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Ionis Pharmaceuticals, Inc. (IONS) 10-Year Financial Performance & Capital Metrics

IONS •
HealthcareBiotechnologyRNA and Genome Editing Developers
AboutIonis Pharmaceuticals, Inc. discovers and develops RNA-targeted therapeutics in the United States. The company offers SPINRAZA for spinal muscular atrophy (SMA) in pediatric and adult patients; TEGSEDI, an injection for the treatment of polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults; and WAYLIVRA, a treatment for familial chylomicronemia syndrome and familial partial lipodystrophy. It also develops medicines for various indications that are in phase 3 study, including Eplontersen as a monthly self-administered subcutaneous injection to treat all types of TTR amyloidosis; Olezarsen for patients with severe hypertriglyceridemia (SHTG); Donidalorsen for patients with hereditary angioedema; ION363 for patients with amyotrophic lateral sclerosis; Pelacarsen for patients with established cardiovascular disease and elevated lipoprotein(a); and Tofersen to inhibit the production of superoxide dismutase 1. In addition, the company develops medicines for metabolic diseases, infectious diseases, renal diseases, ophthalmic diseases, and cancer. It has a strategic collaboration with Biogen Inc.; and collaboration and license agreement with AstraZeneca, Bayer AG, GlaxoSmithKline plc, Novartis AG, Roche, Janssen Biotech, Inc., and Flamingo Therapeutics, Inc. Ionis Pharmaceuticals, Inc. was founded in 1989 and is based in Carlsbad, California.Show more
  • Revenue $944M +33.9%
  • EBITDA -$382M +15.7%
  • Net Income -$381M +16.1%
  • EPS (Diluted) -2.38 +21.7%
  • Gross Margin 98.31% -0.1%
  • EBITDA Margin -40.47% +37.0%
  • Operating Margin -40.47% +39.9%
  • Net Margin -40.36% +37.3%
  • ROE -70.73% +24.0%
  • ROIC -12.18% +45.3%
  • Debt/Equity 5.78 +140.0%
  • Interest Coverage -5.23 +0.4%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Momentum leader: RS Rating 88 (top 12%)

✗Weaknesses

  • ✗High debt to equity ratio of 5.8x
  • ✗Weak Piotroski F-Score: 3/9
  • ✗Negative free cash flow
  • ✗Expensive at 26.6x book value
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.77%
5Y5.3%
3Y17.14%
TTM33.79%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM16.06%

EPS CAGR

10Y-
5Y-
3Y-
TTM19.08%

ROCE

10Y Avg-6.49%
5Y Avg-13.72%
3Y Avg-16.43%
Latest-16.31%

Peer Comparison

RNA and Genome Editing Developers
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
ALNYAlnylam Pharmaceuticals, Inc.44.07B332.92142.8865.19%8.45%39.76%1.06%3.76
SLXNWSilexion Therapeutics Ltd.63.6M0.030.00-132.54%
EDITEditas Medicine, Inc.205.18M2.20-0.76-58.64%-430.84%-14.85%0.26
SGMOSangamo Therapeutics, Inc.92.01M0.43-0.88-67.2%-331.28%-17.44%1.34
CAMPCAMP4 Therapeutics Corporation210.49M4.49-1.6986.29%-14.04%-133.54%0.14
SLNSilence Therapeutics plc256.95M5.44-1.7170.47%-252.16%-84.61%0.00
PEPGPepGen Inc.202.89M6.22-2.18-57.35%0.16
ARCTArcturus Therapeutics Holdings Inc.224.14M8.23-2.74-12.27%-72.48%-29.71%0.12

Compare IONS vs Peers

Analyze head-to-head performance against top industry competitors across valuation, growth, and profitability metrics.

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Profit & Loss

Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Sales/Revenue+372.78M514.18M599.67M1.12B729.26M810.46M587.37M787.65M705.14M944M
Revenue Growth %31.4%37.93%16.63%87.2%-35.04%11.13%-27.53%34.1%-10.48%33.87%
Cost of Goods Sold+001.82M4.38M11.95M10.84M14.12M9.13M11.21M16M
COGS % of Revenue--0.3%0.39%1.64%1.34%2.4%1.16%1.59%1.69%
Gross Profit+372.78M514.18M597.85M1.12B717.32M799.61M573.25M778.51M693.92M928M
Gross Margin %100%100%99.7%99.61%98.36%98.66%97.6%98.84%98.41%98.31%
Gross Profit Growth %1066.02%37.93%16.27%87.04%-35.85%11.47%-28.31%35.81%-10.87%33.73%
Operating Expenses+392.94M483.13M659.23M752.33M889.4M829.8M983.44M1.13B1.17B1.31B
OpEx % of Revenue105.41%93.96%109.93%67.02%121.96%102.39%167.43%143.75%165.78%138.77%
Selling, General & Admin48.62M108.49M244.62M286.64M332.2M170.9M150.29M232.6M267.5M394M
SG&A % of Revenue13.04%21.1%40.79%25.53%45.55%21.09%25.59%29.53%37.94%41.74%
Research & Development344.32M374.64M414.6M466M535M643M833M899.63M901.53M916M
R&D % of Revenue92.37%72.86%69.14%41.51%73.36%79.34%141.82%114.22%127.85%97.03%
Other Operating Expenses000-312K22.2M15.9M147K19K-26K0
Operating Income+-20.16M31.05M-61.37M365.88M-172.08M-30.19M-410.19M-353.73M-475.08M-382M
Operating Margin %-5.41%6.04%-10.23%32.59%-23.6%-3.72%-69.84%-44.91%-67.37%-40.47%
Operating Income Growth %73.39%254%-297.67%696.17%-147.03%82.46%-1258.88%13.76%-34.31%19.59%
EBITDA+-11.13M39.4M-48.84M381.88M-154.92M-10.63M-388.09M-331.23M-453.09M-382M
EBITDA Margin %-2.98%7.66%-8.15%34.02%-21.24%-1.31%-66.07%-42.05%-64.26%-40.47%
EBITDA Growth %83.02%454.06%-223.98%881.83%-140.57%93.14%-3552.23%14.65%-36.79%15.69%
D&A (Non-Cash Add-back)9.03M8.35M12.53M15.99M17.16M19.56M22.11M22.5M21.99M0
EBIT-18.67M27.99M-31.37M351.21M-128.35M-24.75M-249.86M-258.37M-375.71M-382M
Net Interest Income+-33.38M-36.57M-14.6M3.44M21.05M695K17.21M7.58M16.57M-73M
Interest Income5.42M8.18M30.19M52.2M30.56M10.04M25.33M89.04M107.02M0
Interest Expense38.8M44.75M44.79M48.77M9.51M9.35M8.12M81.46M90.45M73M
Other Income/Expense-37.31M-47.81M-14.78M-27.12M37.53M1.04M152.21M19.77M15.01M2M
Pretax Income+-57.47M-16.76M-76.16M338.77M-134.55M-29.15M-257.99M-333.96M-460.07M-380M
Pretax Margin %-15.42%-3.26%-12.7%30.18%-18.45%-3.6%-43.92%-42.4%-65.25%-40.25%
Income Tax+2.93M-5.98M-291.14M51.51M345.19M-551K11.74M32.32M-6.17M1M
Effective Tax Rate %105.11%-2.06%-359.45%82.1%330.18%98.11%104.55%109.68%98.66%100.26%
Net Income+-60.4M346K273.74M278.14M-444.26M-28.6M-269.72M-366.29M-453.9M-381M
Net Margin %-16.2%0.07%45.65%24.78%-60.92%-3.53%-45.92%-46.5%-64.37%-40.36%
Net Income Growth %31.58%100.57%79015.9%1.61%-259.72%93.56%-843.18%-35.8%-23.92%16.06%
Net Income (Continuing)-60.4M-10.78M214.99M287.26M-479.74M-28.6M-269.72M-366.29M-453.9M-381M
Discontinued Operations0000000000
Minority Interest084.27M139.08M213.45M000000
EPS (Diluted)+-0.72-0.052.042.06-3.18-0.20-1.90-2.56-3.04-2.38
EPS Growth %2.7%93.43%4412.9%0.98%-254.37%93.71%-850%-34.74%-18.75%21.71%
EPS (Basic)-0.72-0.052.072.10-3.18-0.20-1.90-2.56-3.04-2.38
Diluted Shares Outstanding120.93M126.1M134.06M142.87M139.61M141.02M141.85M143.19M149.51M160M
Basic Shares Outstanding120.8M124.02M132.32M140M139.61M141.02M141.85M143M149.51M160M
Dividend Payout Ratio----------

Balance Sheet

Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Total Current Assets+797.93M1.17B2.21B2.72B2.13B2.35B2.2B2.64B2.62B2.99B
Cash & Short-Term Investments665.22M1.02B2.08B2.5B1.89B2.13B2B2.33B2.3B2.68B
Cash Only84.69M129.63M278.82M683.29M397.66M869.19M276.47M399.27M242.08M372.26M
Short-Term Investments2.41M893.09M1.81B1.82B1.49B1.26B1.72B1.93B2.06B2.31B
Accounts Receivable108.04M62.95M12.76M63.03M76.2M61.9M25.54M97.78M92.19M66M
Days Sales Outstanding105.7944.697.7720.4938.1427.8815.8745.3147.7225.52
Inventory7.49M9.98M8.58M18.18M21.96M24.81M22.03M7.44M12.51M0
Days Inventory Outstanding--1.72K1.51K671.07835.1569.71297.38407.21-
Other Current Assets17.18M73.08M102.47M139.84M140.16M125.17M157.72M205.43M217.93M247M
Total Non-Current Assets+114.53M154.04M459.9M512.51M259.05M266.64M331.18M348.22M383.38M534M
Property, Plant & Equipment92.84M121.91M132.16M153.65M181.08M196.04M255.84M242.94M256.11M362M
Fixed Asset Turnover4.02x4.22x4.54x7.31x4.03x4.13x2.30x3.24x2.75x2.61x
Goodwill0000000000
Intangible Assets20.36M22M24.03M25.67M27.94M29M0000
Long-Term Investments000015.06M32.32M40.37M42.99M41.02M0
Other Non-Current Assets1.32M10.13M12.91M27.63M34.97M9.27M34.97M62.29M86.25M172M
Total Assets+912.47M1.32B2.67B3.23B2.39B2.61B2.53B2.99B3B3.52B
Asset Turnover0.41x0.39x0.22x0.35x0.31x0.31x0.23x0.26x0.23x0.27x
Asset Growth %-3.74%44.97%101.68%21.19%-26.09%9.29%-2.98%18%0.45%17.32%
Total Current Liabilities+133.78M243.61M280.29M273M598.9M240.55M311.56M448.09M309.32M1.53B
Accounts Payable21.12M24.89M28.66M16.07M17.2M11.9M17.92M26.03M42.96M0
Days Payables Outstanding--5.75K1.34K525.46400.75463.391.04K1.4K-
Short-Term Debt1.19M1.62M13.75M2.03M308.81M3.53M7.54M53.16M9.28M1.18B
Deferred Revenue (Current)51.28M125.34M160.26M118.27M108.38M97.71M90.58M151.13M78.99M74M
Other Current Liabilities24.19M25.15M29.27M37.36M73.03M38.81M49.18M67.73M69.61M277M
Current Ratio5.96x4.80x7.88x9.97x3.56x9.75x7.07x5.90x8.47x1.95x
Quick Ratio5.91x4.76x7.85x9.90x3.52x9.65x7.00x5.88x8.43x1.95x
Cash Conversion Cycle---4.02K196.42183.75462.23122.19-697.48-943.36-
Total Non-Current Liabilities+679.12M713.88M1.2B1.28B1.05B1.6B1.65B2.16B2.11B1.5B
Long-Term Debt500.51M592.88M628.06M769.96M600.12M1.23B1.18B1.23B1.25B1.38B
Capital Lease Obligations72.36M000019.43M178.94M170.88M161.81M262M
Deferred Tax Liabilities0000000000
Other Non-Current Liabilities15.05M12.97M4.91M15.54M23.41M00513.74M542.21M-234M
Total Liabilities812.9M957.49M1.48B1.55B1.65B1.84B1.96B2.6B2.42B3.04B
Total Debt+574.05M594.5M641.81M771.98M908.93M1.25B1.37B1.45B1.42B2.83B
Net Debt489.37M464.87M362.99M88.7M511.26M381.86M1.09B1.05B1.17B2.45B
Debt / Equity5.77x1.63x0.54x0.46x1.22x1.62x2.39x3.76x2.41x5.78x
Debt / EBITDA-15.09x-2.02x------
Net Debt / EBITDA-11.80x-0.23x------
Interest Coverage-0.52x0.69x-1.37x7.50x-18.09x-3.23x-50.50x-4.34x-5.25x-5.23x
Total Equity+99.56M365.28M1.19B1.68B743.28M771.74M572.89M386.69M588.35M489M
Equity Growth %-50.41%266.88%225%41.9%-55.88%3.83%-25.77%-32.5%52.15%-16.89%
Book Value per Share0.822.908.8611.795.325.474.042.703.943.06
Total Shareholders' Equity99.56M281.01M1.05B1.47B743.28M771.74M572.89M386.69M588.35M489M
Common Stock122K125K138K140K140K141K142K144K158K163K
Retained Earnings-1.18B-1.19B-967.29M-707.53M-1.13B-1.16B-1.43B-1.8B-2.25B-2.63B
Treasury Stock0000000000
Accumulated OCI-30.36M-31.76M-32.02M-25.29M-21.07M-32.67M-57.48M-32.65M-30.81M-25.28M
Minority Interest084.27M139.08M213.45M000000

Cash Flow

Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Cash from Operations+-112.11M174.15M602.89M345.72M35.89M30.8M-274.37M-307.51M-500.95M-268.58M
Operating CF Margin %-30.07%33.87%100.54%30.8%4.92%3.8%-46.71%-39.04%-71.04%-28.45%
Operating CF Growth %-630.67%255.34%246.19%-42.66%-89.62%-14.19%-990.84%-12.08%-62.9%46.38%
Net Income-86.56M-17.3M214.99M303.26M-486.77M-28.6M-269.72M-366.29M-453.9M-381.39M
Depreciation & Amortization9.03M8.35M12.53M15.99M17.16M19.56M22.11M22.5M19.65M20.25M
Stock-Based Compensation72.11M85.97M131.31M146.57M230.12M120.68M100.26M105.81M130.2M133.87M
Deferred Taxes10.74M14.07M-290.52M-7.1M313.27M25.31M0000
Other Non-Cash Items34.1M39.5M35.17M55.69M35.66M7.67M-134.59M7.73M12.49M-41.33M
Working Capital Changes-151.53M43.56M499.41M-168.71M-73.56M-113.82M7.57M-77.26M-209.39M0
Change in Receivables-89.36M15.72M514K-44.18M-22M5.05M36.36M-72.06M5.59M0
Change in Inventory-590K-2.49M1.4M-5.41M-1.26M-2.84M2.77M-6.39M-5.07M-13.67M
Change in Payables-10.68M1.78M-655K-16.34M-2.75M-6M1.09M8.12M15.99M-15.36M
Cash from Investing+56.6M-358.29M-929.56M-41.27M274.48M194.91M-262.64M-214.13M-134.03M-277.78M
Capital Expenditures-11.53M-37.86M-17.65M-36.28M-41.05M-17.9M-20.1M-23.8M-45.28M-51.44M
CapEx % of Revenue3.09%7.36%2.94%3.23%5.63%2.21%3.42%3.02%6.42%5.45%
Acquisitions4.47M2.51M4.04M5.38M5.93M5.95M254.08M22K00
Investments----------
Other Investing63.71M-323.53M-4.04M-5.38M-5.93M-5.95M0-4.21M-5.06M-5.64M
Cash from Financing+11.39M229.09M475.87M100.02M-596.61M245.93M-55.3M644.08M478.06M675.84M
Debt Issued (Net)-3.07M-23.98M097M0313.57M-50.69M86.9M-44.67M0
Equity Issued (Net)1000K1000K1000K1000K-1000K1000K1000K1000K1000K0
Dividends Paid0000000000
Share Repurchases000-34.39M-90.55M00000
Other Financing1.04M-2.04M0-82.24M-492.65M-153.34M-10.98M507.74M0675.84M
Net Change in Cash-44.11M44.95M149.19M404.47M-285.62M471.53M-592.72M122.79M-157.19M130.18M
Free Cash Flow+-123.63M136.29M585.24M309.44M-5.16M12.9M-294.47M-335.52M-546.23M-320.03M
FCF Margin %-33.17%26.51%97.59%27.56%-0.71%1.59%-50.13%-42.6%-77.46%-33.9%
FCF Growth %-1418.47%210.24%329.4%-47.13%-101.67%350.16%-2383.06%-13.94%-62.8%41.41%
FCF per Share-1.021.084.372.17-0.040.09-2.08-2.34-3.65-2.00
FCF Conversion (FCF/Net Income)1.86x503.32x2.20x1.24x-0.08x-1.08x1.02x0.84x1.10x0.70x
Interest Paid0009.87M6.25M4.78M2.9M6.51M00
Taxes Paid0009.04M25.86M38K5.01M48.33M00

Key Ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)-40.22%0.15%35.27%19.37%-36.6%-3.78%-40.12%-76.34%-93.1%-70.73%
Return on Invested Capital (ROIC)-2.67%3.28%-3.87%16.51%-8.53%-1.88%-21.82%-17.08%-22.24%-12.18%
Gross Margin100%100%99.7%99.61%98.36%98.66%97.6%98.84%98.41%98.31%
Net Margin-16.2%0.07%45.65%24.78%-60.92%-3.53%-45.92%-46.5%-64.37%-40.36%
Debt / Equity5.77x1.63x0.54x0.46x1.22x1.62x2.39x3.76x2.41x5.78x
Interest Coverage-0.52x0.69x-1.37x7.50x-18.09x-3.23x-50.50x-4.34x-5.25x-5.23x
FCF Conversion1.86x503.32x2.20x1.24x-0.08x-1.08x1.02x0.84x1.10x0.70x
Revenue Growth31.4%37.93%16.63%87.2%-35.04%11.13%-27.53%34.1%-10.48%33.87%

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