IONS
Ionis Pharmaceuticals, Inc.
IONS lost money over the past year, so it has no meaningful PE right now. Analysts expect losses to shrink, though they disagree widely on how much.
IONS Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| Weak | |
| Strong |
IONS's balance sheet is currently strong, but its revenue, profitability and cash flow are under pressure.
IONS PE Valuation
IONS has no meaningful PE right now: it lost money over the past year.
IONS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect IONS's losses to shrink, with revenue growing. However, they disagree widely on these estimates.
IONS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$3.32 | -$1.63 |
| Q2 2026 | -$3.46 | -$1.62 |
| Q1 2026 | -$2.07 | +$0.92 |
| Q4 2025 | -$2.44 | +$0.60 |
| Q3 2025 | -$1.69 | +$0.75 |
| Q2 2025 | -$1.84 | +$0.68 |
| Q1 2025 | -$2.99 | -$0.32 |
| Q4 2024 | -$3.04 | -$0.48 |
IONS is still losing money, but less than at its worst: $3.32 per share over the past year, against $4.23 at its worst in late 2021.
IONS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $242.7M | +55% |
| Q2 2026 | $267.9M | -41% |
| Q1 2026 | $246.1M | +87% |
| Q4 2025 | $203.3M | -10% |
| Q3 2025 | $156.7M | +17% |
| Q2 2025 | $452M | +101% |
| Q1 2025 | $131.6M | +10% |
| Q4 2024 | $226.6M | -30% |
IONS's revenue is recovering but still below its 2019 peak: $243M last quarter, up 55% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -54% | +48 points |
| Q2 2026 | -38% | -69 points |
| Q1 2026 | -48% | +64 points |
| Q4 2025 | -105% | -57 points |
| Q3 2025 | -102% | +8.9 points |
| Q2 2025 | 31% | +60 points |
| Q1 2025 | -112% | +14 points |
| Q4 2024 | -49% | -47 points |
IONS's operating margin was −54% last quarter, up 48 points from the same quarter a year ago.
IONS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$192.1M | -$55.4M |
| Q2 2026 | $549.5M | +295% |
| Q1 2026 | -$814.6M | -$651.2M |
| Q4 2025 | -$159M | -$17.4M |
| Q3 2025 | -$136.7M | -$12.7M |
| Q2 2025 | $139M | +$265.1M |
| Q1 2025 | -$163.4M | -$8.9M |
| Q4 2024 | -$141.6M | -520% |
IONS has burned cash in most quarters: −$616M over the past year, against −$303M the year before.
IONS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.5% | +786K shares |
| 1 year | +4% | +6.4M shares |
| 3 years | +16% | +22.9M shares |
| 5 years | +18% | +25.1M shares |
| Available history | +8.4% | +12.9M shares |
IONS has 166M diluted shares, up 4% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | $52,000 |
| Q1 2020 | $90.6M |
IONS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2022 | -8.8x | Net Cash |
| Q2 2022 | -56.9x | Net Cash |
| Q1 2022 | -24.7x | Net Cash |
| Q3 2020 | -5.0x | Net Cash |
| Q2 2020 | -3.2x | Net Cash |
| Q1 2020 | -2.5x | Net Cash |
| Q4 2019 | -1.8x | Net Cash |
IONS has more cash than debt.
IONS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 21.4 | Oversold |
| Stochastic | 3.6 | Oversold |
IONS's weekly RSI is 21 (oversold) and its Stochastic is 4 (oversold).
IONS PE vs Healthcare Sector
| Metric | IONS | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
IONS has no meaningful PE right now: it lost money over the past year.
IONS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $41.2 | 34% below |
| 20 week MA | $51.2 | 47% below |
| 50 week MA | $66.9 | 59% below |
| 100 week MA | $55.6 | 51% below |
| 200 week MA | $49.0 | 44% below |
IONS is in a downtrend: it's below all five of its weekly moving averages, and 44% below its 200-week average.
IONS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $60.8 | $59.7 | -1.8% |
| 2021 | $59.7 | $32.7 | -45% |
| 2022 | $32.7 | $38.2 | +17% |
| 2023 | $38.2 | $50.6 | +33% |
| 2024 | $50.6 | $35.9 | -29% |
| 2025 | $35.9 | $79.9 | +123% |
| 2026 YTD | $79.9 | $27.3 | -66% |
IONS's yearly returns have swung widely, from +123% in 2025 to −45% in 2021. It's down 66% so far in 2026.