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Pioneer of antisense-oligonucleotide drugs, selling Tryngolza and Wainua and earning royalties on partnered medicines.
Pioneer of antisense-oligonucleotide drugs, selling Tryngolza and Wainua and earning royalties on partnered medicines.
Partners have long paid it upfront licence fees, milestone payments and royalties, which funded the business until its own medicines launched. It now sells Tryngolza itself and shares Wainua with AstraZeneca, so product sales are only starting to become a main income line.
Moat: narrow (IP / patents, process know-how). Deep antisense-chemistry patent estate and decades of manufacturing know-how license out to multiple partners.
Headquarters: Carlsbad, California, United States · Founded: 1989 · Employees: 1,402
Size Ionis Pharmaceuticals (IONS) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $6.55B, the 995th largest of 3,117 United States companies the cockpit tracks. Shares closed at $39.42 on 6 Nov 2026.
Performance Over six months the shares fell 47.9%, against -0.2% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue fell 7.5% over the last twelve months (peer median +6.0%); the operating margin is -68.1% (peer median 16.2%).
Valuation It trades at 7.7× enterprise value to sales against a peer median of 5.4× (8th most expensive of 18).
Capital Return on invested capital runs 88.5 points below its cost of capital (6.6% WACC).
Credit Ionis Pharmaceuticals has 2 bonds outstanding ($1.34B).
Short interest Short interest is 12.4% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $874M | $944M | $705M | $788M | $587M |
| Revenue growth | — | +34% | -10% | +34% | — |
| Gross profit | $836M | $915M | $672M | $756M | $551M |
| EBITDA | -$568M | -$359M | -$453M | -$331M | -$388M |
| Net income | -$565M | -$381M | -$454M | -$366M | -$270M |
| Free cash flow | -$561M | -$320M | -$546M | -$331M | -$290M |
| Capital expenditure | $71.1M | $57.1M | $50.3M | $28.0M | $20.1M |
| Total debt | $2.19B | $2.61B | $1.96B | $1.97B | $1.37B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Ionis Pharmaceuticals IONS | $6.55B | -48% | -7% | -68% | 7.7× | n/a |
| Alnylam Pharmaceuticals ALNY | $20.9B | -47% | +56% | 20% | 4.0× | 0.9% |
| Pfizer PFE | $168B | +14% | +1% | 26% | 3.4× | -4.3% |
| Biogen BIIB | $36.7B | +28% | +2% | 17% | 4.4× | 9.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IONS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.0% | +2.4% | 3rd lowest of 21 |
| 6-month return | -47.9% | -0.2% | lowest of 21 |
| Distance from 52-week high | -54.5% | -13.1% | 2nd lowest of 21 |
| Revenue growth (TTM) | -7.5% | +6.0% | 2nd lowest of 17 |
| Operating margin | -68.1% | 16.2% | 2nd lowest of 18 |
| EV / Sales | 7.7× | 5.4× | 8th most expensive of 18 |
| ROIC minus cost of capital | -88.5 pp | +1.7 pp | lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ionis Pharmaceuticals IONS | United States | $6.55B | -48% | -7% | -68% | 7.7× | n/a | n/a |
| China Resources Sanjiu Medical & Pharmaceutical 000999.SZ | China | $6.48B | 0% | +4% | 14% | 1.9× | -6.3% | +18.4% |
| Alkem Laboratories ALKEM.NS | India | $6.67B | -5% | +13% | 17% | 4.2× | 24.3% | +10.7% |
| Gan & Lee Pharmaceuticals 603087.SS | China | $6.40B | +21% | +14% | 20% | 8.8× | n/a | n/a |
| Samsung Epis 0126Z0.KS | South Korea | $6.39B | -36% | n/a | -25% | 34.5× | n/a | n/a |
| Oruka Therapeutics ORKA | United States | $6.81B | +59% | n/a | n/a | n/a | n/a | n/a |
| Biocon BIOCON.NS | India | $6.28B | -4% | +6% | 8% | 4.3× | n/a | n/a |
| RemeGen 688331.SS | China | $6.90B | -26% | +272% | 61% | 4.9× | 2.8% | +303.3% |
| Belite Bio, Inc. ADR BLTE | United States | $6.20B | 0% | n/a | n/a | n/a | n/a | n/a |
| Ligand Pharmaceuticals LGND | United States | $6.12B | +38% | +1% | 14% | 26.9× | 57.8% | +7.5% |
| ONO Pharmaceutical 4528.T | Japan | $7.01B | +2% | -2% | 22% | 2.0× | -8.2% | +10.8% |
| Mirum Pharmaceuticals MIRM | United States | $6.12B | -13% | +42% | -21% | 9.7× | n/a | n/a |
| Amneal Pharmaceuticals AMRX | United States | $7.01B | +53% | +9% | 17% | 3.2× | 15.2% | +8.7% |
| Abbott India ABBOTINDIA.NS | India | $5.93B | -1% | +6% | 28% | 8.0× | 11.4% | +10.0% |
| Shanghai Allist Pharmaceuticals 688578.SS | China | $5.90B | -6% | +39% | 47% | 5.4× | 1.8% | +519.6% |
| Huadong Medicine 000963.SZ | China | $7.29B | -17% | +2% | 9% | 1.1× | -2.7% | +5.3% |
| Bachem BANB.SW | Switzerland | $7.32B | +3% | +5% | 19% | 8.7× | n/a | n/a |
| Kiniksa Pharmaceuticals International KNSA | United States | $7.37B | +60% | +58% | 14% | 7.2× | 9.9% | +45.5% |
| Veradermics MANE | United States | $5.80B | +31% | n/a | n/a | n/a | n/a | n/a |
| Cytokinetics CYTK | United States | $7.46B | -30% | -21% | -1,046% | 111.8× | n/a | n/a |
| Grifols GRF.MC | Spain | $7.49B | +23% | 0% | 16% | 2.3× | 6.8% | +7.1% |
Ionis Pharmaceuticals has 2 bonds outstanding with $1.34B face value.