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Stocks · Health care · Pharmaceutical Preparations

IONIS PHARMACEUTICALS INC

IONS Clue Score34
United States Fiscal year ends December CIK 0000874015
$43.67 -3.56% Close, 12 Oct 2026
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Price $43.67 +28.40% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue372.8Operating income−20.2Net income−60.4EPS, diluted−0.50Fiscal year 2017Revenue514.2 +37.9%Operating income31.0Net income0.3EPS, diluted0.15Fiscal year 2018Revenue599.7 +16.6%Operating income−61.4Net income273.7 +79,015.9%EPS, diluted2.07 +1,280.0%Fiscal year 2019Revenue1,122.6 +87.2%Operating income365.9Net income278.1 +1.6%EPS, diluted1.90 −8.2%Fiscal year 2020Revenue729.3 −35.0%Operating income−172.1Net income−444.3 −259.7%EPS, diluted−3.18 −267.4%Fiscal year 2021Revenue810.5 +11.1%Operating income−30.2Net income−28.6EPS, diluted−0.20Fiscal year 2022Revenue587.4 −27.5%Operating income−410.2Net income−269.7EPS, diluted−1.90Fiscal year 2023Revenue787.6 +34.1%Operating income−353.7Net income−366.3EPS, diluted−2.56Fiscal year 2024Revenue705.1 −10.5%Operating income−475.1Net income−453.9EPS, diluted−3.04Fiscal year 2025Revenue943.7 +33.8%Operating income−381.7Net income−381.4EPS, diluted−2.38
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 372.8 514.2 599.7 1,122.6 729.3 810.5 587.4 787.6 705.1 943.7
Growth +37.9% +16.6% +87.2% −35.0% +11.1% −27.5% +34.1% −10.5% +33.8%
Operating income −20.2 31.0 −61.4 365.9 −172.1 −30.2 −410.2 −353.7 −475.1 −381.7
Net income −60.4 0.3 273.7 278.1 −444.3 −28.6 −269.7 −366.3 −453.9 −381.4
Growth +79,015.9% +1.6% −259.7%
EPS, diluted −0.50 0.15 2.07 1.90 −3.18 −0.20 −1.90 −2.56 −3.04 −2.38
Growth +1,280.0% −8.2% −267.4%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin−5.4%Net margin−16.2%Free cash flow margin−32.0%Fiscal year 2017Operating margin6.0%Net margin0.1%Free cash flow margin27.1%Fiscal year 2018Operating margin−10.2%Net margin45.6%Free cash flow margin98.3%Fiscal year 2019Operating margin32.6%Net margin24.8%Free cash flow margin28.0%Fiscal year 2020Operating margin−23.6%Net margin−60.9%Free cash flow margin0.1%Fiscal year 2021Operating margin−3.7%Net margin−3.5%Free cash flow margin2.3%Fiscal year 2022Operating margin−69.8%Net margin−45.9%Free cash flow margin−49.4%Fiscal year 2023Operating margin−44.9%Net margin−46.5%Free cash flow margin−42.1%Fiscal year 2024Operating margin−67.4%Net margin−64.4%Free cash flow margin−77.5%Fiscal year 2025Operating margin−40.4%Net margin−40.4%Free cash flow margin−33.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin −5.4% 6.0% −10.2% 32.6% −23.6% −3.7% −69.8% −44.9% −67.4% −40.4%
Net margin −16.2% 0.1% 45.6% 24.8% −60.9% −3.5% −45.9% −46.5% −64.4% −40.4%
Free cash flow margin −32.0% 27.1% 98.3% 28.0% 0.1% 2.3% −49.4% −42.1% −77.5% −33.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−112.1Capital expenditure−7.1Free cash flow−119.2Fiscal year 2017Operating cash flow174.1Capital expenditure−34.8Free cash flow139.4Buybacks0.0Fiscal year 2018Operating cash flow602.9Capital expenditure−13.6Free cash flow589.3 +322.8%Buybacks0.0Fiscal year 2019Operating cash flow345.6Capital expenditure−30.9Free cash flow314.7 −46.6%Buybacks−34.4Fiscal year 2020Operating cash flow35.9Capital expenditure−35.1Free cash flow0.8 −99.8%Buybacks−90.5Fiscal year 2021Operating cash flow30.8Capital expenditure−12.0Free cash flow18.8 +2,340.9%Buybacks0.0Fiscal year 2022Operating cash flow−274.4Capital expenditure−15.7Free cash flow−290.1 −1,639.4%Buybacks0.0Fiscal year 2023Operating cash flow−307.5Capital expenditure−23.8Free cash flow−331.3Fiscal year 2024Operating cash flow−500.9Capital expenditure−45.3Free cash flow−546.2Fiscal year 2025Operating cash flow−268.6Capital expenditure−51.4Free cash flow−320.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −112.1 174.1 602.9 345.6 35.9 30.8 −274.4 −307.5 −500.9 −268.6
Capital expenditure −7.1 −34.8 −13.6 −30.9 −35.1 −12.0 −15.7 −23.8 −45.3 −51.4
Free cash flow −119.2 139.4 589.3 314.7 0.8 18.8 −290.1 −331.3 −546.2 −320.0
Growth +322.8% −46.6% −99.8% +2,340.9% −1,639.4%
Buybacks n/a 0.0 0.0 −34.4 −90.5 0.0 0.0 n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash84.7Shareholders’ equity99.6Fiscal year 2017Cash129.6Shareholders’ equity281.0Fiscal year 2018Cash278.8Shareholders’ equity1,048.1Fiscal year 2019Cash683.3Shareholders’ equity1,471.1Fiscal year 2020Cash397.7Shareholders’ equity743.3Fiscal year 2021Cash869.2Shareholders’ equity771.7Fiscal year 2022Cash276.5Total debt1,175.9Net cash (debt)−899.4Shareholders’ equity572.9Debt to equity2.05Fiscal year 2023Cash399.3Total debt1,241.2Net cash (debt)−841.9Shareholders’ equity386.7Debt to equity3.21Fiscal year 2024Cash242.1Total debt1,202.6Net cash (debt)−960.5Shareholders’ equity588.4Debt to equity2.04Fiscal year 2025Cash372.3Total debt1,760.1Net cash (debt)−1,387.9Shareholders’ equity489.1Debt to equity3.60
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 84.7 129.6 278.8 683.3 397.7 869.2 276.5 399.3 242.1 372.3
Total debt n/a n/a n/a n/a n/a n/a 1,175.9 1,241.2 1,202.6 1,760.1
Net cash (debt) n/a n/a n/a n/a n/a n/a −899.4 −841.9 −960.5 −1,387.9
Shareholders’ equity 99.6 281.0 1,048.1 1,471.1 743.3 771.7 572.9 386.7 588.4 489.1
Debt to equity n/a n/a n/a n/a n/a n/a 2.05 3.21 2.04 3.60

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
84.7 129.6 278.8 683.3 397.7 869.2 276.5 399.3 242.1 372.3
n/a 10.0 8.6 18.2 22.0 24.8 22.0 7.4 12.5 10.0
92.8 121.9 132.2 153.7 181.1 178.1 74.3 71.0 94.3 123.0
912.5 1,322.8 2,667.8 3,233.1 2,389.8 2,611.7 2,533.9 2,990.1 3,003.7 3,523.8
Growth +45.0% +101.7% +21.2% −26.1% +9.3% −3.0% +18.0% +0.5% +17.3%
Liabilities
n/a n/a n/a n/a n/a n/a 0.2 0.2 0.2 432.1
n/a n/a n/a n/a n/a n/a 1,175.7 1,241.0 1,202.4 1,328.0
calc n/a n/a n/a n/a n/a n/a 1,175.9 1,241.2 1,202.6 1,760.1
812.9 957.5 1,480.6 1,548.6 1,646.5 1,840.0 1,961.0 2,603.4 2,415.3 3,034.7
Equity
−1,181.4 −1,241.0 −967.3 −707.5 −1,131.3 −1,159.9 −1,429.6 −1,795.9 −2,249.8 −2,631.2
99.6 281.0 1,048.1 1,471.1 743.3 771.7 572.9 386.7 588.4 489.1
Growth +182.2% +273.0% +40.4% −49.5% +3.8% −25.8% −32.5% +52.2% −16.9%
Per share and net cash
calc n/a n/a n/a n/a n/a n/a −899.4 −841.9 −960.5 −1,387.9
121.6 125.0 137.9 140.3 140.4 141.2 142.1 144.3 157.9 163.3
calc 0.82 2.25 7.60 10.48 5.30 5.47 4.03 2.68 3.73 2.99

Lines marked calc are worked out here from filed figures; point at one for how.