Ionis Pharmaceuticals, Inc. (IONS)
UndervaluedFundamental
26
Price
$42.93
Market Cap
$7.36B
Part 1 · What the company is worth
Overview
Ionis Pharmaceuticals, Inc., a commercial-stage biotechnology company, provides RNA-targeted medicines in the United States. The company offers TRYNGOLZA reduces triglyceride levels in adults with familial chylomicronemia syndrome (FCS) and acute pancreatitis; DAWNZERA for prophylaxis to prevent attacks of hereditary angioedema in adults; WAINUA for the treatment of the polyneuropathy of hereditary transthyretin-medicated amyloidosis (ATTRv-PN) in adults; and SPINRAZA for pediatric and adult patients with spinal muscular atrophy (SMA). It also provides QALSODY for the treatment of Amyotrophic Lateral Sclerosis (ALS); TEGSEDI for the treatment of ATTRv-PN in adults; and WAYLIVRA for treatment for FCS and familial partial lipodystrophy. It also develops products under Phase 3 clinical trials, such as Olezarsen for patients with hypertriglyceridemia (SHTG) and cardiovascular disease (CVD); and Zilganerse, a potential treatment for people with genetically confirmed Alexander disease, as well as ION582 which is in Phase 3 clinical trial for the potential treatment of AS, a rare genetic neurological disease. In addition, the company develops Eplontersen to degrade mutant and wild-type TTR mRNA through binding to the TTR mRNA; Pelacarsen to inhibit the production of apolipoprotein(a) in the liver to offer a direct approach for reducing lipoprotein(a); Bepirovirsen to inhibit the production of viral proteins associated with hepatitis B virus; Sefaxersen to reduce the production of complement factor B and lower activation of the alternative complement pathway; and Ulefnersen to reduce the production of the fused in sarcoma, as well as other mid-stage pipeline investigational medicines. It has a strategic collaboration with Biogen for the treatment of neurological disorders; and collaboration and license agreement with GSK, AstraZeneca, Novartis, and Roche, as well as with Metagenomi. The company was incorporated in 1989 and is headquartered in Carlsbad, California.
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Direct competitors
Who this company fights with for the same customers
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No competitor list for this company yet.
Balance Sheet & Liquidity
Revenue
$874M
Trailing 12 months (through 6/30/2026)
Net Income
$-565M
Trailing 12 months (through 6/30/2026)
Free Cash Flow
$-320M
Total Equity
$489M
Total Liabilities
$3.03B
Current Ratio
7.89
Interest Coverage
22.11
Debt/EBITDA
-
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$86.00
Current Price
$42.93
Margin of Safety
+50.1%
Fair Value Range
$81.70 - $90.30
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
-
ROE
-78.0%
P/B Ratio
16.22
P/FCF
-
Gross Margin
98.3%
ROIC
-17.5%
Profitability Radar
Value Creation (Economic Moat)
ROIC
-17.5%
WACC
6.3%
ROIC − WACC
-23.8 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (6)
- Gross margin 98.3%
- Current ratio
- Interest coverage
- Low reliance on intangibles
- Revenue growth 5Y 5.3%
- Earnings surprise, average 27.0%
Failed (13)
- EPS shows upward trend
- Price CAGR -0.85%
- ROIC -17.5%
- P/B ratio 16.22
- Debt/equity ratio
- Operating margin -68.0%
- Positive free cash flow
- Return on tangible assets
- DCF valuation (Overvalued)
- ROE -110.9%
- Share dilution 7.3%
- Net margin trend -64.7% vs -28.4%
- Piotroski F-Score 3/9
Unavailable (7)
- P/FCF –
- Dividend payout –
- CapEx intensity
- Debt/EBITDA
- Price below Graham Number
- PEG ratio (needs P/E > 0 and growth > 0)
- Earnings quality (operating cash flow / net income)
Piotroski F-Score
Serious financial concerns
Earnings Quality
Low quality: investigate accounting
Share Dilution
Issuing new shares, diluting ownership
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Dr. Brett P. Monia Ph.D. | Founder, CEO & Director | 64 |
| Ms. Elizabeth L. Hougen M.A., M.B.A., M.S. | Executive VP of Finance & CFO | 63 |
| Mr. Patrick R. O'Neil Esq. | Executive VP, Chief Legal Officer, General Counsel & Corporate Secretary | 51 |
| Dr. Eric E. Swayze Ph.D. | Executive Vice President & Head of Research | 59 |
| Mr. Brian Birchler | Executive Vice President of Corporate & Development Operations | 59 |
| Dr. Richard S. Geary Ph.D. | Strategic Consultant | 67 |
| Dr. Eugene Schneider M.D. | Executive VP, Chief Clinical Development & Operations Officer | 52 |
| Mr. Darren Gonzales | Chief Accounting Officer & Senior VP | - |
| Dr. C. Frank Bennett BSc, Ph.D. | Executive VP & Chief Scientific Officer | 68 |
| Mr. D. Wade Walke Ph.D. | Senior Vice President of Investor Relations | - |
Audit Risk
7
Board Risk
3
Compensation Risk
2
Shareholder Rights Risk
5
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-02-26
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-07-29
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-10-23
via SEC EDGAR
Income History
via SEC EDGAR
Part 2 · The price and its context
This part shows how the price has behaved, not whether the company is worth owning. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Market Reaction Profile
How much IONS moves, measured on its daily prices.
More volatile than 87% of the tracked stocks (90-day volatility).
- Volatility 30d
- 49.9%
- Volatility 90d
- 63.1%
- Beta vs S&P 500 (1y)
- 0.50Correlation 0.15
- Max drawdown (12m)
- -51.0%
- ATR (14d, % of price)
- 4.08%
Earnings reactions
How IONS moved around its past quarterly results.
Next earnings release
Nov 4, 2026 · In 11 days · Before the open
EPS estimate: -0.92Revenue estimate: $184M
What usually happens
- Over the last 12 releases the stock moved a median of 3.1% the next day, up or down.
- Next-day moves: up 5, down 7 (out of 12).
Release history
| Date | When | EPS est. | EPS actual | Surprise | Gap | 1 day | 5 days |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026 | Before the open | -1.09 | -0.69 | +36.7% | -0.4% | -2.3% | -0.4% |
| Apr 29, 2026 | Before the open | -0.93 | -0.56 | +39.7% | +0.4% | +4.2% | +4.8% |
| Feb 25, 2026 | Before the open | -1.35 | -1.41 | -4.6% | -4.3% | -5.3% | -7.9% |
| Oct 29, 2025 | Before the open | -1.26 | -0.80 | +36.4% | -1.6% | -2.3% | -0.9% |
| Jul 30, 2025 | During the session | n/a | n/a | n/a | +8.4% | +4.6% | +3.8% |
| Apr 30, 2025 | During the session | n/a | n/a | n/a | +6.6% | +3.0% | +6.9% |
| Feb 19, 2025 | After the close | n/a | n/a | n/a | +8.0% | -0.4% | -0.3% |
| Nov 6, 2024 | After the close | n/a | n/a | n/a | +3.0% | +0.6% | -2.7% |
| Aug 1, 2024 | During the session | n/a | n/a | n/a | +0.8% | +3.8% | -5.4% |
| May 7, 2024 | During the session | n/a | n/a | n/a | -3.1% | -3.2% | -8.2% |
| Feb 21, 2024 | After the close | n/a | n/a | n/a | +3.5% | -1.8% | +6.9% |
| Nov 2, 2023 | During the session | n/a | n/a | n/a | +1.7% | -3.4% | +4.0% |
Release dates from SEC 8-K filings.
Updated 10/24/2026
Historical statistics for educational purposes only. They are not forecasts and not investment advice.
Price reaction to the news
Latest news on IONS and what the price did next.
- 3/26/2026PositiveIonis Pharmaceuticals Repriced Drug Ahead Of Key FDA Decision Signals Push Into Larger Market
Published while the US market was open: the move of that day cannot be split into before and after the news, so no figure is shown.
Return of the stock minus return of SPY over the same days. A news item close to a price move did not necessarily cause it. Historical data for educational purposes only, not investment advice.
Latest News
Recent headlines for IONS.
- 3/26/2026POSITIVEIonis Pharmaceuticals Repriced Drug Ahead Of Key FDA Decision Signals Push Into Larger Market
Ionis Pharmaceuticals has repriced its drug, Tryngolza, ahead of a critical FDA decision regarding severe hypertriglyceridemia (sHTG). This strategic pricing adjustment, coupled with analyst optimism for stronger sales potential and enhanced competitive positioning, suggests a proactive approach to market penetration. The move indicates management's confidence in the drug's prospects and its ability to capture a larger market share, potentially leading to increased revenue streams and improved investor returns. This development could signal a significant growth opportunity for the company.