What is Ionis Pharmaceuticals, Inc.'s earnings per share (EPS)?

Ionis Pharmaceuticals, Inc. (IONS) reported diluted earnings per share of -$2.38 for fiscal year 2025. This represents a 21.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Ionis Pharmaceuticals, Inc. (IONS) Financials

IONS

Trailing 12 months to June 30, 2026

Revenue $874.1M -7.4% YoY

Net Income -$565.2M -110.7% YoY

EPS (Diluted) -$3.46 -88.0% YoY

Free Cash Flow -$560.8M -93.4% YoY

Market Cap $7.5B as of Oct 10, 2026

Price / Sales 8.6x on $874.1M revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book 17.1x on $439.7M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 29, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the IONS SEC filings page.

Ionis Pharmaceuticals, Inc. (IONS) reported $874.1M in revenue over the twelve months to Jun 30, 2026, down 7.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI IONS FY2025 2026-10-04

FY2025 revenue recovered, but heavy research spending and financing dependence still leave the company structurally cash-consuming.

FY2025's operating cash flow improved to -$268.6M from -$500.9M even as revenue rebounded, indicating operating losses became less cash-intensive than in FY2024. Free cash flow remained -$320.0M after $51.4M of capital spending, so internal cash generation was not yet self-funding.

Gross margin stayed near 98.0% across FY2023-FY2025, so production cost is not the main constraint visible in these accounts. In FY2025, R&D and SG&A together were $1.3B while operating margin was -40.5%, showing that development and commercial spending, not manufacturing, drives the deficit.

By FY2025, total liabilities were $3.0B against $489.1M of equity, making external financing central to the balance-sheet structure. The current ratio fell from 8.5x to 3.8x in one year, signaling a thinner short-term cushion even though current assets still exceeded current liabilities.

Financial Health Signals

Financial Health Score 68/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Ionis Pharmaceuticals, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway

Ionis Pharmaceuticals, Inc. held $3.5B in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $268.6M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Ionis Pharmaceuticals, Inc. scores 96/100 among other emerging companies.

Dilution

Ionis Pharmaceuticals, Inc. had 165M shares outstanding at the end of fiscal year 2025, against 159M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Ionis Pharmaceuticals, Inc. scores 55/100 among other emerging companies.

R&D Intensity

Ionis Pharmaceuticals, Inc. spent $915.6M on research and development in fiscal year 2025, which was 69.1% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Ionis Pharmaceuticals, Inc. scores 90/100 among other emerging companies.

Revenue Progress

Ionis Pharmaceuticals, Inc. reported revenue of $943.7M in fiscal year 2025, against $705.1M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Ionis Pharmaceuticals, Inc. scores 55/100 among other emerging companies.

Burn Trend

Ionis Pharmaceuticals, Inc.'s operations used $268.6M of cash in fiscal year 2025, against $500.9M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Ionis Pharmaceuticals, Inc. scores 52/100 among other emerging companies.

Balance Sheet

Ionis Pharmaceuticals, Inc.'s cash, cash equivalents and investments came to $3.5B at the end of fiscal year 2025, against $3.0B of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Ionis Pharmaceuticals, Inc. scores 62/100 among other emerging companies.

Altman Z-Score Distress

1.11

Ionis Pharmaceuticals, Inc. scores 1.11, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($7.5B) relative to total liabilities ($3.0B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

4/9

Ionis Pharmaceuticals, Inc. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality No Cash Backing

N/A

Ionis Pharmaceuticals, Inc. reported a net loss of $381.4M while operations used $268.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Ionis Pharmaceuticals, Inc. reported an operating loss of $381.7M against $17.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$267.9M

YoY-40.7%

QoQ+8.9%

5Y CAGR+16.3%

10Y CAGR+21.4%

Ionis Pharmaceuticals, Inc. generated $267.9M in revenue in Q2 2026. This represents a decrease of 40.7% from the same quarter a year earlier. Against the prior quarter it is up 8.9%.

EBITDA

-$98.2M

YoY-168.8%

QoQ+13.5%

Ionis Pharmaceuticals, Inc.'s EBITDA was -$98.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 168.8% from the same quarter a year earlier. Against the prior quarter it is up 13.5%.

Net Income

-$114.6M

YoY-192.8%

QoQ-23.9%

Ionis Pharmaceuticals, Inc. reported -$114.6M in net income in Q2 2026. This represents a decrease of 192.8% from the same quarter a year earlier. Against the prior quarter it is down 23.9%.

EPS (Diluted)

-$0.69

YoY-198.6%

QoQ-23.2%

Ionis Pharmaceuticals, Inc. earned -$0.69 per diluted share (EPS) in Q2 2026. This represents a decrease of 198.6% from the same quarter a year earlier. Against the prior quarter it is down 23.2%.

Cash & Balance Sheet

Free Cash Flow

$549.5M

YoY+295.2%

QoQ+167.5%

Ionis Pharmaceuticals, Inc. generated $549.5M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 295.2% from the same quarter a year earlier. Against the prior quarter it is up 167.5%.

Cash & Debt

$350.1M

YoY+17.7%

QoQ+101.9%

5Y CAGR-9.1%

10Y CAGR+12.0%

Ionis Pharmaceuticals, Inc. held $350.1M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

166M

YoY+4.3%

QoQ+0.6%

5Y CAGR+3.3%

10Y CAGR+3.2%

Ionis Pharmaceuticals, Inc. had 166M shares outstanding in Q2 2026. This represents an increase of 4.3% from the same quarter a year earlier. Against the prior quarter it is up 0.6%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

99.0%

YoY-0.1pp

QoQ+0.2pp

Ionis Pharmaceuticals, Inc.'s gross margin was 99.0% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 0.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.2 percentage points.

Operating Margin

-38.2%

YoY-69.1pp

QoQ+9.5pp

5Y change+19.9pp

Ionis Pharmaceuticals, Inc.'s operating margin was -38.2% in Q2 2026, reflecting core business profitability. This is down 69.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 9.5 percentage points.

Net Margin

-42.8%

YoY-70.1pp

QoQ-5.2pp

5Y change+21.5pp

Ionis Pharmaceuticals, Inc.'s net profit margin was -42.8% in Q2 2026, showing the share of revenue converted to profit. This is down 70.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 5.2 percentage points.

Return on Equity

-26.1%

YoY-45.6pp

QoQ-7.2pp

5Y change-12.2pp

10Y change+25.1pp

Ionis Pharmaceuticals, Inc.'s ROE was -26.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 45.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 7.2 percentage points.

Capital Allocation

Capital Expenditures

$16.1M

YoY+30.7%

QoQ-26.1%

5Y CAGR+29.8%

10Y CAGR+19.8%

Ionis Pharmaceuticals, Inc. invested $16.1M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 30.7% from the same quarter a year earlier. Against the prior quarter it is down 26.1%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

IONS Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

IONS quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$874.1M	$943.7M+33.8%	$705.1M-10.5%	$787.6M+34.1%	$587.4M-27.5%	$810.5M+11.1%	$729.3M-35.0%	$1.1B+87.2%	$599.7M+18.1%	$507.7M+46.5%	$346.6M+22.2%	$283.7M+32.5%	$214.2M+45.4%	$147.3M+44.3%	$102.0M+3.0%	$99.1M
Cost of Revenue	N/A	$15.9M+41.9%	$11.2M+22.8%	$9.1M-35.3%	$14.1M+30.2%	$10.8M-9.2%	$11.9M+172.5%	$4.4M+140.9%	$1.8M	$0	$0	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	$927.8M+33.7%	$693.9M-10.9%	$778.5M+35.8%	$573.3M-28.3%	$799.6M+11.5%	$717.3M-35.9%	$1.1B+87.0%	$597.9M+17.8%	$507.7M+46.5%	$346.6M	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	$915.6M+1.6%	$901.5M+0.2%	$899.6M	N/A	$638.2M+20.2%	$531.0M+15.1%	$461.5M+12.0%	$411.9M+10.6%	$372.5M+9.4%	$340.4M+6.5%	$319.5M+33.7%	$238.9M+37.5%	$173.7M+12.4%	$154.6M+1.0%	$153.1M
SG&A Expenses	N/A	$393.9M+47.3%	$267.5M+15.0%	$232.6M+54.8%	$150.3M-19.3%	$186.3M-47.4%	$354.3M+23.6%	$286.6M+17.2%	$244.6M+125.5%	$108.5M+123.2%	$48.6M+30.8%	$37.2M+84.6%	$20.1M+35.0%	$14.9M+19.2%	$12.5M-2.1%	$12.8M
Operating Income	-$594.4M	-$381.7M+19.7%	-$475.1M-34.3%	-$353.7M+13.8%	-$410.2M-1258.9%	-$30.2M+82.5%	-$172.1M-147.0%	$365.9M+696.2%	-$61.4M-297.7%	$31.0M+254.0%	-$20.2M+73.4%	-$75.8M-58.7%	-$47.7M+7.6%	-$51.7M+25.0%	-$68.9M+3.1%	-$71.1M
EBITDA	N/A	-$369.2M+20.3%	-$463.1M-35.9%	-$340.9M+13.4%	-$393.4M-3086.6%	-$12.3M+92.1%	-$156.7M-141.2%	$380.3M+878.7%	-$48.8M-224.0%	$39.4M+454.1%	-$11.1M+83.8%	-$68.8M-66.3%	-$41.4M+8.3%	-$45.1M+27.1%	-$61.9M+4.1%	-$64.5M
Interest Expense	N/A	$17.3M+1.6%	$17.0M+34.2%	$12.7M+55.9%	$8.1M-13.1%	$9.3M-1.7%	$9.5M-23.6%	$12.4M-72.2%	$44.8M+0.1%	$44.8M+15.4%	$38.8M+5.6%	$36.7M+65.4%	$22.2M+14.7%	$19.4M-8.5%	$21.2M+26.4%	$16.7M
Income Tax	N/A	$1.8M+128.9%	-$6.2M-119.1%	$32.3M+175.4%	$11.7M+2230.1%	-$551K-100.2%	$345.2M+570.2%	$51.5M+117.7%	-$291.1M-4768.6%	-$6.0M-303.8%	$2.9M+688.7%	$372K+102.4%	-$15.4M-160.5%	-$5.9M+35.1%	-$9.1M-82909.1%	$11K
Net Income	-$565.2M	-$381.4M+16.0%	-$453.9M-23.9%	-$366.3M-35.8%	-$269.7M-843.2%	-$28.6M+93.6%	-$444.3M-259.7%	$278.1M+1.6%	$273.7M+79015.9%	$346K+100.6%	-$60.4M+31.6%	-$88.3M-126.4%	-$39.0M+35.7%	-$60.6M+7.4%	-$65.5M+22.8%	-$84.8M
EPS (Basic)	N/A	-$2.38+21.7%	-$3.04-18.8%	-$2.56-34.7%	-$1.90-850.0%	-$0.20+93.7%	-$3.18-259.0%	$2.00-4.3%	$2.09+1293.3%	$0.15+130.0%	-$0.50+32.4%	-$0.74	N/A	N/A	N/A	-$0.85
EPS (Diluted)	-$3.46	-$2.38+21.7%	-$3.04-18.8%	-$2.56-34.7%	-$1.90-850.0%	-$0.20+93.7%	-$3.18-267.4%	$1.90-8.2%	$2.07	$0.15	-$0.50+32.4%	-$0.74	N/A	N/A	N/A	-$0.85
Diluted Shares (Avg)	N/A	160M+7.0%	150M+4.4%	143M+0.9%	142M+0.6%	141M+1.0%	140M-8.8%	153M+14.3%	134M	126M	121M+1.0%	120M	N/A	111M+9.9%	101M+0.9%	100M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$267.9M-40.7%	$246.1M+87.0%	$203.3M-10.3%	$156.7M+17.1%	$452.0M+100.7%	$131.6M+10.1%	$226.6M-30.2%	$133.8M-7.2%
Cost of Revenue	$2.7M-34.0%	$3.0M+103.9%	N/A	$2.3M+118.3%	$4.2M-0.3%	$1.5M-32.0%	N/A	$1.1M-51.1%
Gross Profit	$265.2M-40.8%	$243.1M+86.8%	N/A	$154.4M+16.3%	$447.9M+102.6%	$130.1M+10.9%	N/A	$132.7M-6.5%
SG&A Expenses	$150.4M+66.0%	$150.4M+97.2%	N/A	$96.8M+57.1%	$90.6M+39.2%	$76.3M+44.8%	N/A	$61.6M-11.9%
Operating Income	-$102.3M-173.2%	-$117.4M+20.0%	-$214.5M-93.5%	-$160.2M-7.8%	$139.8M+311.6%	-$146.9M+1.8%	-$110.8M-1710.2%	-$148.7M-3.8%
EBITDA	-$98.2M-168.8%	-$113.5M+21.2%	-$210.6M-94.7%	-$157.3M-8.0%	$142.7M+326.5%	-$144.1M+1.6%	-$108.1M-3599.0%	-$145.7M-4.0%
Interest Expense	$4.6M+12.3%	$5.2M+25.6%	N/A	$4.2M+1.2%	$4.1M-8.4%	$4.1M-1.0%	N/A	$4.2M-1.0%
Income Tax	$1.3M+6420.0%	$218K+87.9%	N/A	$213K+105.9%	-$20K-131.3%	$116K+54.7%	N/A	-$3.6M-154.8%
Net Income	-$114.6M-192.8%	-$92.5M+37.0%	-$229.4M-119.8%	-$128.6M+8.5%	$123.6M+286.4%	-$146.9M-2.9%	-$104.3M-1026.5%	-$140.5M+4.7%
EPS (Basic)	-$0.69-188.5%	-$0.56+39.8%	-$1.41-113.6%	-$0.80+15.8%	$0.78+273.3%	-$0.93+5.1%	-$0.66-1000.0%	-$0.95+7.8%
EPS (Diluted)	-$0.69-198.6%	-$0.56+39.8%	-$1.41-113.6%	-$0.80+15.8%	$0.70+255.6%	-$0.93+5.1%	-$0.66-1000.0%	-$0.95+7.8%
Diluted Shares (Avg)	165M-9.3%	165M+3.9%	N/A	160M+7.5%	182M+24.9%	159M+9.1%	N/A	149M+3.7%

Not reported in any period shown, so not listed: R&D Expenses.

IONS Balance Sheet

IONS quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$3.5B+17.3%	$3.0B+0.5%	$3.0B+18.0%	$2.5B-3.0%	$2.6B+9.3%	$2.4B-26.1%	$3.2B+21.2%	$2.7B+101.7%	$1.3B+45.0%	$912.5M-3.7%	$947.9M-0.8%	$955.8M+12.8%	$847.2M+55.2%	$545.7M+12.5%	$484.9M
Current Assets	$3.0B+14.1%	$2.6B-0.8%	$2.6B+19.9%	$2.2B-6.1%	$2.3B+10.1%	$2.1B-21.7%	$2.7B+23.2%	$2.2B+88.9%	$1.2B+46.5%	$797.9M-4.7%	$837.0M0.0%	$836.6M+13.7%	$735.5M+73.7%	$423.4M+17.6%	$360.1M
Cash & Equivalents	$372.3M+53.8%	$242.1M-39.4%	$399.3M+44.4%	$276.5M-68.2%	$869.2M+118.6%	$397.7M-41.8%	$683.3M+145.1%	$278.8M+115.1%	$129.6M+53.1%	$84.7M-34.2%	$128.8M-9.9%	$143.0M-10.6%	$160.0M+28.5%	$124.5M+90.1%	$65.5M
Short-Term Investments	$2.3B+12.1%	$2.1B+6.4%	$1.9B+13.0%	$1.7B+37.3%	$1.2B-16.7%	$1.5B-17.7%	$1.8B+0.6%	$1.8B+102.1%	$893.1M+53.8%	$580.5M-10.7%	$650.4M+11.0%	$585.8M+17.9%	$496.8M+98.7%	$250.0M-10.1%	$278.2M
Inventory	$10.0M-19.7%	$12.5M+68.1%	$7.4M-66.2%	$22.0M-11.2%	$24.8M+12.9%	$22.0M+20.8%	$18.2M+111.8%	$8.6M-14.0%	$10.0M	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Investments	$773.7M+18.6%	$652.5M-0.1%	$653.5M+28.2%	$509.8M-19.7%	$635.1M	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$3.0B+25.6%	$2.4B-7.2%	$2.6B+32.8%	$2.0B+6.6%	$1.8B+11.8%	$1.6B+6.3%	$1.5B+4.6%	$1.5B+54.6%	$957.5M+17.8%	$812.9M+8.8%	$747.1M+7.0%	$698.0M+48.9%	$468.8M+29.2%	$362.9M+15.8%	$313.5M
Current Liabilities	$781.6M+152.7%	$309.3M-31.0%	$448.1M+43.8%	$311.6M+29.5%	$240.6M-59.8%	$598.9M+119.4%	$273.0M-2.6%	$280.3M+15.1%	$243.6M+82.1%	$133.8M-10.1%	$148.9M+29.1%	$115.3M+17.9%	$97.8M+31.6%	$74.3M-2.4%	$76.1M
Non-Current Liabilities	$2.3B+7.0%	$2.1B-2.3%	$2.2B+30.7%	$1.6B+3.1%	$1.6B+52.7%	$1.0B-17.9%	$1.3B+6.3%	$1.2B+68.1%	$713.9M+5.1%	$679.1M+13.5%	$598.2M+2.7%	$582.7M+57.1%	$371.0M+28.5%	$288.6M+21.6%	$237.3M
Long-Term Debt	$1.3B+10.4%	$1.2B-3.1%	$1.2B+5.6%	$1.2B	N/A	$539.1M-31.4%	$785.5M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$145.6M
Total Equity	$489.1M-16.9%	$588.4M+52.2%	$386.7M-32.5%	$572.9M-25.8%	$771.7M+3.8%	$743.3M-49.5%	$1.5B+40.4%	$1.0B+273.0%	$281.0M+182.2%	$99.6M-50.4%	$200.8M-22.1%	$257.8M-31.9%	$378.4M+107.0%	$182.8M+6.6%	$171.4M
Retained Earnings	-$2.6B-17.0%	-$2.2B-25.3%	-$1.8B-25.6%	-$1.4B-23.3%	-$1.2B-2.5%	-$1.1B-59.9%	-$707.5M+26.9%	-$967.3M+22.1%	-$1.2B-5.0%	-$1.2B-7.9%	-$1.1B-8.8%	-$1.0B-4.0%	-$967.6M-6.7%	-$907.0M-7.8%	-$841.5M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$3.0B+0.3%	$3.4B+22.6%	$3.5B+17.3%	$3.0B-1.6%	$3.0B+10.9%	$2.8B+1.8%	$3.0B+0.5%	$3.1B+5.0%
Current Assets	$2.5B-3.3%	$2.9B+21.4%	$3.0B+14.1%	$2.5B-7.2%	$2.6B+10.6%	$2.4B+0.1%	$2.6B-0.8%	$2.7B+5.0%
Cash & Equivalents	$350.1M+17.7%	$173.4M-34.4%	$372.3M+53.8%	$338.3M+1.1%	$297.3M+1.1%	$264.2M-24.3%	$242.1M-39.4%	$334.6M-5.0%
Short-Term Investments	$1.7B-14.5%	$1.7B-7.2%	$2.3B+12.1%	$1.9B-11.5%	$2.0B+11.7%	$1.9B+1.3%	$2.1B+6.4%	$2.1B+14.1%
Inventory	$50.8M+499.4%	$5.6M-51.7%	$10.0M-19.7%	$10.5M-63.2%	$8.5M-70.5%	$11.5M-62.0%	$12.5M+68.1%	$28.5M+11.0%
Long-Term Investments	$647.3M-9.9%	$630.7M-7.4%	$773.7M+18.6%	$700.9M+1.6%	$718.3M+55.9%	$681.3M+19.9%	$652.5M-0.1%	$689.9M+26.2%
Total Liabilities	$2.6B+8.6%	$3.0B+26.6%	$3.0B+25.6%	$2.4B-0.1%	$2.4B-3.0%	$2.3B-5.3%	$2.4B-7.2%	$2.4B-7.6%
Current Liabilities	$315.6M-64.8%	$716.6M+186.3%	$781.6M+152.7%	$903.5M+196.6%	$897.2M+193.1%	$250.3M-23.6%	$309.3M-31.0%	$304.6M-24.7%
Non-Current Liabilities	$2.2B+53.8%	$2.2B+7.4%	$2.3B+7.0%	$1.5B-28.5%	$1.5B-31.4%	$2.1B-2.5%	$2.1B-2.3%	$2.1B-4.5%
Long-Term Debt	N/A	N/A	$1.3B+10.4%	N/A	N/A	N/A	$1.2B-3.1%	N/A
Total Equity	$439.7M-30.4%	$491.4M+3.3%	$489.1M-16.9%	$618.0M-6.7%	$631.7M+139.6%	$475.7M+60.4%	$588.4M+52.2%	$662.5M+110.0%
Retained Earnings	-$2.8B-24.9%	-$2.7B-13.6%	-$2.6B-17.0%	-$2.4B-11.9%	-$2.3B-13.4%	-$2.4B-23.6%	-$2.2B-25.3%	-$2.1B-20.1%

Not reported in any period shown, so not listed: Accounts Receivable, Goodwill.

IONS Cash Flow Statement

IONS quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	-$496.4M	-$268.6M+46.4%	-$500.9M-62.9%	-$307.5M-12.1%	-$274.4M-990.8%	$30.8M-14.2%	$35.9M-89.6%	$345.6M-42.7%	$602.9M+246.2%	$174.1M+255.3%	-$112.1M-630.7%	$21.1M+236.1%	$6.3M-90.1%	$63.5M+3284.5%	$1.9M+101.6%	-$114.8M
Depreciation & Amortization	N/A	$12.4M+4.2%	$11.9M-7.0%	$12.9M-23.2%	$16.7M-6.1%	$17.8M+15.6%	$15.4M+6.8%	$14.5M+15.4%	$12.5M+50.1%	$8.3M-7.6%	$9.0M+29.3%	$7.0M+9.5%	$6.4M-3.2%	$6.6M-6.8%	$7.1M+7.3%	$6.6M
Stock-Based Compensation	N/A	$133.9M+2.8%	$130.2M+23.1%	$105.8M+5.5%	$100.3M-16.9%	$120.7M-47.6%	$230.1M+57.0%	$146.6M+11.6%	$131.3M+52.7%	$86.0M+19.2%	$72.1M+21.6%	$59.3M+89.0%	$31.4M+174.9%	$11.4M+33.2%	$8.6M-12.9%	$9.8M
Capital Expenditures	$64.4M	$51.4M+13.6%	$45.3M+90.2%	$23.8M+51.4%	$15.7M+31.5%	$12.0M-66.0%	$35.1M+13.6%	$30.9M+127.1%	$13.6M-60.9%	$34.8M+389.2%	$7.1M-7.6%	$7.7M+2.3%	$7.5M+384.4%	$1.6M+4.9%	$1.5M-85.5%	$10.2M
Free Cash Flow	-$560.8M	-$320.0M+41.4%	-$546.2M-64.9%	-$331.3M-14.2%	-$290.1M-1639.4%	$18.8M+2340.9%	$772K-99.8%	$314.7M-46.6%	$589.3M+322.8%	$139.4M+216.9%	-$119.2M-987.5%	$13.4M+1189.5%	-$1.2M-102.0%	$61.9M+15502.3%	$397K+100.3%	-$125.0M
Investing Cash Flow	$232.2M	-$277.8M-107.3%	-$134.0M+37.4%	-$214.1M+18.5%	-$262.6M-234.8%	$194.9M-29.0%	$274.5M+765.0%	-$41.3M+95.6%	-$929.6M-159.4%	-$358.3M-733.0%	$56.6M+194.2%	-$60.1M	N/A	N/A	N/A	$110.9M
Financing Cash Flow	$317.4M	$675.8M+41.4%	$478.1M-25.8%	$644.1M+1264.8%	-$55.3M-122.5%	$245.9M+141.2%	-$596.6M-696.5%	$100.0M-79.0%	$475.9M+107.7%	$229.1M+1910.6%	$11.4M-53.9%	$24.7M	N/A	N/A	N/A	-$672K
Share Buybacks	N/A	N/A	N/A	N/A	$0	$0-100.0%	$90.5M+163.2%	$34.4M	$0	$0	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$565.5M+273.7%	-$792.8M-425.8%	-$137.7M-18.6%	-$131.4M-14.3%	$151.3M+226.2%	-$150.8M-0.6%	-$116.1M-453.4%	-$115.0M-5.5%
Depreciation & Amortization	$4.1M+44.3%	$4.0M+41.0%	$3.9M+44.4%	$2.9M-3.4%	$2.9M-7.2%	$2.8M-11.8%	$2.7M-15.6%	$3.0M-6.4%
Stock-Based Compensation	$45.6M+53.6%	$43.3M+45.6%	N/A	$31.1M-2.6%	$29.7M-3.4%	$29.7M-5.2%	N/A	$32.0M+23.2%
Capital Expenditures	$16.1M+30.7%	$21.8M+73.0%	$21.3M-16.5%	$5.3M-41.8%	$12.3M+97.4%	$12.6M+179.9%	$25.5M+3013.2%	$9.1M+323.0%
Free Cash Flow	$549.5M+295.2%	-$814.6M-398.7%	-$159.0M-12.3%	-$136.7M-10.2%	$139.0M+210.2%	-$163.4M-5.8%	-$141.6M-542.0%	-$124.0M-11.6%
Investing Cash Flow	$23.5M+119.6%	$536.8M+214.9%	-$419.5M-715.0%	$91.3M+126.8%	-$120.1M-292.3%	$170.5M+124.0%	$68.2M+355.4%	-$340.8M-596.0%
Financing Cash Flow	-$412.3M-33162.9%	$57.3M+2503.8%	$591.2M+1440.0%	$81.2M-83.6%	$1.2M-51.2%	$2.2M-90.7%	-$44.1M-208.3%	$496.0M+1637.3%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

IONS Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

IONS quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	98.3%-0.1pp	98.4%-0.4pp	98.8%+1.2pp	97.6%-1.1pp	98.7%+0.3pp	98.4%-1.2pp	99.6%-0.1pp	99.7%-0.3pp	100.0%0.0pp	100.0%	N/A	N/A	N/A	N/A	N/A
Operating Margin	-40.5%+26.9pp	-67.4%-22.5pp	-44.9%+24.9pp	-69.8%-66.1pp	-3.7%+19.9pp	-23.6%-56.2pp	32.6%+42.8pp	-10.2%-16.4pp	6.1%+11.9pp	-5.8%+20.9pp	-26.7%-4.4pp	-22.3%+12.8pp	-35.1%+32.5pp	-67.5%+4.2pp	-71.8%
Net Margin	-40.4%+24.0pp	-64.4%-17.9pp	-46.5%-0.6pp	-45.9%-42.4pp	-3.5%+57.4pp	-60.9%-85.7pp	24.8%-20.9pp	45.6%+45.6pp	0.1%+17.5pp	-17.4%+13.7pp	-31.1%-12.9pp	-18.2%+23.0pp	-41.2%+23.0pp	-64.2%+21.4pp	-85.6%
Return on Equity	-78.0%-0.8pp	-77.1%+17.6pp	-94.7%-47.6pp	-47.1%-43.4pp	-3.7%+56.1pp	-59.8%-78.7pp	18.9%-7.2pp	26.1%+26.0pp	0.1%+60.8pp	-60.7%-16.7pp	-44.0%-28.8pp	-15.1%+0.9pp	-16.0%+19.8pp	-35.8%+13.6pp	-49.5%
Return on Assets	-10.8%+4.3pp	-15.1%-2.9pp	-12.3%-1.6pp	-10.6%-9.6pp	-1.1%+17.5pp	-18.6%-27.2pp	8.6%-1.7pp	10.3%+10.2pp	0.0%+6.6pp	-6.6%+2.7pp	-9.3%-5.2pp	-4.1%+3.1pp	-7.2%+4.8pp	-12.0%+5.5pp	-17.5%
Current Ratio	3.83-4.6x	8.47+2.6x	5.90-1.2x	7.07-2.7x	9.75+6.2x	3.56-6.4x	9.97+2.1x	7.88+3.1x	4.80-1.2x	5.96+0.3x	5.62-1.6x	7.25-0.3x	7.52+1.8x	5.70+1.0x	4.73
Debt-to-Equity	2.72+0.7x	2.04-1.2x	3.21+1.2x	2.05-0.3x	2.38+1.7x	0.73+0.2x	0.53-0.9x	1.41-2.0x	3.41-4.8x	8.16+4.4x	3.72+1.0x	2.71+1.5x	1.24-0.7x	1.99+1.1x	0.85
Asset Turnover	0.270.0x	0.230.0x	0.260.0x	0.23-0.1x	0.310.0x	0.310.0x	0.35+0.1x	0.22-0.2x	0.380.0x	0.38+0.1x	0.30+0.1x	0.22+0.1x	0.170.0x	0.190.0x	0.20
FCF Margin	-33.9%+43.5pp	-77.5%-35.4pp	-42.1%+7.3pp	-49.4%-51.7pp	2.3%+2.2pp	0.1%-27.9pp	28.0%-70.2pp	98.3%+70.8pp	27.5%+61.9pp	-34.4%-39.1pp	4.7%+5.3pp	-0.6%-42.6pp	42.1%+41.7pp	0.4%	-126.2%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	99.0%-0.1pp	98.8%-0.1pp	N/A	98.5%-0.7pp	99.1%+0.9pp	98.9%+0.7pp	N/A	99.2%+0.7pp
Operating Margin	-38.2%-69.1pp	-47.7%	-105.5%	-102.2%	30.9%+60.3pp	-111.6%	-48.9%-47.0pp	-111.1%
Net Margin	-42.8%-70.1pp	-37.6%	-112.8%	-82.1%	27.3%+56.8pp	-111.6%	-46.1%-43.2pp	-105.0%
Return on Equity	-26.1%-45.6pp	-18.8%+12.1pp	-46.9%-29.2pp	-20.8%+0.4pp	19.6%+44.7pp	-30.9%+17.3pp	-17.7%-15.3pp	-21.2%+25.5pp
Return on Assets	-3.8%-8.0pp	-2.7%+2.5pp	-6.5%-3.0pp	-4.2%+0.3pp	4.1%+6.6pp	-5.2%-0.1pp	-3.5%-3.2pp	-4.6%+0.5pp
Current Ratio	7.89+5.0x	4.10-5.6x	3.83-4.6x	2.79-6.1x	2.87-4.7x	9.66+2.3x	8.47+2.6x	8.91+2.5x
Debt-to-Equity	5.81+2.1x	6.02+1.1x	2.72+0.7x	3.91+0.3x	3.73-5.5x	4.91-3.4x	2.04-1.2x	3.65-4.6x
Asset Turnover	0.09-0.1x	0.070.0x	0.060.0x	0.050.0x	0.15+0.1x	0.050.0x	0.080.0x	0.040.0x
FCF Margin	205.1%	-331.0%	-78.2%-15.7pp	-87.2%+5.5pp	30.8%+86.8pp	-124.1%	-62.5%-72.4pp	-92.7%-15.6pp

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Ionis Pharmaceuticals, Inc. IONS	FY2025	$943.7M	-$381.4M	-40.4%	$7.5B	68/100
BioMarin Pharmaceuticals Inc BMRN	FY2025	$3.2B	$348.9M	10.8%	$10.6B	76/100
Exelixis Inc EXEL	FY2025	$2.3B	$782.6M	33.7%	$14.6B	80/100
BridgeBio Pharma, Inc. BBIO	FY2025	$502.1M	-$732.9M	N/A	$12.7B	58/100
Summit Therapeutics Inc. SMMT	FY2025	N/A	-$1.1B	N/A	$13.7B	—

Where Ionis Pharmaceuticals, Inc. Ranks

Frequently Asked Questions

What is Ionis Pharmaceuticals, Inc.'s annual revenue?

Ionis Pharmaceuticals, Inc. (IONS) reported $943.7M in total revenue for fiscal year 2025. This represents a 33.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Ionis Pharmaceuticals, Inc.'s revenue growing?

Ionis Pharmaceuticals, Inc. (IONS) revenue grew by 33.8% year-over-year, from $705.1M to $943.7M in fiscal year 2025.

Is Ionis Pharmaceuticals, Inc. profitable?

No, Ionis Pharmaceuticals, Inc. (IONS) reported a net income of -$381.4M in fiscal year 2025, with a net profit margin of -40.4%.

What is Ionis Pharmaceuticals, Inc.'s EBITDA?

Ionis Pharmaceuticals, Inc. (IONS) had EBITDA of -$369.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Ionis Pharmaceuticals, Inc. have?

As of fiscal year 2025, Ionis Pharmaceuticals, Inc. (IONS) had $372.3M in cash and equivalents against $1.3B in long-term debt.

What is Ionis Pharmaceuticals, Inc.'s gross margin?

Ionis Pharmaceuticals, Inc. (IONS) had a gross margin of 98.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Ionis Pharmaceuticals, Inc.'s operating margin?

Ionis Pharmaceuticals, Inc. (IONS) had an operating margin of -40.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Ionis Pharmaceuticals, Inc.'s net profit margin?

Ionis Pharmaceuticals, Inc. (IONS) had a net profit margin of -40.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Ionis Pharmaceuticals, Inc.'s return on equity (ROE)?

Ionis Pharmaceuticals, Inc. (IONS) has a return on equity of -78.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Ionis Pharmaceuticals, Inc.'s free cash flow?

Ionis Pharmaceuticals, Inc. (IONS) recorded an outflow of $320.0M in free cash flow during fiscal year 2025. This represents a 41.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Ionis Pharmaceuticals, Inc.'s operating cash flow?

Ionis Pharmaceuticals, Inc. (IONS) recorded an outflow of $268.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Ionis Pharmaceuticals, Inc.'s total assets?

Ionis Pharmaceuticals, Inc. (IONS) had $3.5B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Ionis Pharmaceuticals, Inc.'s capital expenditures?

Ionis Pharmaceuticals, Inc. (IONS) invested $51.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Ionis Pharmaceuticals, Inc. spend on research and development?

Ionis Pharmaceuticals, Inc. (IONS) invested $915.6M in research and development during fiscal year 2025.

How many shares does Ionis Pharmaceuticals, Inc. have outstanding?

Ionis Pharmaceuticals, Inc. (IONS) had 165M shares outstanding as of fiscal year 2025.

What is Ionis Pharmaceuticals, Inc.'s current ratio?

Ionis Pharmaceuticals, Inc. (IONS) had a current ratio of 3.83 as of fiscal year 2025, which is generally considered healthy.

What is Ionis Pharmaceuticals, Inc.'s debt-to-equity ratio?

Ionis Pharmaceuticals, Inc. (IONS) had a debt-to-equity ratio of 2.72 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Ionis Pharmaceuticals, Inc.'s return on assets (ROA)?

Ionis Pharmaceuticals, Inc. (IONS) had a return on assets of -10.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Ionis Pharmaceuticals, Inc.'s P/E ratio?

Ionis Pharmaceuticals, Inc. (IONS) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $7.5B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Ionis Pharmaceuticals, Inc.'s price-to-sales ratio?

Ionis Pharmaceuticals, Inc. (IONS) trades at 8.6x sales, its market capitalization divided by revenue of $874.1M revenue, trailing 12 months to June 30, 2026. The market capitalization is $7.5B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Ionis Pharmaceuticals, Inc.'s Altman Z-Score?

Ionis Pharmaceuticals, Inc. (IONS) has an Altman Z-Score of 1.11, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Ionis Pharmaceuticals, Inc.'s Piotroski F-Score?

Ionis Pharmaceuticals, Inc. (IONS) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Ionis Pharmaceuticals, Inc.'s earnings high quality?

Ionis Pharmaceuticals, Inc. (IONS) reported a net loss of $381.4M while operations used $268.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Ionis Pharmaceuticals, Inc. cover its interest payments?

Ionis Pharmaceuticals, Inc. (IONS) reported an operating loss of $381.7M against $17.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Ionis Pharmaceuticals, Inc.?

Ionis Pharmaceuticals, Inc. (IONS) scores 68 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.