Ionis Pharmaceuticals (IONS) Financials

$75.68 -1.92 (-2.47%)

Closing price 04:00 PM Eastern

Extended Trading

$75.69 +0.01 (+0.01%)

As of 06:53 PM Eastern

Annual Income Statements for Ionis Pharmaceuticals

This table shows Ionis Pharmaceuticals' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-88	-60	0.35	274	278	-444	-29	-270	-366	-454	-381
Consolidated Net Income / (Loss)	-88	-60	-11	215	287	-480	-29	-270	-366	-454	-381
Net Income / (Loss) Continuing Operations	-88	-60	-11	215	287	-480	-29	-270	-366	-454	-381
Total Pre-Tax Income	-88	-57	-17	-76	339	-135	-29	-258	-334	-460	-380
Total Operating Income	-76	-20	31	-61	366	-172	-30	-410	-354	-475	-382
Total Gross Profit	284	373	514	598	1,118	717	800	573	779	694	928
Total Revenue	284	373	514	600	1,123	729	810	587	788	705	944
Operating Revenue	284	373	514	600	1,123	729	810	587	788	705	944
Total Cost of Revenue	0.00	0.00	0.00	1.82	4.38	12	11	14	9.13	11	16
Operating Cost of Revenue	-	0.00	0.00	1.82	4.38	12	11	14	9.13	11	16
Total Operating Expenses	359	393	483	659	752	889	830	983	1,132	1,169	1,309
Selling, General & Admin Expense	37	49	108	245	287	354	186	150	233	267	394
Research & Development Expense	322	344	375	415	466	535	643	833	900	902	916
Total Other Income / (Expense), net	-12	-37	-48	-15	-27	38	1.04	152	20	15	2.08
Interest Expense	37	43	45	45	79	9.51	9.35	8.12	81	90	91
Interest & Investment Income	25	5.47	8.18	30	52	47	20	18	87	104	108
Other Income / (Expense), net	0.00	0.00	-11	-0.18	-0.69	-0.06	-9.76	142	14	1.33	-15
Income Tax Expense	0.37	2.93	-5.98	-291	52	345	-0.55	12	32	-6.17	1.79
Basic Earnings per Share	($0.74)	($0.50)	$0.15	$2.09	$2.00	($3.18)	($0.20)	($1.90)	($2.56)	($3.04)	($2.38)
Weighted Average Basic Shares Outstanding	119.72M	120.93M	124.02M	132.32M	140.00M	139.61M	141.02M	141.85M	143.19M	149.51M	160.01M
Diluted Earnings per Share	($0.74)	($0.50)	$0.15	$2.07	$1.90	($3.18)	($0.20)	($1.90)	($2.56)	($3.04)	($2.38)
Weighted Average Diluted Shares Outstanding	119.72M	120.93M	126.10M	134.06M	153.16M	139.61M	141.02M	141.85M	143.19M	149.51M	160.01M

This table shows Ionis Pharmaceuticals' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-147	-9.26	-143	-66	-140	-104	-147	124	-129	-229	-93
Consolidated Net Income / (Loss)	-147	-9.26	-143	-66	-140	-104	-147	124	-129	-229	-93
Net Income / (Loss) Continuing Operations	-147	-9.26	-143	-66	-140	-103	-147	124	-129	-229	-93
Total Pre-Tax Income	-141	-2.77	-143	-66	-144	-107	-147	124	-128	-228	-92
Total Operating Income	-143	-6.12	-150	-66	-149	-111	-147	140	-160	-214	-117
Total Gross Profit	142	321	117	221	133	223	130	448	154	195	243
Total Revenue	144	325	119	225	134	227	132	452	157	203	246
Operating Revenue	144	325	119	225	134	227	132	452	157	203	246
Total Cost of Revenue	2.19	3.06	2.15	4.16	1.07	3.83	1.46	4.15	2.34	7.96	2.98
Operating Cost of Revenue	2.19	3.06	2.15	4.16	1.07	3.83	1.46	4.15	2.34	7.96	2.98
Total Operating Expenses	285	328	267	287	281	334	277	308	315	410	361
Selling, General & Admin Expense	70	71	53	65	62	88	76	91	97	130	150
Research & Development Expense	215	257	214	222	220	245	201	217	218	280	210
Total Other Income / (Expense), net	2.46	3.36	6.79	-0.11	4.56	2.44	0.04	-16	32	-13	25
Interest Expense	22	22	22	23	23	23	23	23	22	23	22
Interest & Investment Income	22	26	29	22	27	26	23	6.38	54	26	48
Other Income / (Expense), net	2.45	0.24	0.28	0.61	0.14	-1.04	0.47	0.10	0.36	-16	-0.46
Income Tax Expense	6.60	6.50	0.08	0.06	-3.62	-2.69	0.12	-0.02	0.21	1.48	0.22
Basic Earnings per Share	($1.03)	($0.06)	($0.98)	($0.45)	($0.95)	($0.66)	($0.93)	$0.78	($0.80)	($1.43)	($0.56)
Weighted Average Basic Shares Outstanding	143.32M	143.19M	145.54M	145.96M	148.59M	149.51M	158.74M	159.14M	159.77M	160.01M	164.87M
Diluted Earnings per Share	($1.03)	($0.06)	($0.98)	($0.45)	($0.95)	($0.66)	($0.93)	$0.70	($0.80)	($1.35)	($0.56)
Weighted Average Diluted Shares Outstanding	143.32M	143.19M	145.54M	145.96M	148.59M	149.51M	158.74M	182.33M	159.77M	160.01M	164.87M
Weighted Average Basic & Diluted Shares Outstanding	143.47M	145.75M	145.97M	146.21M	157.90M	158.96M	159.16M	-	-	0.00	165.26M

This table details how cash moves in and out of Ionis Pharmaceuticals' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-14	-44	45	149	404	-286	472	-593	123	-157	129
Net Cash From Operating Activities	21	-112	174	603	346	36	31	-274	-308	-501	-269
Net Cash From Continuing Operating Activities	21	-112	174	603	346	36	31	-274	-308	-501	-269
Net Income / (Loss) Continuing Operations	-88	-60	-11	215	287	-480	-29	-270	-366	-454	-381
Consolidated Net Income / (Loss)	-88	-60	-11	215	287	-480	-29	-270	-366	-454	-381
Depreciation Expense	6.98	7.48	6.71	11	13	13	15	14	10	9.61	10
Amortization Expense	41	40	45	36	-1.09	19	27	21	-10	-19	-4.14
Non-Cash Adjustments To Reconcile Net Income	41	78	97	180	215	202	131	-47	136	171	158
Changes in Operating Assets and Liabilities, net	20	-178	37	161	-168	281	-114	7.57	-77	-209	-51
Net Cash From Investing Activities	-60	57	-358	-930	-41	274	195	-263	-214	-134	-278
Net Cash From Continuing Investing Activities	-60	57	-358	-930	-41	274	195	-263	-214	-134	-278
Purchase of Property, Plant & Equipment	-12	-12	-38	-18	-31	-35	-12	-16	-24	-45	-51
Acquisitions	-	-	-	-	-5.38	-5.93	-5.95	-4.38	-4.18	-5.06	-5.64
Purchase of Investments	-493	-301	-880	-1,795	-1,957	-1,570	-1,131	-1,486	-1,771	-1,853	-1,919
Sale and/or Maturity of Investments	420	365	557	883	1,952	1,886	1,344	989	1,585	1,769	1,698
Net Cash From Financing Activities	25	11	229	476	100	-597	246	-55	644	478	676
Net Cash From Continuing Financing Activities	25	11	229	476	100	-597	246	-55	644	478	676
Repayment of Debt	-9.06	-7.07	-3.60	0.00	-23	0.00	-335	-51	-502	-45	-287
Issuance of Debt	8.50	4.00	60	0.00	110	0.00	633	0.00	575	0.00	770
Issuance of Common Equity	25	13	255	476	176	52	101	6.37	49	523	193
Other Financing Activities, net	0.40	1.86	-80	0.00	-128	-13	-153	-11	522	0.00	0.00
Cash Interest Paid	6.80	7.31	8.04	9.59	9.87	6.25	4.78	2.90	6.51	11	11
Cash Income Taxes Paid	-	-	0.00	0.00	9.04	26	0.04	5.01	48	-5.62	-0.64

This table details how cash moves in and out of Ionis Pharmaceuticals' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-73	47	-50	-55	41	-93	22	33	41	33	-199
Net Cash From Operating Activities	-109	33	-150	-120	-115	-116	-151	151	-131	-138	-793
Net Cash From Continuing Operating Activities	-109	33	-150	-120	-115	-116	-151	151	-131	-138	-793
Net Income / (Loss) Continuing Operations	-147	-9.26	-143	-66	-140	-104	-147	124	-129	-229	-93
Consolidated Net Income / (Loss)	-147	-9.26	-143	-66	-140	-104	-147	124	-129	-229	-93
Depreciation Expense	2.52	2.54	2.55	2.47	2.36	2.24	2.23	2.27	2.26	3.26	3.30
Amortization Expense	-3.15	-3.76	-4.49	-5.10	-4.33	-4.75	-2.30	-1.04	-1.19	0.38	0.31
Non-Cash Adjustments To Reconcile Net Income	45	30	40	43	36	52	37	2.56	1.51	64	-606
Changes in Operating Assets and Liabilities, net	-5.93	13	-46	-94	-8.46	-61	-41	24	-5.41	24	-98
Net Cash From Investing Activities	69	-27	76	62	-341	68	170	-120	91	-420	537
Net Cash From Continuing Investing Activities	69	-27	76	62	-341	68	170	-120	91	-420	537
Purchase of Property, Plant & Equipment	-2.14	0.82	-4.49	-6.23	-9.06	-25	-13	-12	-5.27	-21	-22
Acquisitions	-1.10	-0.79	-1.24	-14	13	-2.55	-0.65	-1.96	-1.66	-1.37	-1.49
Purchase of Investments	-421	-418	-519	-285	-715	-334	-311	-492	-324	-792	-193
Sale and/or Maturity of Investments	493	391	601	368	371	430	495	386	422	395	753
Net Cash From Financing Activities	-32	41	24	2.56	496	-44	2.20	1.25	81	591	57
Net Cash From Continuing Financing Activities	-32	41	24	2.56	496	-44	2.20	1.25	81	591	57
Repayment of Debt	-68	-0.04	-0.04	-0.04	-0.05	-45	-0.04	-0.04	-0.04	-287	-0.04
Issuance of Common Equity	3.73	41	24	2.60	496	0.43	2.24	1.29	81	108	57
Cash Interest Paid	0.42	5.56	0.10	5.47	0.15	5.16	0.09	5.12	0.19	5.38	0.09
Cash Income Taxes Paid	0.20	48	0.01	1.98	0.08	-7.69	-0.40	0.02	-0.28	0.02	-0.01

This table presents Ionis Pharmaceuticals' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	948	912	1,323	2,668	3,233	2,390	2,612	2,534	2,990	3,004	3,524
Total Current Assets	837	798	1,169	2,208	2,721	2,131	2,345	2,203	2,642	2,620	2,991
Cash & Equivalents	129	85	130	279	683	398	869	276	399	242	372
Short-Term Investments	675	581	893	1,805	1,816	1,495	1,246	1,710	1,932	2,056	2,305
Accounts Receivable	-	-	-	-	-	-	-	-	-	92	66
Inventories, net	6.90	7.49	9.98	8.58	18	22	25	22	7.44	13	10
Other Current Assets	15	17	136	115	203	216	205	194	303	218	237
Plant, Property, & Equipment, net	90	93	122	132	154	181	178	74	71	94	123
Total Noncurrent Assets	21	22	32	328	359	78	89	257	277	289	410
Other Noncurrent Operating Assets	1.35	1.33	10	13	28	50	89	257	277	289	410
Total Liabilities & Shareholders' Equity	948	912	1,323	2,668	3,233	2,390	2,612	2,534	2,990	3,004	3,524
Total Liabilities	747	813	957	1,481	1,549	1,646	1,840	1,961	2,603	2,415	3,035
Total Current Liabilities	149	134	244	280	273	599	241	312	448	309	782
Short-Term Debt	-	-	-	14	0.00	309	-	0.00	44	0.00	432
Accounts Payable	28	21	25	29	16	17	12	18	26	43	28
Accrued Expenses	28	36	67	48	67	90	89	140	148	108	106
Current Deferred Revenue	67	51	125	160	118	108	98	91	151	79	74
Current Deferred & Payable Income Tax Liabilities	-	-	-	0.86	33	1.32	0.04	6.25	2.15	0.03	2.71
Current Employee Benefit Liabilities	16	24	25	29	37	66	39	49	68	70	116
Other Current Liabilities	9.03	1.19	1.62	-	2.03	7.30	3.53	7.54	8.83	9.28	23
Total Noncurrent Liabilities	598	679	714	1,200	1,276	1,048	1,599	1,649	2,155	2,106	2,253
Long-Term Debt	389	501	593	628	770	600	1,221	1,183	1,230	1,245	1,319
Capital Lease Obligations	-	-	-	-	-	-	19	179	171	162	262
Noncurrent Deferred Revenue	134	91	108	567	490	424	352	288	241	157	92
Other Noncurrent Operating Liabilities	75	87	13	4.91	16	23	6.95	0.00	514	542	579
Total Equity & Noncontrolling Interests	201	100	365	1,187	1,685	743	772	573	387	588	489
Total Preferred & Common Equity	201	100	281	1,048	1,471	743	772	573	387	588	489
Total Common Equity	201	100	281	1,048	1,471	743	772	573	387	588	489
Common Stock	1,309	1,311	1,554	2,047	2,204	1,896	1,964	2,060	2,215	2,869	3,146
Retained Earnings	-1,095	-1,181	-1,241	-967	-708	-1,131	-1,160	-1,430	-1,796	-2,250	-2,631
Accumulated Other Comprehensive Income / (Loss)	-14	-30	-32	-32	-25	-21	-33	-57	-33	-31	-25

This table presents Ionis Pharmaceuticals' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	2,422	2,885	2,971	2,934	2,764	2,691	3,081	2,813	2,985	3,033	3,450
Total Current Assets	2,152	2,543	2,617	2,585	2,416	2,329	2,714	2,419	2,577	2,519	2,937
Cash & Equivalents	315	309	425	352	349	294	335	264	297	338	173
Short-Term Investments	1,667	2,038	1,961	1,884	1,857	1,785	2,149	1,881	1,993	1,902	1,746
Accounts Receivable	-	-	-	-	-	-	-	-	53	25	74
Inventories, net	21	22	26	26	30	29	28	12	8.48	10	5.56
Other Current Assets	150	174	206	323	179	222	202	262	226	244	939
Plant, Property, & Equipment, net	181	85	92	71	73	76	83	103	112	106	142
Total Noncurrent Assets	89	257	263	278	275	286	285	291	296	408	371
Other Noncurrent Operating Assets	59	257	263	278	275	286	285	291	296	408	371
Total Liabilities & Shareholders' Equity	2,422	2,885	2,971	2,934	2,764	2,691	3,081	2,813	2,985	3,033	3,450
Total Liabilities	1,828	2,399	2,543	2,619	2,467	2,427	2,419	2,337	2,353	2,415	2,959
Total Current Liabilities	283	259	288	404	328	306	305	250	897	903	717
Short-Term Debt	-	-	-	-	44	44	44	-	630	631	433
Accounts Payable	21	10	24	5.62	13	9.24	9.05	17	23	14	26
Accrued Expenses	128	113	105	119	106	114	124	103	99	99	127
Current Deferred Revenue	100	92	96	205	130	94	76	81	76	77	69
Current Deferred & Payable Income Tax Liabilities	0.02	17	25	31	2.21	0.28	0.04	0.13	0.08	0.10	2.87
Current Employee Benefit Liabilities	30	18	29	34	22	35	41	27	47	57	36
Other Current Liabilities	4.97	8.24	8.90	9.95	9.99	8.80	10	22	23	25	23
Total Noncurrent Liabilities	1,544	2,139	2,255	2,214	2,140	2,121	2,114	2,087	1,456	1,512	2,242
Long-Term Debt	1,224	1,177	1,299	1,230	1,189	1,191	1,192	1,195	566	567	1,321
Capital Lease Obligations	-	177	175	173	169	166	168	159	164	263	259
Noncurrent Deferred Revenue	295	273	254	249	215	189	174	141	125	108	76
Other Noncurrent Operating Liabilities	25	513	527	562	567	576	580	592	600	574	586
Total Equity & Noncontrolling Interests	594	487	428	315	297	264	662	476	632	618	491
Total Preferred & Common Equity	594	487	428	315	297	264	662	476	632	618	491
Total Common Equity	594	487	428	315	297	264	662	476	632	618	491
Common Stock	2,035	2,090	2,118	2,148	2,270	2,304	2,832	2,901	2,933	3,046	3,246
Retained Earnings	-1,377	-1,554	-1,639	-1,787	-1,939	-2,005	-2,145	-2,397	-2,273	-2,402	-2,724
Accumulated Other Comprehensive Income / (Loss)	-63	-49	-51	-46	-35	-35	-24	-29	-28	-26	-31

This table displays calculated financial ratios and metrics derived from Ionis Pharmaceuticals' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	32.47%	31.40%	37.93%	16.63%	87.20%	-35.04%	11.13%	-27.53%	34.10%	-10.48%	33.83%
EBITDA Growth	-89.90%	198.76%	158.62%	-120.91%	2,633.64%	-137.22%	101.67%	-10,023.08%	-45.79%	-42.53%	18.98%
EBIT Growth	-58.73%	73.39%	198.26%	-410.72%	693.30%	-147.14%	76.80%	-570.56%	-26.80%	-39.88%	16.19%
NOPAT Growth	-58.73%	73.39%	254.00%	-297.67%	822.18%	-138.83%	82.46%	-1,258.88%	13.76%	-34.31%	19.66%
Net Income Growth	-126.45%	31.58%	82.15%	2,093.74%	33.62%	-267.01%	94.04%	-843.18%	-35.80%	-23.92%	15.98%
EPS Growth	-124.24%	32.43%	130.00%	1,280.00%	-8.21%	-267.37%	93.71%	-850.00%	-34.74%	-18.75%	21.71%
Operating Cash Flow Growth	236.12%	-630.67%	255.34%	246.20%	-42.67%	-89.62%	-14.19%	-990.84%	-12.08%	-62.90%	46.38%
Free Cash Flow Firm Growth	-136.10%	-877.58%	112.99%	598.20%	-32.12%	-25.47%	-312.46%	-112.73%	159.23%	-365.34%	20.31%
Invested Capital Growth	-20.50%	69.53%	0.91%	-295.19%	82.34%	-433.22%	57.26%	49.03%	-855.25%	39.57%	51.47%
Revenue Q/Q Growth	-10.50%	56.73%	-3.51%	4.23%	36.73%	-21.81%	22.66%	-32.91%	28.07%	-12.19%	-2.40%
EBITDA Q/Q Growth	-165.52%	126.94%	-51.17%	53.04%	136.21%	-225.23%	100.97%	-572.07%	11.58%	-28.46%	-40.49%
EBIT Q/Q Growth	-2,663.02%	86.60%	-78.77%	21.56%	215.79%	-255.42%	85.87%	-2,637.52%	13.37%	-28.71%	-42.74%
NOPAT Q/Q Growth	-2,663.02%	86.60%	-77.52%	21.67%	-20.66%	-286.89%	88.96%	-2,495.45%	36.34%	-28.27%	-37.27%
Net Income Q/Q Growth	-721.33%	67.15%	-121.39%	321.83%	-28.55%	-850.78%	95.30%	-3,784.22%	10.54%	-26.50%	-48.78%
EPS Q/Q Growth	-716.67%	67.11%	-67.39%	1,085.71%	-40.44%	-776.60%	95.38%	-3,266.67%	10.80%	-24.59%	-40.83%
Operating Cash Flow Q/Q Growth	-83.66%	8.66%	37.22%	18.73%	88.56%	-83.36%	141.11%	-311.85%	43.11%	-42.34%	-8.73%
Free Cash Flow Firm Q/Q Growth	-132.33%	-135.70%	187.27%	-64.55%	326.45%	197.97%	-367.71%	-101,558.85%	666.96%	-47.33%	5.88%
Invested Capital Q/Q Growth	-88.71%	56.43%	-125.35%	48.96%	30.23%	-415.54%	41.19%	67.88%	3.25%	27.38%	9.24%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	99.70%	99.61%	98.36%	98.66%	97.60%	98.84%	98.41%	98.31%
EBITDA Margin	-9.81%	7.38%	13.83%	-2.48%	33.55%	-19.23%	0.29%	-39.67%	-43.13%	-68.66%	-41.45%
Operating Margin	-26.70%	-5.41%	6.04%	-10.23%	32.59%	-23.60%	-3.72%	-69.84%	-44.91%	-67.37%	-40.45%
EBIT Margin	-26.70%	-5.41%	3.85%	-10.26%	32.53%	-23.61%	-4.93%	-45.60%	-43.12%	-67.38%	-42.07%
Profit (Net Income) Margin	-31.12%	-16.20%	-2.10%	35.85%	25.59%	-65.78%	-3.53%	-45.92%	-46.50%	-64.37%	-40.41%
Tax Burden Percent	100.42%	105.11%	64.33%	-282.30%	84.80%	356.55%	98.11%	104.55%	109.68%	98.66%	100.47%
Interest Burden Percent	116.03%	285.05%	-84.62%	123.72%	92.76%	78.16%	72.97%	96.31%	98.33%	96.84%	95.61%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	15.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-38.50%	-40.22%	-4.64%	27.70%	20.01%	-39.52%	-3.78%	-40.12%	-76.34%	-93.10%	-70.80%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-7.96%	-2.17%	1.77%	-3.09%	12.38%	-6.12%	-1.60%	-10.41%	-12.30%	-15.85%	-12.17%
Return on Assets (ROA)	-9.27%	-6.49%	-0.96%	10.77%	9.74%	-17.06%	-1.14%	-10.48%	-13.26%	-15.15%	-11.69%
Return on Common Equity (ROCE)	-38.50%	-40.22%	-3.80%	23.71%	17.55%	-36.05%	-3.78%	-40.12%	-76.34%	-93.10%	-70.80%
Return on Equity Simple (ROE_SIMPLE)	-43.97%	-60.66%	-3.84%	20.51%	19.53%	-64.54%	-3.71%	-47.08%	-94.72%	-77.15%	0.00%
Net Operating Profit after Tax (NOPAT)	-53	-14	22	-43	310	-120	-21	-287	-248	-333	-267
NOPAT Margin	-18.69%	-3.79%	4.23%	-7.16%	27.64%	-16.52%	-2.61%	-48.88%	-31.44%	-47.16%	-28.31%
Net Nonoperating Expense Percent (NNEP)	-8.29%	-15.98%	-10.94%	27.56%	-1.45%	-26.49%	-0.80%	2.32%	-15.70%	-13.66%	-14.97%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-14.84%	-13.52%	-16.66%	-10.56%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.30%	0.39%	1.64%	1.34%	2.40%	1.16%	1.59%	1.69%
SG&A Expenses to Revenue	13.10%	13.04%	21.10%	40.79%	25.53%	48.59%	22.99%	25.59%	29.53%	37.93%	41.74%
R&D to Revenue	113.60%	92.37%	72.86%	69.14%	41.48%	73.37%	79.39%	141.84%	114.22%	127.85%	97.02%
Operating Expenses to Revenue	126.70%	105.41%	93.96%	109.93%	67.02%	121.96%	102.39%	167.43%	143.75%	165.78%	138.76%
Earnings before Interest and Taxes (EBIT)	-76	-20	20	-62	365	-172	-40	-268	-340	-475	-397
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-28	27	71	-15	377	-140	2.35	-233	-340	-484	-391
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	37.05	58.22	22.34	7.10	5.78	10.64	5.57	9.37	18.77	9.38	0.00
Price to Tangible Book Value (P/TBV)	40.99	73.20	24.24	7.26	5.88	11.05	5.57	9.37	18.77	9.38	0.00
Price to Revenue (P/Rev)	26.22	15.55	12.21	12.40	7.57	10.84	5.30	9.13	9.22	7.83	0.00
Price to Earnings (P/E)	0.00	0.00	18,142.24	27.17	30.55	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.01%	3.68%	3.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	24.76	15.11	11.54	10.23	6.22	9.49	4.22	8.07	8.09	6.57	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	204.86	83.42	0.00	18.54	0.00	1,457.68	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	299.43	0.00	19.12	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	272.93	0.00	22.50	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	332.51	0.00	34.06	10.17	20.20	192.86	111.13	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	280.60	41.56	69.68	92.71	0.00	0.00	31.88	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.94	5.03	1.62	0.54	0.46	1.22	1.61	2.38	3.74	2.39	4.17
Long-Term Debt to Equity	1.94	5.03	1.62	0.53	0.46	0.81	1.61	2.38	3.62	2.39	3.29
Financial Leverage	-1.85	-1.93	-1.28	-1.21	-1.10	-1.12	-1.23	-1.12	-1.58	-1.82	-1.42
Leverage Ratio	4.15	6.19	4.81	2.57	2.05	2.32	3.30	3.83	5.76	6.15	6.06
Compound Leverage Factor	4.82	17.66	-4.07	3.18	1.91	1.81	2.41	3.69	5.66	5.95	5.79
Debt to Total Capital	65.98%	83.41%	61.88%	35.09%	31.37%	55.01%	61.65%	70.39%	78.89%	70.52%	80.68%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.75%	0.00%	18.69%	0.00%	0.00%	2.42%	0.00%	17.07%
Long-Term Debt to Total Capital	65.98%	83.41%	61.88%	34.34%	31.37%	36.32%	61.65%	70.39%	76.47%	70.52%	63.61%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	8.79%	7.60%	8.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	34.02%	16.59%	29.33%	57.30%	59.93%	44.99%	38.35%	29.61%	21.11%	29.48%	19.33%
Debt to EBITDA	-13.99	18.20	8.34	-43.17	2.04	-6.48	528.36	-5.84	-4.25	-2.91	-5.22
Net Debt to EBITDA	14.89	-5.99	-6.05	97.02	-4.59	7.01	-372.40	2.68	2.61	1.84	1.63
Long-Term Debt to EBITDA	-13.99	18.20	8.34	-42.25	2.04	-4.28	528.36	-5.84	-4.12	-2.91	-4.12
Debt to NOPAT	-7.34	-35.47	27.28	-14.94	2.48	-7.55	-58.71	-4.74	-5.83	-4.23	-7.64
Net Debt to NOPAT	7.82	11.67	-19.78	33.57	-5.57	8.16	41.38	2.18	3.58	2.68	2.38
Long-Term Debt to NOPAT	-7.34	-35.47	27.28	-14.62	2.48	-4.98	-58.71	-4.74	-5.66	-4.23	-6.03
Altman Z-Score	5.26	3.68	3.90	3.52	4.61	3.05	2.01	1.63	1.60	0.96	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	18.13%	14.39%	12.28%	8.79%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.62	5.96	4.80	7.88	9.97	3.56	9.75	7.07	5.90	8.47	3.83
Quick Ratio	5.48	5.78	4.20	7.44	9.16	3.16	8.79	6.38	5.20	7.43	3.51
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-17	-163	21	148	100	75	-159	-337	200	-530	-423
Operating Cash Flow to CapEx	179.82%	-972.46%	460.02%	3,415.51%	1,118.35%	102.20%	257.62%	0.00%	-1,293.00%	-1,106.33%	-522.09%
Free Cash Flow to Firm to Interest Expense	-0.45	-3.81	0.47	3.30	1.27	7.85	-16.97	-41.55	2.45	-5.86	-4.67
Operating Cash Flow to Interest Expense	0.58	-2.62	3.89	13.46	4.40	3.77	3.29	-33.78	-3.78	-5.54	-2.97
Operating Cash Flow Less CapEx to Interest Expense	0.26	-2.89	3.05	13.07	4.00	0.08	2.02	-4.43	-4.07	-6.04	-3.53
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.30	0.40	0.46	0.30	0.38	0.26	0.32	0.23	0.29	0.24	0.29
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.93
Inventory Turnover	0.00	0.00	0.00	0.20	0.33	0.60	0.46	0.60	0.62	1.12	1.41
Fixed Asset Turnover	3.17	4.07	4.79	4.72	7.86	4.36	4.51	4.65	10.84	8.53	8.69
Accounts Payable Turnover	0.00	0.00	0.00	0.07	0.20	0.72	0.75	0.95	0.42	0.33	0.45
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	30.60
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	1,861.50	1,114.07	613.25	787.28	605.56	588.96	324.69	258.80
Days Payable Outstanding (DPO)	0.00	0.00	0.00	5,369.31	1,861.92	508.16	489.88	385.60	878.19	1,122.68	815.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	-3,507.81	-747.86	105.08	297.40	219.97	-289.23	-797.99	-525.60
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-214	-65	-65	-255	-45	-240	-103	-52	-500	-302	-147
Invested Capital Turnover	-1.45	-2.67	-7.93	-3.75	-7.48	-5.11	-4.73	-7.58	-2.85	-1.76	-4.21
Increase / (Decrease) in Invested Capital	-36	149	0.59	-191	210	-195	138	50	-447	198	155
Enterprise Value (EV)	7,024	5,632	5,932	6,134	6,981	6,922	3,423	4,740	6,372	4,630	0.00
Market Capitalization	7,439	5,797	6,277	7,437	8,497	7,906	4,297	5,365	7,258	5,520	0.00
Book Value per Share	$1.67	$0.82	$2.25	$7.62	$10.46	$5.32	$5.47	$4.03	$2.70	$3.73	$3.06
Tangible Book Value per Share	$1.51	$0.65	$2.08	$7.44	$10.28	$5.12	$5.47	$4.03	$2.70	$3.73	$3.06
Total Capital	590	600	958	1,829	2,455	1,652	2,012	1,935	1,831	1,996	2,531
Total Debt	389	501	593	642	770	909	1,241	1,362	1,445	1,407	2,042
Total Long-Term Debt	389	501	593	628	770	600	1,241	1,362	1,400	1,407	1,610
Net Debt	-415	-165	-430	-1,442	-1,730	-983	-874	-625	-886	-890	-636
Capital Expenditures (CapEx)	12	12	38	18	31	35	12	-238	24	45	51
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-116	-1.08	-98	-143	-52	-52	-10	-96	-93	13	-36
Debt-free Net Working Capital (DFNWC)	688	664	925	1,941	2,448	1,841	2,104	1,891	2,238	2,311	2,641
Net Working Capital (NWC)	688	664	925	1,928	2,448	1,532	2,104	1,891	2,194	2,311	2,209
Net Nonoperating Expense (NNE)	35	46	33	-258	23	359	7.47	-17	119	121	114
Net Nonoperating Obligations (NNO)	-415	-165	-430	-1,442	-1,730	-983	-874	-625	-886	-890	-636
Total Depreciation and Amortization (D&A)	48	48	51	47	11	32	42	35	-0.06	-9.05	5.87
Debt-free, Cash-free Net Working Capital to Revenue	-40.83%	-0.29%	-18.98%	-23.80%	-4.63%	-7.10%	-1.29%	-16.30%	-11.82%	1.89%	-3.86%
Debt-free Net Working Capital to Revenue	242.55%	178.16%	179.92%	323.73%	218.03%	252.39%	259.67%	321.97%	284.15%	327.73%	279.85%
Net Working Capital to Revenue	242.55%	178.16%	179.92%	321.44%	218.03%	210.05%	259.67%	321.97%	278.52%	327.73%	234.08%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.74)	($0.72)	$0.08	$2.09	$2.12	($3.23)	($0.20)	($1.90)	($2.56)	($3.04)	($2.38)
Adjusted Weighted Average Basic Shares Outstanding	120.66M	123.75M	124.02M	132.32M	140.00M	139.61M	141.02M	141.85M	143.19M	149.51M	160.01M
Adjusted Diluted Earnings per Share	($0.74)	($0.72)	$0.08	$2.07	$2.08	($3.23)	($0.20)	($1.90)	($2.56)	($3.04)	($2.38)
Adjusted Weighted Average Diluted Shares Outstanding	120.66M	123.75M	126.10M	134.06M	142.87M	139.61M	141.02M	141.85M	143.19M	149.51M	160.01M
Adjusted Basic & Diluted Earnings per Share	($0.74)	($0.72)	$0.08	$0.00	$2.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	119.72M	120.93M	125.40M	138.40M	139.22M	140.86M	141.69M	142.95M	145.75M	158.96M	0.00
Normalized Net Operating Profit after Tax (NOPAT)	-53	-14	22	-43	310	-120	-21	-287	-248	-333	-267
Normalized NOPAT Margin	-18.69%	-3.79%	4.23%	-7.16%	27.64%	-16.52%	-2.61%	-48.88%	-31.44%	-47.16%	-28.31%
Pre Tax Income Margin	-30.99%	-15.42%	-3.26%	-12.70%	30.18%	-18.45%	-3.60%	-43.92%	-42.40%	-65.25%	-40.22%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-2.06	-0.47	0.44	-1.37	4.64	-18.10	-4.27	-32.98	-4.17	-5.25	-4.39
NOPAT to Interest Expense	-1.44	-0.33	0.49	-0.96	3.95	-12.67	-2.26	-35.35	-3.04	-3.68	-2.95
EBIT Less CapEx to Interest Expense	-2.38	-0.74	-0.40	-1.77	4.25	-21.79	-5.55	-3.63	-4.46	-5.75	-4.95
NOPAT Less CapEx to Interest Expense	-1.76	-0.60	-0.36	-1.35	3.55	-16.36	-3.54	-6.00	-3.33	-4.18	-3.52
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-113.54%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-1.35%	-18.89%	0.00%	11.97%	-132.41%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Ionis Pharmaceuticals' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	159,159,099.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	159,159,099.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.58
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.74%	113.64%	-8.45%	19.55%	-7.21%	-30.18%	10.14%	100.69%	17.12%	-10.26%	86.98%
EBITDA Growth	-202.27%	86.24%	-35.14%	14.08%	-6.39%	-1,510.86%	3.12%	307.21%	-5.49%	-100.93%	21.98%
EBIT Growth	-158.66%	89.90%	-31.00%	17.13%	-5.47%	-1,800.15%	1.90%	313.68%	-7.61%	-108.78%	19.48%
NOPAT Growth	-142.19%	97.06%	-30.98%	26.72%	-3.76%	-1,710.21%	1.77%	402.26%	-7.75%	-93.52%	20.04%
Net Income Growth	-213.69%	82.33%	-14.86%	22.31%	4.70%	-1,026.51%	-2.90%	286.45%	8.45%	-119.83%	37.03%
EPS Growth	-212.12%	83.78%	-12.64%	25.00%	7.77%	-1,000.00%	5.10%	255.56%	15.79%	-104.55%	39.78%
Operating Cash Flow Growth	-346.28%	116.42%	-11.90%	-23.13%	-5.47%	-453.38%	-0.56%	226.24%	-14.30%	-18.57%	-425.83%
Free Cash Flow Firm Growth	577.56%	326.18%	-133.83%	-147.09%	-180.81%	-162.13%	-185.45%	120.39%	-79.00%	-10.97%	-232.56%
Invested Capital Growth	-217.11%	-855.25%	-0.24%	14.43%	19.49%	39.57%	37.94%	28.10%	61.17%	51.47%	285.72%
Revenue Q/Q Growth	-23.46%	125.03%	-63.18%	88.50%	-40.59%	69.32%	-41.91%	243.47%	-65.33%	29.74%	21.03%
EBITDA Q/Q Growth	-78.40%	94.98%	-2,029.23%	54.94%	-120.92%	24.00%	-28.06%	196.37%	-212.47%	-43.06%	49.68%
EBIT Q/Q Growth	-78.22%	95.82%	-2,435.01%	56.12%	-126.80%	24.68%	-30.87%	195.58%	-214.22%	-44.38%	48.91%
NOPAT Q/Q Growth	-58.84%	95.73%	-2,342.22%	55.80%	-124.93%	25.45%	-32.52%	236.03%	-180.18%	-33.88%	45.25%
Net Income Q/Q Growth	-72.83%	93.72%	-1,441.65%	53.60%	-112.00%	25.72%	-40.81%	184.08%	-204.09%	-78.37%	59.66%
EPS Q/Q Growth	-71.67%	94.17%	-1,533.33%	54.08%	-111.11%	30.53%	-40.91%	175.27%	-214.29%	-68.75%	58.52%
Operating Cash Flow Q/Q Growth	-11.97%	130.15%	-556.22%	20.05%	4.08%	-1.00%	-29.82%	200.37%	-186.85%	-4.77%	-475.72%
Free Cash Flow Firm Q/Q Growth	2.88%	74.90%	-121.33%	-12.10%	-76.55%	-34.48%	-7.25%	108.01%	-1,649.65%	16.63%	-221.43%
Invested Capital Q/Q Growth	-6.90%	3.25%	6.30%	18.52%	-0.57%	27.38%	-4.30%	5.60%	45.69%	9.24%	499.11%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	98.48%	99.06%	98.20%	98.15%	99.20%	98.31%	98.89%	99.08%	98.51%	96.09%	98.79%
EBITDA Margin	-98.08%	-2.19%	-126.51%	-30.24%	-112.46%	-50.48%	-111.28%	31.22%	-101.30%	-111.69%	-46.44%
Operating Margin	-99.35%	-1.89%	-125.12%	-29.34%	-111.09%	-48.91%	-111.59%	30.93%	-102.21%	-105.47%	-47.72%
EBIT Margin	-97.65%	-1.81%	-124.89%	-29.07%	-110.99%	-49.37%	-111.23%	30.95%	-101.98%	-113.48%	-47.90%
Profit (Net Income) Margin	-102.22%	-2.85%	-119.50%	-29.42%	-104.98%	-46.05%	-111.64%	27.33%	-82.06%	-112.82%	-37.60%
Tax Burden Percent	104.69%	334.89%	100.05%	100.10%	97.49%	97.49%	100.08%	100.02%	100.17%	100.65%	100.24%
Interest Burden Percent	99.99%	46.98%	95.64%	101.10%	97.03%	95.69%	100.29%	88.29%	80.34%	98.77%	78.31%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.02%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-261.82%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-258.85%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	186.59%
Return on Equity (ROE)	-90.01%	-76.34%	-98.27%	-105.71%	-73.38%	-93.10%	-118.62%	-59.91%	-40.04%	-70.80%	-75.23%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-196.00%
Operating Return on Assets (OROA)	-22.43%	-0.52%	-34.34%	-8.35%	-29.64%	-11.62%	-28.61%	10.30%	-32.26%	-32.81%	-16.19%
Return on Assets (ROA)	-23.48%	-0.81%	-32.86%	-8.45%	-28.03%	-10.84%	-28.72%	9.09%	-25.96%	-32.62%	-12.71%
Return on Common Equity (ROCE)	-90.01%	-76.34%	-98.27%	-105.71%	-73.38%	-93.10%	-118.62%	-59.91%	-40.04%	-70.80%	-75.23%
Return on Equity Simple (ROE_SIMPLE)	-129.80%	0.00%	-129.76%	-138.70%	-54.16%	0.00%	-96.28%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-100	-4.29	-105	-46	-104	-78	-103	140	-112	-150	-82
NOPAT Margin	-69.54%	-1.32%	-87.58%	-20.54%	-77.76%	-34.24%	-78.11%	30.93%	-71.55%	-73.83%	-33.40%
Net Nonoperating Expense Percent (NNEP)	-5.93%	-0.66%	-4.25%	-2.52%	-3.81%	-3.01%	-5.54%	-2.03%	-1.77%	-10.39%	-2.96%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.23%	-	-	-	-3.89%	-5.62%	7.02%	-5.39%	-5.93%	-3.28%
Cost of Revenue to Revenue	1.52%	0.94%	1.80%	1.85%	0.80%	1.69%	1.11%	0.92%	1.49%	3.91%	1.21%
SG&A Expenses to Revenue	48.51%	21.88%	44.05%	28.91%	46.06%	38.87%	57.94%	20.05%	61.77%	64.03%	61.10%
R&D to Revenue	149.32%	79.06%	179.26%	98.59%	164.23%	108.35%	152.54%	48.11%	138.95%	137.53%	85.40%
Operating Expenses to Revenue	197.83%	100.94%	223.32%	127.49%	210.29%	147.22%	210.47%	68.15%	200.72%	201.56%	146.50%
Earnings before Interest and Taxes (EBIT)	-141	-5.89	-149	-65	-149	-112	-146	140	-160	-231	-118
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-141	-7.10	-151	-68	-150	-114	-146	141	-159	-227	-114
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	20.61	18.77	20.98	26.38	8.84	9.38	10.08	9.95	16.85	0.00	0.00
Price to Tangible Book Value (P/TBV)	20.61	18.77	20.98	26.38	8.84	9.38	10.08	9.95	16.85	0.00	0.00
Price to Revenue (P/Rev)	10.57	9.22	8.01	8.55	7.29	7.83	6.69	6.66	10.77	0.00	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	9.22	8.09	6.97	7.72	5.95	6.57	5.58	5.68	9.96	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	31.88	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.45	3.74	4.73	5.31	2.12	2.39	2.85	2.15	2.36	4.17	4.10
Long-Term Debt to Equity	4.45	3.62	4.58	5.15	2.05	2.39	2.85	1.16	1.34	3.29	3.22
Financial Leverage	-1.75	-1.58	-2.29	-2.30	-1.95	-1.82	-2.07	-1.79	-1.45	-1.42	-0.72
Leverage Ratio	5.89	5.76	7.21	8.18	6.15	6.15	7.22	6.34	4.78	6.06	6.48
Compound Leverage Factor	5.89	2.70	6.90	8.27	5.97	5.88	7.24	5.60	3.84	5.98	5.07
Debt to Total Capital	81.65%	78.89%	82.54%	84.16%	67.96%	70.52%	74.01%	68.30%	70.27%	80.68%	80.38%
Short-Term Debt to Total Capital	0.00%	2.42%	2.61%	2.67%	2.15%	0.00%	0.00%	31.62%	30.35%	17.07%	17.27%
Long-Term Debt to Total Capital	81.65%	76.47%	79.93%	81.50%	65.81%	70.52%	74.01%	36.67%	39.92%	63.61%	63.10%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	18.35%	21.11%	17.46%	15.84%	32.04%	29.48%	25.99%	31.70%	29.73%	19.33%	19.62%
Debt to EBITDA	-3.65	-4.25	-3.70	-3.81	-3.73	-2.91	-2.83	-5.04	-5.25	-5.22	-5.61
Net Debt to EBITDA	2.17	2.61	2.12	1.84	2.86	1.84	1.65	3.44	2.80	1.63	-0.26
Long-Term Debt to EBITDA	-3.65	-4.12	-3.58	-3.69	-3.61	-2.91	-2.83	-2.71	-2.98	-4.12	-4.40
Debt to NOPAT	-3.61	-5.83	-5.15	-5.49	-5.42	-4.23	-4.10	-7.29	-7.50	-7.64	-8.16
Net Debt to NOPAT	2.14	3.58	2.95	2.65	4.16	2.68	2.39	4.98	4.00	2.38	-0.38
Long-Term Debt to NOPAT	-3.61	-5.66	-4.99	-5.31	-5.25	-4.23	-4.10	-3.92	-4.26	-6.03	-6.41
Altman Z-Score	1.58	1.97	1.54	1.80	1.52	1.36	1.05	1.68	2.26	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.39	5.90	7.37	7.61	8.91	8.47	9.66	2.87	2.79	3.83	4.10
Quick Ratio	5.53	5.20	6.73	6.79	8.15	7.43	8.57	2.61	2.51	3.51	2.78
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	253	443	-103	-116	-205	-275	-295	24	-367	-306	-982
Operating Cash Flow to CapEx	-5,092.11%	0.00%	-3,337.15%	-1,923.00%	-1,269.77%	-455.50%	-1,198.82%	1,229.89%	-2,494.06%	-646.76%	-3,642.97%
Free Cash Flow to Firm to Interest Expense	11.53	19.78	-4.68	-5.09	-9.02	-12.05	-12.88	1.04	-16.54	-13.47	-43.66
Operating Cash Flow to Interest Expense	-4.96	1.47	-6.78	-5.26	-5.07	-5.08	-6.58	6.65	-5.93	-6.07	-35.24
Operating Cash Flow Less CapEx to Interest Expense	-5.06	1.50	-6.98	-5.53	-5.47	-6.20	-7.12	6.11	-6.17	-7.01	-36.21
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.23	0.29	0.28	0.29	0.27	0.24	0.26	0.33	0.32	0.29	0.34
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.93	0.00
Inventory Turnover	0.42	0.62	0.38	0.43	0.39	1.12	0.50	0.57	0.61	1.41	2.04
Fixed Asset Turnover	4.89	10.84	9.83	9.71	10.47	8.53	8.16	10.05	10.25	8.69	8.63
Accounts Payable Turnover	0.75	0.42	0.84	0.70	1.42	0.33	0.69	0.66	1.01	0.45	0.80
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	30.60	0.00
Days Inventory Outstanding (DIO)	865.63	588.96	963.06	856.04	944.74	324.69	723.98	645.78	602.94	258.80	178.63
Days Payable Outstanding (DPO)	489.31	878.19	432.91	524.78	256.20	1,122.68	529.42	556.20	362.15	815.00	455.34
Cash Conversion Cycle (CCC)	376.32	-289.23	530.15	331.25	688.55	-797.99	194.57	89.58	240.79	-525.60	-276.72
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-517	-500	-508	-414	-416	-302	-315	-297	-161	-147	585
Invested Capital Turnover	-1.81	-2.85	-1.53	-1.81	-1.72	-1.76	-1.74	-2.66	-3.35	-4.21	7.84
Increase / (Decrease) in Invested Capital	-354	-447	-1.20	70	101	198	193	116	254	155	900
Enterprise Value (EV)	5,669	6,372	5,415	6,279	4,779	4,630	4,005	5,359	9,633	0.00	0.00
Market Capitalization	6,501	7,258	6,220	6,957	5,857	5,520	4,796	6,288	10,412	0.00	0.00
Book Value per Share	$2.20	$2.70	$2.04	$1.81	$4.53	$3.73	$2.99	$3.97	$3.87	$3.06	$2.98
Tangible Book Value per Share	$2.20	$2.70	$2.04	$1.81	$4.53	$3.73	$2.99	$3.97	$3.87	$3.06	$2.98
Total Capital	1,719	1,831	1,699	1,665	2,067	1,996	1,830	1,993	2,079	2,531	2,504
Total Debt	1,404	1,445	1,402	1,401	1,405	1,407	1,354	1,361	1,461	2,042	2,013
Total Long-Term Debt	1,404	1,400	1,358	1,357	1,360	1,407	1,354	731	830	1,610	1,580
Net Debt	-832	-886	-804	-677	-1,078	-890	-791	-929	-779	-636	94
Capital Expenditures (CapEx)	2.14	-0.82	4.49	6.23	9.06	25	13	12	5.27	21	22
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-55	-93	-74	-11	-30	13	23	20	6.28	-36	734
Debt-free Net Working Capital (DFNWC)	2,180	2,238	2,132	2,068	2,454	2,311	2,169	2,310	2,246	2,641	2,653
Net Working Capital (NWC)	2,180	2,194	2,088	2,023	2,409	2,311	2,169	1,680	1,616	2,209	2,220
Net Nonoperating Expense (NNE)	47	4.98	38	20	36	27	44	16	16	79	10
Net Nonoperating Obligations (NNO)	-832	-886	-804	-677	-1,078	-890	-791	-929	-779	-636	94
Total Depreciation and Amortization (D&A)	-0.62	-1.21	-1.94	-2.64	-1.97	-2.51	-0.07	1.23	1.07	3.64	3.61
Debt-free, Cash-free Net Working Capital to Revenue	-8.97%	-11.82%	-9.50%	-1.36%	-3.68%	1.89%	3.27%	2.12%	0.65%	-3.86%	69.34%
Debt-free Net Working Capital to Revenue	354.52%	284.15%	274.58%	254.18%	305.55%	327.73%	302.35%	244.69%	232.32%	279.85%	250.70%
Net Working Capital to Revenue	354.52%	278.52%	268.86%	248.72%	300.01%	327.73%	302.35%	177.95%	167.07%	234.08%	209.83%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.03)	($0.06)	($0.98)	($0.45)	($0.95)	($0.66)	($0.93)	$0.78	($0.80)	($1.43)	($0.56)
Adjusted Weighted Average Basic Shares Outstanding	143.32M	143.19M	145.54M	145.96M	148.59M	149.51M	158.74M	159.14M	159.77M	160.01M	164.87M
Adjusted Diluted Earnings per Share	($1.03)	($0.06)	($0.98)	($0.45)	($0.95)	($0.66)	($0.93)	$0.70	($0.80)	($1.35)	($0.56)
Adjusted Weighted Average Diluted Shares Outstanding	143.32M	143.19M	145.54M	145.96M	148.59M	149.51M	158.74M	182.33M	159.77M	160.01M	164.87M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	143.47M	145.75M	145.97M	146.21M	157.90M	158.96M	159.16M	0.00	0.00	0.00	165.26M
Normalized Net Operating Profit after Tax (NOPAT)	-100	-4.29	-105	-46	-104	-78	-103	98	-112	-150	-82
Normalized NOPAT Margin	-69.54%	-1.32%	-87.58%	-20.54%	-77.76%	-34.24%	-78.11%	21.65%	-71.55%	-73.83%	-33.40%
Pre Tax Income Margin	-97.64%	-0.85%	-119.44%	-29.39%	-107.69%	-47.24%	-111.56%	27.33%	-81.93%	-112.09%	-37.51%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-6.41	-0.26	-6.75	-2.87	-6.54	-4.89	-6.38	6.15	-7.21	-10.17	-5.24
NOPAT to Interest Expense	-4.56	-0.19	-4.73	-2.03	-4.59	-3.39	-4.48	6.14	-5.06	-6.62	-3.65
EBIT Less CapEx to Interest Expense	-6.50	-0.23	-6.95	-3.15	-6.94	-6.01	-6.93	5.61	-7.45	-11.11	-6.21
NOPAT Less CapEx to Interest Expense	-4.66	-0.15	-4.94	-2.30	-4.98	-4.51	-5.03	5.60	-5.30	-7.56	-4.62
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, investor-focused read on Ionis Pharmaceuticals (NASDAQ:IONS) using the latest quarterly data across the last four years. The focus is on how revenue, profitability, cash flows, and the balance sheet have trended, with attention to potential implications for shareholders and liquidity.

Profitability inflection in mid-2025: Net Income / (Loss) Continuing Operations was positive in Q2 2025 at $123,551,000, marking a rare quarterly profitability moment amid broader losses.
Gross profit recovery in Q4 2025: Total Gross Profit rose to $195,374,000, up from $154,381,000 in Q3 2025, suggesting improving gross margins during the latest quarter.
Operating cash flow strengthen in Q2 2025: Net Cash From Continuing Operating Activities reached $151,338,000, indicating better operating cash generation that quarter.
Strong financing liquidity in Q4 2025: Net Cash From Financing Activities was $591,176,000, signaling a sizable financing inflow that boosted near-term liquidity.
Solid liquidity tailwinds in mid-2025: Short-Term Investments totaled about $1.90 billion in Q3 2025, with Total Current Assets around $2.52 billion, underscoring substantial liquid assets to support operations and potential R&D programs.
Revenue volatility by quarter over the four-year window: Operating Revenue and Total Revenue display meaningful quarterly swings (e.g., Q2 2025 saw $452,049,000 in revenue, while other quarters were substantially lower), indicating seasonality or timing of milestone-driven milestones.
Leverage and balance sheet structure: As of Q3 2025, Total Liabilities were about $2.41 billion and Total Equity around $0.62 billion, implying a leveraged balance sheet profile that may require ongoing liquidity management.
Sustained net losses to common shareholders: Net Income / (Loss) Attributable to Common Shareholders was negative in several quarters, including -$229,394,000 in Q4 2025 and -$128,606,000 in Q3 2025, highlighting ongoing profitability challenges.
Operating cash outflows in multiple quarters: Net Cash From Continuing Operating Activities was negative in several periods (e.g., -$137,709,000 in Q4 2025, -$131,437,000 in Q3 2025, -$116,139,000 in Q4 2024, -$150,775,000 in Q3 2025), indicating persistent cash outflows from core operations.
Significant investing outflows drive cash use: Large net cash outflows from investing activities appear in several quarters, including -$791,967,000 for Purchase of Investments in Q4 2025 and substantial other investing outlays (e.g., -$491,589,000 in Q2 2025 and -$323,938,000 in Q3 2025), implying continued capital deployment beyond operations.

05/14/26 11:48 PM ETAI Generated. May Contain Errors.

Ionis Pharmaceuticals Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Ionis Pharmaceuticals' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Ionis Pharmaceuticals' net income appears to be on an upward trend, with a most recent value of -$381.39 million in 2025, rising from -$88.28 million in 2015. The previous period was -$453.90 million in 2024. Check out Ionis Pharmaceuticals' forecast to explore projected trends and price targets.

Ionis Pharmaceuticals' total operating income in 2025 was -$381.68 million, based on the following breakdown:

Total Gross Profit: $927.80 million
Total Operating Expenses: $1.31 billion

Over the last 10 years, Ionis Pharmaceuticals' total revenue changed from $283.70 million in 2015 to $943.71 million in 2025, a change of 232.6%.

Ionis Pharmaceuticals' total liabilities were at $3.03 billion at the end of 2025, a 25.6% increase from 2024, and a 306.2% increase since 2015.

In the past 10 years, Ionis Pharmaceuticals' cash and equivalents has ranged from $84.69 million in 2016 to $869.19 million in 2021, and is currently $372.26 million as of their latest financial filing in 2025.

Over the last 10 years, Ionis Pharmaceuticals' book value per share changed from 1.67 in 2015 to 3.06 in 2025, a change of 82.9%.

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Financial statements for NASDAQ:IONS last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Ionis Pharmaceuticals (IONS) Financials

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Ionis Pharmaceuticals (IONS) Financials

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