olivLaw · US equity research
Ionis Pharmaceuticals, Inc. IONS
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Ionis Pharmaceuticals is a biotechnology company specialized in RNA-targeted medicines that moved in 2025 to a fully integrated commercial-stage business, with several independent launches underway. Total revenue of about 944 million USD in 2025 and the June 2026 launch of TRYNGOLZA for sHTG make the company a subject of interest for investors and patients.
At the close of 04 Nov 2026, Ionis Pharmaceuticals, Inc. (IONS) stock was 40.15 USD (−0.67% on the day), with market capitalisation 6.7 bn USD, beta 0.74, 52-week range 40.15–86.50 USD. Latest reported quarter (Q2 2026): revenue of 267.9 m USD (−40.7% YoY), net income of -114.6 m USD (−192.8% YoY), diluted EPS -0.69 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 33.5
- weak (30–45)
- Bollinger (20, 2)
- 40.55 – 46.18
- below the lower band · %B -0.07 · band width 13.0%
- SMA 50 / 200
- 47.75 / 66.24
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.50 / -1.43
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.7% | −2.0% | −5.7 pp | — |
| 3 months | −25.9% | −2.2% | −23.7 pp | — |
| 6 months | −47.8% | +4.3% | −52.0 pp | — |
| Year to date | −49.2% | +10.6% | −59.8 pp | — |
| 1 year | −44.9% | +10.5% | −55.4 pp | +16.6% |
| 3 years | −14.9% | +73.7% | −88.6 pp | +16.8% |
| 5 years | +19.2% | +61.7% | −42.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 133.8 m | 226.6 m | 131.6 m | 452.0 m | 156.7 m | 203.3 m | 246.1 m | 267.9 m |
| Cost of revenue | 1.1 m | 3.8 m | 1.5 m | 4.2 m | 2.3 m | 8.0 m | 3.0 m | 2.7 m |
| SG&A | 61.6 m | 88.1 m | 76.3 m | 90.6 m | 96.8 m | 130.2 m | 150.4 m | 150.4 m |
| Operating income | -148.7 m | -110.8 m | -146.9 m | 139.8 m | -160.2 m | -214.5 m | -117.4 m | -102.3 m |
| Interest expense | 4.2 m | 4.2 m | 4.1 m | 4.1 m | 4.2 m | 4.8 m | 5.2 m | 4.6 m |
| Pre-tax income | -144.1 m | -107.0 m | -146.8 m | 123.5 m | -128.4 m | -227.9 m | -92.3 m | -113.4 m |
| Income tax | -3.6 m | -2.7 m | 116.0 k | -20.0 k | 213.0 k | 1.5 m | 218.0 k | 1.3 m |
| Net income | -140.5 m | -104.3 m | -146.9 m | 123.6 m | -128.6 m | -229.4 m | -92.5 m | -114.6 m |
| Diluted EPS | -0.95 | -0.66 | -0.93 | 0.70 | -0.80 | -1.41 | -0.56 | -0.69 |
| Operating cash flow | -115.0 m ≈ | -116.1 m | -150.8 m | 151.3 m ≈ | -131.4 m ≈ | -137.7 m | -792.8 m | 565.5 m ≈ |
| Capex | 9.1 m ≈ | 25.5 m | 12.6 m | 12.3 m ≈ | 5.3 m ≈ | 21.3 m | 21.8 m | 16.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 599.7 m | 1.1 bn | 729.3 m | 810.5 m | 587.4 m | 787.6 m | 705.1 m | 943.7 m |
| Revenue YoY | +18.1% | +87.2% | −35.0% | +11.1% | −27.5% | +34.1% | −10.5% | +33.8% |
| Net income | 273.7 m | 278.1 m | -444.3 m | -28.6 m | -269.7 m | -366.3 m | -453.9 m | -381.4 m |
| Net income YoY | +79,015.9% | +1.6% | −259.7% | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | 2.07 | 1.90 | -3.18 | -0.20 | -1.90 | -2.56 | -3.04 | -2.38 |
| Diluted EPS YoY | +1,280.0% | −8.2% | −267.4% | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 45.6% | 24.8% | -60.9% | -3.5% | -45.9% | -46.5% | -64.4% | -40.4% |
| Free cash flow | 589.3 m | 314.7 m | 772.0 k | 18.8 m | -290.1 m | -331.3 m | -546.2 m | -320.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 372.3 m USD
- Financial debt
- 1.8 bn USD
- Net debt
- 1.4 bn USD
- Equity
- 489.1 m USD
- Total assets
- 3.5 bn USD
- Debt / equity
- 3.60x
- Current ratio
- 3.83x
- ROE
- -70.8%
- ROA
- -11.7%
- FCF margin
- -33.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 729.3 m | 810.5 m | 587.4 m | 787.6 m | 705.1 m | 943.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 11.9 m | 10.8 m | 14.1 m | 9.1 m | 11.2 m | 15.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 717.3 m ≈ | 799.6 m ≈ | 573.3 m ≈ | 778.5 m ≈ | 693.9 m ≈ | 927.8 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Research & development | 531.0 m | 638.2 m | — | 899.6 m | 901.5 m | 915.6 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 354.3 m | 186.3 m | 150.3 m | 232.6 m | 267.5 m | 393.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -172.1 m | -30.2 m | -410.2 m | -353.7 m | -475.1 m | -381.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Interest expense | 9.5 m | 9.3 m | 8.1 m | 12.7 m | 17.0 m | 17.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | -134.6 m | -29.1 m | -258.0 m | -334.0 m | -460.1 m | -379.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 345.2 m | -551.0 k | 11.7 m | 32.3 m | -6.2 m | 1.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -444.3 m | -28.6 m | -269.7 m | -366.3 m | -453.9 m | -381.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -3.18 | -0.20 | -1.90 | -2.56 | -3.04 | -2.38 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 139.6 m | 141.0 m | 141.8 m | 143.2 m | 149.5 m | 160.0 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 397.7 m | 869.2 m | 276.5 m | 399.3 m | 242.1 m | 372.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 22.0 m | 24.8 m | 22.0 m | 7.4 m | 12.5 m | 10.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 2.1 bn | 2.3 bn | 2.2 bn | 2.6 bn | 2.6 bn | 3.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 181.1 m | 178.1 m | 74.3 m | 71.0 m | 94.3 m | 123.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 27.9 m | 29.0 m | — | — | — | — | SEC (XBRL)· 25 Feb 2022verified |
| Total assets | 2.4 bn | 2.6 bn | 2.5 bn | 3.0 bn | 3.0 bn | 3.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 17.2 m | 11.9 m | 17.9 m | 26.0 m | 43.0 m | 28.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 300.5 m | — | 151.0 k | 157.0 k | 165.0 k | 432.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | — | — | 1.2 bn | 1.2 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 598.9 m | 240.6 m | 311.6 m | 448.1 m | 309.3 m | 781.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 1.6 bn | 1.8 bn | 2.0 bn | 2.6 bn | 2.4 bn | 3.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 743.3 m | 771.7 m | 572.9 m | 386.7 m † | 588.4 m † | 489.1 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 35.9 m | 30.8 m | -274.4 m | -307.5 m | -500.9 m | -268.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 35.1 m | 12.0 m | 15.7 m | 23.8 m | 45.3 m | 51.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 772.0 k ≈ | 18.8 m ≈ | -290.1 m ≈ | -331.3 m ≈ | -546.2 m ≈ | -320.0 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | 274.5 m | 194.9 m | -262.6 m | -214.1 m | -134.0 m | -277.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -596.6 m | 245.9 m | -55.3 m | 644.1 m | 478.1 m | 675.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 90.5 m | 0 | 0 | — | — | — | SEC (XBRL)· 22 Feb 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 6.7 bn USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -64.7% | 26 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 17.1% | 100 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -31.6x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 7.9x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -8.4% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial26/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Ionis Pharmaceuticals, Inc. (IONS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 943.7 m USD in 2025; YoY growth 33.8%; net margin -64.7%; ROE -105.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 17.1%
- Current ratio: 7.9x
What contradicts it
- Net margin: -64.7%
- Interest coverage: -31.6x
- FCF yield: -8.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,325.9 bn | 45.7 | 86.1% | 31.9% | +44.7% | +31% / +138% |
| JNJJohnson & Johnson | 640.8 bn | 40.4 | 20.0% | 16.2% | +6.0% | +29% / +72% |
| ONCBeone Medicines Ltd. | 524.7 bn | 817.5 | 14.7% | 10.7% | +40.2% | +4% / +90% |
| ABBVAbbVie Inc. | 505.5 bn | 49.2 | — | 15.7% | +8.6% | +26% / +101% |
| MRKMerck & Co., Inc. | 356.9 bn | 115.6 | 7.0% | 4.8% | +1.3% | +38% / +41% |
| ABTAbbott Laboratories | 190.6 bn | 30.6 | 12.4% | 13.9% | +5.7% | −15% / +5% |
| PFEPfizer Inc | 171.0 bn | 42.7 | 4.4% | 6.3% | −1.6% | +17% / −2% |
| VRTXVertex Pharmaceuticals Inc | 134.6 bn | 34.2 | 20.8% | 30.7% | +8.9% | +22% / +50% |
| BMYBristol-Myers Squibb Company | 126.1 bn | 13.7 | 44.1% | 18.5% | −0.2% | +25% / +25% |
| TEVATeva Pharmaceutical Industries Limited | 48.9 bn | 97.6 | 6.6% | 3.6% | +4.3% | +56% / +327% |
| ZTSZoetis Inc. | 34.3 bn | 13.7 | 64.4% | 27.5% | +2.3% | −35% / −53% |
| ROIVRoivant Sciences Ltd. | 26.0 bn | — | -6.2% | -3,535.0% | −71.6% | +73% / +277% |
| UTHRUnited Therapeutics Corporation | 25.8 bn | 21.5 | 19.3% | 41.6% | +10.6% | +24% / +151% |
| RPRXRoyalty Pharma plc | 25.8 bn | 37.6 | 8.5% | 32.1% | +5.1% | +66% / +145% |
| INSMInsmed Inc | 22.9 bn | — | -72.5% | -39.9% | +66.7% | −50% / +317% |
| VTRSViatris Inc. | 21.7 bn | — | -23.6% | -23.9% | −3.0% | +77% / +106% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.4 bn | 8.1 | 126.6% | 52.8% | +65.2% | −65% / −5% |
| TGTXTg Therapeutics, Inc. | 9.4 bn | 22.5 | 100.3% | 55.2% | +87.3% | +85% / +381% |
| IONSIonis Pharmaceuticals, Inc. | 6.7 bn | — | -105.5% | -64.7% | +33.8% | −45% / −15% |
| BLRXBioLineRx Ltd | 4.9 bn | — | -12.8% | -171.7% | −95.9% | −46% / −97% |
| BHCBausch Health Companies Inc. | 3.1 bn | — | — | -7.6% | +6.7% | +31% / +17% |
| ANABAnaptysbio, Inc. | 1.4 bn | 11.5 | — | 82.4% | +157.0% | +71% / +404% |
| KURAKura Oncology, Inc. | 677.0 m | — | -167.7% | -384.3% | +25.2% | −37% / −21% |
| DMACDiaMedica Therapeutics Inc. | 580.8 m | — | -114.6% | — | unavailable | +25% / +341% |
| PHATPhathom Pharmaceuticals, Inc. | 461.7 m | — | — | -30.2% | +216.9% | −64% / −19% |
1- and 3-year price returns: for IONS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Ionis Pharmaceuticals is a biotechnology company specialized in RNA-targeted medicines that moved in 2025 to a fully integrated commercial-stage business, with several independent launches underway. Total revenue of about 944 million USD in 2025 and the June 2026 launch of TRYNGOLZA for sHTG make the company a subject of interest for investors and patients.
SWOT
Strengths
- A portfolio of seven marketed medicines and a proprietary RNA-targeted discovery technology.
- Several active partnerships that bring royalties and research payments, diversifying revenue.
- Successful independent launches in rare indications with approvals in the U.S. and Europe.
Weaknesses
- Limited experience in independent commercialization, requiring continued investment in sales infrastructure.
- Dependence on partners for major revenue streams, such as SPINRAZA and WAINUA.
- High operating expenses and operating losses during the launch period.
Opportunities
- Expansion of TRYNGOLZA into sHTG could significantly widen the addressable market if adoption is rapid.
- The launch of zilganersen in AxD could bring the first independent product from the neurology portfolio.
- Results from ongoing studies could open new indications for existing products.
Threats
- Pricing pressure in the U.S. and other markets can reduce revenue per patient.
- Competition from large companies and oral products may limit market share.
- Negative results in clinical studies, such as those in ATTR-CM, could affect expected revenue.
Risks
- Failures in independent commercializationhigh
The company has limited sales and marketing experience, and simultaneous launches can strain resources. If sales fall short of expectations, revenue and operating results could be affected.
- Reimbursement and pricing pressurehigh
Payers and governments may limit prices or reimbursement terms, which could reduce revenue from own products and royalties.
- Dependence on commercial partnersmedium
Significant revenue depends on partners who commercialize SPINRAZA, WAINUA and other products. Changes in partners' strategies could affect royalties.
- Uncertain clinical resultsmedium
Ongoing studies may produce unfavorable results, and the failure of an indication could reduce the value of some programs.
- Liquidity and high spendingmedium
High expenses and the repayment of convertible notes have reduced cash reserves. If revenue does not grow enough, the company could need additional financing.
Investment thesis
What would need to be true (bull case)
- If the TRYNGOLZA launch in sHTG and DAWNZERA growth are confirmed, commercial revenue could grow steadily in the coming years.
- A diversified portfolio of own products and royalties reduces dependence on a single product or partner.
- Recent approvals in the U.S. and Europe show the company's ability to obtain authorizations for new therapies.
What would break the thesis
- High launch and research costs could extend the period of operating losses longer than anticipated.
- Pricing pressure in the U.S. could compress margins on high-priced products.
- Failure of key studies, such as those for ATTR-CM, could lower expectations for future revenue.
What to watch
- FDA decision on zilganersen for AxDQ3 2026
- FDA decision on bepirovirsen for chronic hepatitis BQ4 2026
- Achievement of 2026 product sales guidance for TRYNGOLZA and DAWNZERA2026
- Target for cash flow breakeven2028
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Ionis develops RNA-targeted medicines using its own drug discovery technology and reports seven marketed medicines: TRYNGOLZA, DAWNZERA, WAINUA, SPINRAZA, QALSODY, TEGSEDI and WAYLIVRA 1. The company aims to lead in neurology, cardiometabolic diseases and other areas of high unmet need, with a pipeline in clinical development 1. By 2025 its model shifted from relying on partners to independently commercializing its first products 12.
Ionis works through both its own products and partnerships: Biogen commercializes SPINRAZA, WAINUA is co-commercialized with AstraZeneca in the U.S., and some products in Europe are distributed through Sobi 1. This structure generates revenue from direct sales, royalties and research and development contracts, which the company reports separately 13. As a result, quarterly revenue can fluctuate considerably depending on program-related payments and the timing of partner receipts 3.
The revenue mix shows dependence on partners: in 2025, collaboration research revenue made up most of the total, while commercial revenue grew, mainly thanks to TRYNGOLZA 1. In the first half of 2026, commercial revenue continued to grow while research revenue declined year over year, when a one-time payment linked to sapablursen had been recognized 3. The company says it aims to reach cash flow breakeven in 2028 3.
Segments
Market context
The market is shaped by U.S. pricing policies and European regulations. Pharmaceutical companies face price negotiation mechanisms and proposed reimbursement models based on reference prices, which could reduce per-unit revenue 1. For Ionis this context matters mainly for high-priced products aimed at small patient populations 1.
Trends
- Independent launchesmixed
Moving from partner dependence to self-commercialization could raise revenue but also raise sales, marketing and market access costs. The company reported that operating expenses rose because of these launches 13.
- TRYNGOLZA approval for sHTGtailwind
The June 2026 approval extends the potential market for TRYNGOLZA to patients with severe hypertriglyceridemia. The company indicated early launch momentum, but quarterly figures remain small 3.
- Lower prices and reimbursement pressureheadwind
The reduction in TRYNGOLZA's net price from April 2026 and U.S. pricing pressure could limit revenue per patient even if volumes grow 13.
- Clinical results of partnersmixed
Results from studies of partner products, such as eplontersen in ATTR-CM, can change royalty and collaboration revenue. A negative result can lower expectations, while a positive one can open new indications 3.
Competitive position
The company notes several competitors working on the same molecular targets or diseases, including large pharmaceutical companies and firms specialized in RNA. Competitors may have greater financial and clinical resources, which could let them win approvals faster or develop products that are easier to administer 1.
In some segments Ionis products compete directly with oral medicines or other approved therapies. For example, TRYNGOLZA faces a commercial competitor in FCS, and WAINUA faces several alternatives, including an oral product 1.
- Large pharmaceutical companies with competing RNA therapies
The source mentions competitors from large pharmaceutical industry developing therapies for the same targets, without naming them in the text.
- Makers of oral alternatives
An oral product competes with WAINUA and DAWNZERA, according to the sources.
- Commercial competitor in FCS
There is a commercial competitor for TRYNGOLZA in the FCS indication, not named in the source.
- Firms specialized in RNA technologies
Other companies develop RNA technologies, which increases competition in drug discovery.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Investors Dumped Ionis Pharmaceuticals Stock -- But Wall Street Hasn't Budged From Its Bullish OutlookYahoo Finance — News · 20 Sept 2026 · EN
- Novartis (NVS) and Ionis (IONS)’ Big Cholesterol Bet Comes Up Short in Late-Stage TrialYahoo Finance — News · 17 Sept 2026 · EN
- BofA Sees Limited Damage from Novartis (NVS)’ Pelacarsen Miss While Citi Looks Towards Ionis (IONS)Yahoo Finance — News · 11 Sept 2026 · EN
- Novartis, Ionis Tumble On Surprise Flop For Heart DrugYahoo Finance — News · 04 Sept 2026 · EN
- STAT+: Ionis wins FDA approval for first drug for Alexander disease, a rare and deadly neurological disorderSTAT News · 03 Sept 2026 · EN
- Here's Why Ionis Pharmaceuticals' Steep Sell-off Was OverdoneYahoo Finance — News · 03 Sept 2026 · EN
- Could Ionis Pharmaceuticals (IONS) Stock Become a Biotech Powerhouse as its Commercial Pipeline Takes Off?Yahoo Finance — News · 28 Aug 2026 · EN
- STAT+: AstraZeneca and Ionis detail surprise failure of heart disease drug, with Alnylam closely watchingSTAT News · 28 Aug 2026 · EN
The latest news item in our archive is from 20 Sept 2026; the newest SEC filing is from 23 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report23 Oct 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report21 Oct 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report23 Sept 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report04 Sept 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report04 Sept 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report10 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report09 Jul 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report24 Jun 2026Regulation FD disclosure · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ionis Pharmaceuticals, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ionis Pharmaceuticals, Inc. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Ionis Pharmaceuticals, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.