% | - | -4.2% | 4.1% | -5.2% | - | -4.6% | -2.5% | -5.2% | - |
| Return on equity | -18.8% | - | -20.8% | 19.6% | -30.9% | - | -21.2% | -25.1% | -48.2% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 4.10 | 3.83 | 2.79 | 2.87 | 9.66 | 8.47 | 8.91 | 7.61 | 7.37 | 5.90 |
| Quick ratio | 4.09 | 3.81 | 2.78 | 2.86 | 9.62 | 8.43 | 8.82 | 7.51 | 7.28 | 5.83 |
| Cash ratio | 0.24 | 0.48 | 0.37 | 0.33 | 1.06 | 0.78 | 1.10 | 0.96 | 1.06 | 0.89 |
| Leverage | ||||||||||
| Debt / Equity | - | 2.72 | - | - | - | 2.04 | - | - | - | 3.21 |
| Debt / Assets | - | 0.38 | - | - | - | 0.40 | - | - | - | 0.42 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -22.8x | - | -38.0x | 34.0x | -35.7x | - | -35.7x | -14.7x | -36.0x | - |
| Equity multiplier | 7.02 | 7.20 | 4.91 | 4.73 | 5.91 | 5.11 | 4.65 | 10.21 | 9.32 | 7.73 |
| Liabilities / Assets | 0.86 | 0.86 | 0.80 | 0.79 | 0.83 | 0.80 | 0.78 | 0.90 | 0.89 | 0.87 |
| Efficiency | ||||||||||
| Asset turnover | 0.07 | - | 0.05 | 0.15 | 0.05 | - | 0.04 | 0.08 | 0.04 | - |
| Inventory turnover | 0.54 | - | 0.22 | 0.49 | 0.13 | - | 0.04 | 0.14 | 0.07 | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | 680d | - | 1635d | 746d | 2870d | - | 9697d | 2518d | 5135d | - |
| Days payable outstanding | 3185d | - | 2237d | 2005d | 4355d | - | 3085d | 810d | 2220d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | 56.4x | - | - | - | - | - | - |
| P / B | 25.2x | - | 16.9x | 11.4x | 10.1x | - | 9.0x | 26.4x | 21.3x | - |
| P / S | 50.3x | - | 66.7x | 15.9x | 36.4x | - | 44.5x | 30.9x | 52.8x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 87.0% | - | 17.1% | 100.7% | 10.1% | - | -7.2% | 19.6% | -8.4% | - |
| Revenue CAGR (3y) | 23.5% | - | -0.6% | 50.1% | -2.5% | - | 0.2% | 21.4% | 2.3% | - |
| Revenue CAGR (5y) | 17.1% | - | -0.4% | 25.4% | -0.3% | - | -4.4% | 6.6% | -16.7% | - |
| Gross profit growth (YoY) | 86.8% | - | 16.3% | 102.6% | 10.9% | - | -6.5% | 18.9% | -9.2% | - |
| Operating income growth (YoY) | 20.0% | - | -7.8% | - | 1.8% | - | -3.8% | 26.7% | -31.0% | - |
| Net income growth (YoY) | 37.0% | - | 8.5% | - | -2.9% | - | 4.7% | 22.3% | -14.9% | - |
| EPS growth (YoY) | 39.8% | - | 15.8% | - | 5.1% | - | 7.8% | 25.0% | -12.6% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | -398.7% | - | - | - | -5.8% | - | - | - | -6.9% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 3.3% | -16.9% | -6.7% | 139.6% | 60.4% | 52.2% | 110.0% | -38.4% | -39.1% | -32.5% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$943.71M totalIonis Operations$943.71M · 100.0%
Product / service
$2.29B totalResearch And Development Revenue$507.86M · 22.2%
Collaborative Agreement Revenue$465.79M · 20.4%
Commercial$435.85M · 19.0%
Royalty$285.53M · 12.5%
Spinraza Royalties$212.28M · 9.3%
Product$115.31M · 5.0%
Tryngolza Sales$107.53M · 4.7%
Wainus Royalties$49.09M · 2.1%
Wainua Joint Development Revenue$42.08M · 1.8%
Other Commercial$35.00M · 1.5%
Other Royalties$24.16M · 1.1%
Dawnzera Sales$7.79M · 0.3%
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing IONIS PHARMACEUTICALS INC against the 5 most active filers in the same SIC group.