IONIS PHARMACEUTICALS, INC. financials
Source: EDGAR filings · Built 2026-06-02T03:19:08Z
Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -320.03M | -546.23M | -331.32M | -290.09M | 18.84M | 772.00K |
| EBITDA | -369.24M | -463.13M | -340.88M | -393.45M | -12.35M | -156.65M |
| Working Capital | 2.21B | 2.31B | 2.19B | 1.89B | 2.10B | 1.53B |
| Net Debt | 1.71B | 1.18B | 1.09B | 1.10B | -847.13M | 459.22M |
| Gross Margin | 98.31% | 98.41% | 98.84% | 97.60% | 98.66% | 98.36% |
| Operating Margin | -40.45% | -67.37% | -44.91% | -69.84% | -3.72% | -23.60% |
| Net Margin | -40.41% | -64.37% | -46.50% | -45.92% | -3.53% | -60.92% |
| Return on Equity (ROE) | -77.98% | -77.15% | -94.72% | -47.08% | -3.71% | -59.77% |
| Return on Assets (ROA) | -10.82% | -15.11% | -12.25% | -10.64% | -1.09% | -18.59% |
| Current Ratio | 3.83× | 8.47× | 5.90× | 7.07× | 9.75× | 3.56× |
| Debt-to-Equity | 4.26× | 2.42× | 3.85× | 2.41× | 0.03× | 1.15× |
| Effective Tax Rate | -0.47% | 1.34% | -9.68% | -4.55% | 1.89% | -256.55% |
| Cash Conversion Ratio | 0.70× | 1.10× | 0.84× | 1.02× | -1.08× | -0.08× |
| Accruals Ratio | -0.03× | 0.02× | -0.02× | 0.00× | -0.02× | -0.20× |
| SBC % of Revenue | 14.19% | 18.46% | 13.43% | 17.07% | 14.89% | 31.55% |
| CapEx Coverage | -5.22× | -11.06× | -12.92× | -17.45× | 2.58× | 1.02× |
| Free Cash Flow Per Share | $-2.00 | $-3.65 | $-2.31 | $-2.05 | $0.13 | $0.01 |
Valuation Metrics
Income Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 943.71M | 705.14M | 787.65M | 587.37M | 810.46M | 729.26M |
| Revenues | 203.33M | 226.58M | 324.50M | 151.89M | 440.01M | 290.28M |
| Cost of Goods and Services Sold | 15.91M | 11.21M | 9.13M | 14.12M | 10.84M | 11.95M |
| Research and Development Expense | 915.62M | 901.53M | 899.63M | — | 638.20M | 531.00M |
| Selling, General and Administrative Expense | 393.87M | 267.47M | 232.62M | 150.29M | 186.35M | 354.32M |
| Operating Income (Loss) | -381.68M | -475.08M | -353.73M | -410.19M | -30.19M | -172.08M |
| Income Tax Expense (Benefit) | 1.79M | -6.17M | 32.32M | 11.74M | -551.00K | 345.19M |
| Net Income (Loss) Attributable to Parent | -381.39M | -453.90M | -366.29M | -269.72M | -28.60M | -444.26M |
| Earnings Per Share, Basic | $-2.38 | $-3.04 | $-2.56 | $-1.90 | $-0.20 | $-3.18 |
| Weighted Average Number of Shares Outstanding, Basic | 160.01M | 149.51M | 143.19M | 141.85M | 141.02M | 139.61M |
| Earnings Per Share, Diluted | $-2.38 | $-3.04 | $-2.56 | $-1.90 | $-0.20 | $-3.18 |
| Weighted Average Number of Shares Outstanding, Diluted | 160.01M | 149.51M | 143.19M | 141.85M | 141.02M | 139.61M |
Balance Sheet
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 372.26M | 242.08M | 399.27M | 276.47M | 869.19M | 397.66M |
| Assets, Current | 2.99B | 2.62B | 2.64B | 2.20B | 2.35B | 2.13B |
| Assets | 3.52B | 3.00B | 2.99B | 2.53B | 2.61B | 2.39B |
| Long-term Debt | 1.81B | 1.25B | 1.31B | 1.19B | — | — |
| Liabilities, Current | 781.57M | 309.32M | 448.09M | 311.56M | 240.55M | 598.90M |
| Long-term Debt, Excluding Current Maturities | 1.33B | 1.20B | 1.24B | 1.18B | — | — |
| Liabilities | 3.03B | 2.42B | 2.60B | 1.96B | 1.84B | 1.65B |
| Stockholders' Equity Attributable to Parent | 489.09M | 588.35M | 386.69M | 572.89M | 771.74M | 743.28M |
| Common Stock, Shares, Outstanding | 163.30M | 157.91M | 144.34M | 142.06M | 141.21M | 140.37M |
Cash Flow Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -268.58M | -500.95M | -307.51M | -274.37M | 30.80M | 35.89M |
| Payments to Acquire Property, Plant, and Equipment | 51.44M | 45.28M | 23.80M | 15.72M | 11.96M | 35.12M |
| Net Cash Provided by (Used in) Investing Activities | -277.78M | -134.03M | -214.13M | -262.64M | 194.91M | 274.48M |
| Payments for Repurchase of Common Stock | — | — | — | 0 | 0 | 90.55M |
| Net Cash Provided by (Used in) Financing Activities | 675.84M | 478.06M | 644.08M | -55.30M | 245.93M | -596.61M |
Derived Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -814.58M | -159.00M | -161.03M | -24.32M | -163.35M | -141.64M |
| EBITDA | -113.46M | -210.56M | — | — | -144.05M | -108.12M |
| Working Capital | 2.22B | 2.21B | 1.62B | 1.68B | 2.17B | 2.31B |
| Net Debt | 518.33M | 1.71B | 555.24M | 497.19M | -104.80M | 1.18B |
| Gross Margin | 98.79% | 96.09% | 98.51% | 99.08% | 98.89% | 98.31% |
| Operating Margin | -47.72% | -105.47% | -102.21% | 30.93% | -111.59% | -48.91% |
| Net Margin | -37.60% | -112.82% | -82.06% | 27.33% | -111.64% | -46.05% |
| Return on Equity (ROE) | -18.83% | -46.90% | -20.81% | 19.56% | -30.89% | -17.74% |
| Return on Assets (ROA) | -2.68% | -6.51% | -4.24% | 4.14% | -5.22% | -3.47% |
| Current Ratio | 4.10× | 3.83× | 2.79× | 2.87× | 9.66× | 8.47× |
| Debt-to-Equity | 1.41× | 4.26× | 1.45× | 1.26× | 0.34× | 2.42× |
| Effective Tax Rate | -0.24% | -0.65% | -0.17% | -0.02% | -0.08% | 2.51% |
| Cash Conversion Ratio | 8.57× | 0.60× | 1.02× | 0.00× | 1.03× | 1.11× |
| Accruals Ratio | 0.20× | -0.03× | 0.00× | 0.04× | 0.00× | 0.00× |
| SBC % of Revenue | 17.59% | 21.31% | 57.78% | 13.14% | 22.58% | 15.95% |
| CapEx Coverage | -36.43× | -6.47× | -4.34× | 0.02× | -11.99× | -4.55× |
| Free Cash Flow Per Share | $-4.94 | $-0.99 | $-1.01 | $-0.13 | $-1.03 | $-0.95 |
Valuation Metrics
Income Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 246.09M | 203.33M | 156.72M | 452.05M | 131.61M | 226.58M |
| Revenues | — | 203.33M | — | — | — | 226.58M |
| Cost of Goods and Services Sold | 2.98M | 7.96M | 2.34M | 4.15M | 1.46M | 3.83M |
| Selling, General and Administrative Expense | 150.36M | 130.19M | 96.81M | 90.62M | 76.25M | 88.08M |
| Operating Income (Loss) | -117.42M | -214.46M | -160.18M | 139.82M | -146.86M | -110.82M |
| Income Tax Expense (Benefit) | 218.00K | 1.48M | 213.00K | -20.00K | 116.00K | -2.69M |
| Net Income (Loss) Attributable to Parent | -92.53M | -229.39M | -128.61M | 123.55M | -146.94M | -104.35M |
| Earnings Per Share, Basic | $-0.56 | $-1.41 | $-0.80 | $0.78 | $-0.93 | $-0.66 |
| Weighted Average Number of Shares Outstanding, Basic | 164.87M | 160.01M | 159.76M | 159.14M | 158.74M | 149.51M |
| Earnings Per Share, Diluted | $-0.56 | $-1.41 | $-0.80 | $0.70 | $-0.93 | $-0.66 |
| Weighted Average Number of Shares Outstanding, Diluted | 164.87M | 160.01M | 159.76M | 182.33M | 158.74M | 149.51M |
Balance Sheet
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 173.38M | 372.26M | 338.34M | 297.30M | 264.19M | 242.08M |
| Assets, Current | 2.94B | 2.99B | 2.52B | 2.58B | 2.42B | 2.62B |
| Assets | 3.45B | 3.52B | 3.03B | 2.99B | 2.81B | 3.00B |
| Long-term Debt | — | 1.81B | — | — | — | 1.25B |
| Liabilities, Current | 716.59M | 781.57M | 903.46M | 897.24M | 250.29M | 309.32M |
| Long-term Debt, Excluding Current Maturities | — | 1.33B | — | — | — | 1.20B |
| Liabilities | 2.96B | 3.03B | 2.42B | 2.35B | 2.34B | 2.42B |
| Stockholders' Equity Attributable to Parent | 491.41M | 489.09M | 617.97M | 631.72M | 475.73M | 588.35M |
| Common Stock, Shares, Outstanding | 165.90M | 163.30M | 161.14M | 159.20M | 159.04M | 157.91M |
Cash Flow Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -792.82M | -137.71M | -130.87M | 563.00K | -150.78M | -116.14M |
| Payments to Acquire Property, Plant, and Equipment | 21.76M | 21.29M | 30.15M | 24.88M | 12.58M | 25.50M |
| Net Cash Provided by (Used in) Investing Activities | 536.82M | -419.50M | 141.73M | 50.39M | 170.46M | 68.21M |
| Net Cash Provided by (Used in) Financing Activities | 57.26M | 591.18M | 84.66M | 3.45M | 2.20M | -44.12M |
Raw XBRL tagging for a single filing
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Methodology
All facts on this page come straight from SEC EDGAR XBRL
company-facts filings (IONS CIK 0000874015),
grouped by financial statement using FASB's base
us-gaap presentation taxonomy. Filers may re-parent
concepts onto different statements in their own extension
taxonomy, so a handful of rows can show up under a different
statement than on the actual 10-K / 10-Q; custom concepts and
any we couldn't map fall into Other. Hover a
cell to see the fully-qualified concept name and the filer's
description.
For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.