IONS

Ionis Pharmaceuticals Inc Health Care Pharmaceutical Preparations Russell 3000
$43.52Close $7.1BMarket cap $42.38 – $86.5052-week range Nov 4, 2026Next report

Highlights

Cautions

  • Not in an uptrend 0 of 8 trend conditions
  • Lagging the market RS 6 · weaker than 94% of stocks over 12 months
  • Far from its high 50% below its 52-week high
  • Distribution down-day volume 1.7× up-day volume over 50 sessions
  • Earnings shrinking EPS −202% year on year
  • Results soon Nov 4, 2026, in 3 days
  • Financial distress Altman Z″ in the distress zone

Price

Filing Results Screen pick 52-week high and low Adjusted prices

Key figures

FY to Dec 31, 2025 · filed Jul 29, 2026
Off 12-month high 50%
1wk up 1.4% price change
1mo down 2.5% price change
12-month return down 41% market up 11% · its own down 50%
F-score 3 / 9 Weak
Altman Z 1.02 Elevated risk
P/E — price / earnings
PEG — P/E / EPS growth
P/B 14.5× price / book
Earnings yield down 4.7% EBIT / enterprise value
Cheaper than 12% of the market · expensive
Revenue growth up 34% year on year
EPS growth down 202% latest quarter
Sales growth down 41% latest quarter · -128 pts
ROE down 71% return on equity
Free cash margin down 34% -$320.0M FCF
D/E 2.72 long-term debt / equity
Net debt / EBITDA —
Interest cover Lossoperating loss
Piotroski tests
  • not yet profitable on its assets
  • operating cash flow is negative
  • took on more long-term debt
  • short-term liquidity weakened
  • issued more shares
  • gross margin narrowed
  • profitability improving
  • profits backed by cash
  • assets working harder

Repair signals

  • Revenue reaccelerating (-10% then +34%)

Trade setup

ATR% 3.9% $1.70 a day · 2×ATR $40.12
RS 6 / 99 vs the universe
Trend 0 / 8 trend template
Relative volume 0.4× vs 50-day average
Up/down volume 0.60 50 sessions
Implied move — no option chain · report Nov 4, 2026
Trend template · 0 of 8

Screen verdict

Did not qualify for any screen.

Warning signs

3 flagged
  • Bankruptcy model reads distressed The Altman score sits inside the range historically associated with financial distress. It is used here only to exclude, never to rank, and it is a statistical band rather than a prediction about this company.
  • Losing money before interest is even paid The company made an operating loss, so interest is not covered at all - the debt is being serviced from cash reserves, asset sales or new borrowing rather than from the business.
  • Shareholders diluted The share count rose 3.4% over the year, from 158m to 163m shares. Each existing share owns a smaller fraction of the company than it did a year ago.
Last reported Jul 29, 2026
Last shock Jul 9, 2026-24% in one session7.1× volumeon an SEC filing-32% since

Financials

6 fiscal years · from filings
Revenue What customers paid the company over its fiscal year, before any cost, as filed in its annual report. The change is against the year before. Methodology $943.7M +34% on FY2024
$0 $1B FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · $729.3M FY2021 · $810.5M FY2022 · $587.4M FY2023 · $787.6M FY2024 · $705.1M FY2025 · $943.7M
Net income Profit left after every cost, interest and tax for the year. A column below the line is a loss. Methodology -$381.4M
-$500M $0 FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · -$444.3M FY2021 · -$28.6M FY2022 · -$269.7M FY2023 · -$366.3M FY2024 · -$453.9M FY2025 · -$381.4M
Free cash flow Cash from running the business less what it spent on equipment and buildings: the cash a year actually left behind, which profit alone does not show. Not shown for banks and insurers, whose cash moves with their loans. Methodology -$320.0M
-$1B $0 FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · $772,000 FY2021 · $18.8M FY2022 · -$290.1M FY2023 · -$331.3M FY2024 · -$546.2M FY2025 · -$320.0M
Margins Each as a share of revenue. Gross: left after the direct cost of what was sold. Net: left after every cost. Free cash: free cash flow over revenue. A margin rising over years means the business keeps more of each dollar it sells. Methodology
  • Gross 98%
  • Net -40%
  • Free cash -34%
-100% 0% 100% FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · Gross 98% · Net -61% · Free cash 0% FY2021 · Gross 99% · Net -4% · Free cash 2% FY2022 · Gross 98% · Net -46% · Free cash -49% FY2023 · Gross 99% · Net -47% · Free cash -42% FY2024 · Gross 98% · Net -64% · Free cash -77% FY2025 · Gross 98% · Net -40% · Free cash -34%
Cash and long-term debt Cash on the balance sheet at the year's end beside debt due after a year. Net cash is cash less that debt; net debt is the shortfall. Debt some filers do not tag shows as a gap, not as zero. Methodology $955.7M net debt
  • Cash
  • Long-term debt
$0 $2B FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · Cash $397.7M · Long-term debt $839.6M FY2021 · Cash $869.2M FY2022 · Cash $276.5M · Long-term debt $1.2B FY2023 · Cash $399.3M · Long-term debt $1.2B FY2024 · Cash $242.1M · Long-term debt $1.2B FY2025 · Cash $372.3M · Long-term debt $1.3B
Shares outstanding Shares in issue at the year's end. A rising count means each share owns a smaller slice of the company (stock pay, share sales); a falling one, buybacks. The chart's scale is fitted to the count, so a small change looks large: read the percentage. Methodology 163.30m +16.3% since FY2020
163.30m 140.37m FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · 140.37m FY2021 · 141.21m FY2022 · 142.06m FY2023 · 144.34m FY2024 · 157.91m FY2025 · 163.30m
  FY2020Dec 31, 2020 FY2021Dec 31, 2021 FY2022Dec 31, 2022 FY2023Dec 31, 2023 FY2024Dec 31, 2024 FY2025Dec 31, 2025
Revenue $729.3M $810.5M $587.4M $787.6M $705.1M $943.7M
Gross margin 98% 99% 98% 99% 98% 98%
Operating income -$172.1M -$30.2M -$410.2M -$353.7M -$475.1M -$381.7M
Net income -$444.3M -$28.6M -$269.7M -$366.3M -$453.9M -$381.4M
Net margin -61% -4% -46% -47% -64% -40%
Earnings per share -$3.18 -$0.20 -$1.90 -$2.56 -$3.04 -$2.38
Free cash flow $772,000 $18.8M -$290.1M -$331.3M -$546.2M -$320.0M
Free cash margin 0% 2% -49% -42% -77% -34%
Cash $397.7M $869.2M $276.5M $399.3M $242.1M $372.3M
Long-term debt $839.6M — $1.2B $1.2B $1.2B $1.3B
Shareholders' equity $743.3M $771.7M $572.9M $386.7M $588.4M $489.1M
Shares outstanding 140.37m 141.21m 142.06m 144.34m 157.91m 163.30m

Filings

SEC EDGAR
FiledReportPeriod to Lag
Jul 29, 2026 Quarterly ↗ Jun 30, 2026 29d
Apr 29, 2026 Quarterly ↗ Mar 31, 2026 29d
Feb 26, 2026 Annual ↗ Dec 31, 2025 57d
Oct 29, 2025 Quarterly ↗ Sep 30, 2025 29d
Jul 30, 2025 Quarterly ↗ Dec 31, 2025 -154d
Apr 30, 2025 Quarterly ↗ Mar 31, 2025 30d
Feb 19, 2025 Annual ↗ Dec 31, 2024 50d
Nov 6, 2024 Quarterly ↗ Sep 30, 2024 37d
Aug 1, 2024 Quarterly ↗ Jun 30, 2024 32d
May 7, 2024 Quarterly ↗ Mar 31, 2024 37d
Feb 21, 2024 Annual ↗ Dec 31, 2023 52d
Nov 2, 2023 Quarterly ↗ Sep 30, 2023 33d

Current reports