Ionis Pharmaceuticals, Inc. (IONS)
NEUTRALFundamental
32
Price
$63.37
Market Cap
$10.14B
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
$89.20
Current Price
$63.37
Margin of Safety
+29.0%
Fair Value Range
$84.74 - $93.66
Estimation Methods
Valuation Metrics
P/E Ratio
-
ROE
-78.0%
P/B Ratio
23.45
P/FCF
-
Gross Margin
98.3%
ROIC
-17.5%
Profitability Radar
Value Creation (Economic Moat)
ROIC
-17.5%
WACC
6.6%
ROIC − WACC
-24.1 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (7)
- Gross Margin 98.3%
- Current Ratio
- Interest Coverage
- Low reliance on intangibles
- Revenue Growth 5Y 5.3%
- Analyst Consensus 81% Buy
- Earnings Surprise avg 27.0%
Failed (13)
- EPS shows upward trend
- Price CAGR 2.25%
- ROIC -17.5%
- P/B Ratio 23.45
- 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 NaN
- Dividend Payout NaN%
- CapEx intensity
- Debt/EBITDA
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
Piotroski F-Score
Serious financial concerns
Earnings Quality
Low quality: investigate accounting
Share Dilution
Issuing new shares, diluting ownership
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
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for IONS, sourced from Markets Gazette.
- 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.
via Markets Gazette