Ionis Pharmaceuticals, Inc.
IONS
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Bull / bear case
Site-generated summary from fundamentals, news, and score — not investment advice. As of 2026-10-08.
- Ionis Pharmaceuticals has a strong competitive edge in the biotechnology sector with its proprietary antisense technology, which allows for targeted treatment of various diseases.
- In Q2 2026, Ionis reported a revenue increase of 9% compared to the previous quarter, reaching $268 million.
- The gross margin improved to 99% in Q2 2026, up from 98.8% in the prior quarter.
- The company faces significant financial challenges, including a high debt-to-equity ratio of 497.8, indicating potential liquidity issues.
- Ionis recorded a net income loss of $114.646 million in Q2 2026, reflecting ongoing profitability struggles.
- The operating margin remains negative at -38.2% in Q2 2026, highlighting persistent operational inefficiencies.
Fundamentals
| Market cap | $7.20B | Enterprise value | $7.28B | Trailing P/E | — | Forward P/E | -38.93 |
| PEG | 27.33 | Price / book | 16.31 | Beta | 0.38 | Dividend yield | 0.00% |
| Revenue growth | -40.7% | Earnings growth | — | Gross margin | -6.9% | Operating margin | -38.2% |
| Profit margin | -64.7% | ROE | -105.5% | ROA | -12.4% | Debt / equity | 4.98 |
| Current ratio | 7.89 | Free cash flow | -$346.76M | Analyst recommendation | buy | Mean target | $83.64 |
| 52w high | $86.74 | 52w low | $42.63 |
Quarterly
| 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | |
|---|---|---|---|---|---|
| Revenue | $268M | $246M | $203M | $157M | $452M |
| Op margin | -38.2% | -47.7% | -105.5% | -102.2% | 30.9% |
| Net income | -$115M | -$92.5M | -$229M | -$129M | $124M |
| Gross margin | 99.0% | 98.8% | 96.1% | 98.5% | 99.1% |
| Gross profit | $265M | $243M | $195M | $154M | $448M |
| Operating income | -$102M | -$117M | -$214M | -$160M | $140M |
- Revenue +9% vs prior quarter ($268M vs $246M).
- Gross margin 99% (was 98.8% prior quarter).
- Operating margin expanded to -38.2%.
Yearly (6y)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | $944M | $705M | $788M | $587M | — |
| Op margin | -40.4% | -67.4% | -44.9% | -69.8% | — |
| Net income | -$381M | -$454M | -$366M | -$270M | — |
| Gross margin | 98.3% | 98.4% | 98.8% | 97.6% | — |
| Gross profit | $928M | $694M | $779M | $573M | — |
| Operating income | -$382M | -$475M | -$354M | -$410M | — |
No flags
• No distress or material-risk keywords in recent headlines (keyword scan only — not a guarantee).
News
2026-10-09 · Ionis Pharmaceuticals (IONS) Stock Could Still Trade At A Premium Despite A 46% Slump
2026-10-05 · Novartis Strengthens RNA Therapeutics Pipeline With $7.8B Abogen Deal
2026-09-28 · Cathie Wood Makes $64 Million Bet on Two Stocks
2026-09-28 · 4 RNA Therapeutics Stocks Leading the Next Wave of Innovation
2026-09-25 · Ionis Pharmaceuticals (IONS) Stock Looks Pricey On Its 45% YTD Slide
2026-09-24 · Failure of Novartis’ Pelacarsen Could Reshape the Lp(a) Race for CRISPR and Ionis
2026-09-23 · The Biggest Losers In Biotech — And It Had Nothing To Do With 'Compelling,' 'Best-In-Disease' Data
2026-09-23 · Roche, Ionis RNA drug scores in kidney disease study
2026-09-23 · Ionis Delivers Positive Late-Stage Results for Two Partnered Drugs
2026-09-23 · Ionis and Roche Advance First RNA-Targeted Therapy for Autoimmune Kidney Disease
2026-09-23 · Ionis Pharmaceuticals, Roche Say Kidney Disease Drug Candidate Meets Main Goal in Phase 3 Study
2026-09-23 · Ionis announces positive interim data from partner Roche’s Phase 3 IMAgINATION study in IgA nephropathy (IgAN)
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