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Ionis Pharmaceuticals (IONS)
NASDAQ:IONS
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Ionis Pharmaceuticals
(NASDAQ:IONS)
52Neutral
Positive Factors
Financial Position
Net debt to total capital is 0%, indicating a strong financial position for the company.
Price Target
Incremental increase in the price target from $57 to $59 suggests growing confidence in the stock's performance.
Revenue Guidance
IONS increased FY25 revenue guidance by 21-25% and reduced non-GAAP operating loss by over 24%.
Negative Factors
Sales Impact
Wainua posted $39M in global sales mostly flat from $41M in Q4 as sales were impacted by the new mandated 20% Medicare rebate and first-time part D redesign.
Ionis Pharmaceuticals (IONS) vs. S&P 500 (SPY)
Market Cap
$5.22B
Dividend YieldN/A
Average Volume (3M)1.87M
Price to Earnings (P/E)―
Beta (1Y)0.82
Revenue Growth-7.65%
EPS Growth-11.81%
CountryUS
Employees1,069
SectorHealthcare
Sector Strength56
IndustryBiotechnology
Share Statistics
EPS (TTM)-2.98
Shares Outstanding159,159,100
10 Day Avg. Volume1,638,143
30 Day Avg. Volume1,867,182
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap0.88
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit6.63
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$55.63Price Target Upside69.71% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering20
Ionis Pharmaceuticals Business Overview & Revenue Model
Company DescriptionIonis Pharmaceuticals, Inc. discovers and develops RNA-targeted therapeutics in the United States. The company offers SPINRAZA for spinal muscular atrophy (SMA) in pediatric and adult patients; TEGSEDI, an injection for the treatment of polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults; and WAYLIVRA, a treatment for familial chylomicronemia syndrome and familial partial lipodystrophy. It also develops medicines for various indications that are in phase 3 study, including Eplontersen as a monthly self-administered subcutaneous injection to treat all types of TTR amyloidosis; Olezarsen for patients with severe hypertriglyceridemia (SHTG); Donidalorsen for patients with hereditary angioedema; ION363 for patients with amyotrophic lateral sclerosis; Pelacarsen for patients with established cardiovascular disease and elevated lipoprotein(a); and Tofersen to inhibit the production of superoxide dismutase 1. In addition, the company develops medicines for metabolic diseases, infectious diseases, renal diseases, ophthalmic diseases, and cancer. It has a strategic collaboration with Biogen Inc.; and collaboration and license agreement with AstraZeneca, Bayer AG, GlaxoSmithKline plc, Novartis AG, Roche, Janssen Biotech, Inc., and Flamingo Therapeutics, Inc. Ionis Pharmaceuticals, Inc. was founded in 1989 and is based in Carlsbad, California.
How the Company Makes MoneyIonis Pharmaceuticals makes money primarily through its partnerships, licensing agreements, and royalties. The company collaborates with major pharmaceutical companies to co-develop and commercialize its drugs, generating revenue from upfront payments, milestone payments, and royalties on sales. Ionis also licenses its antisense technology to other companies, which provides additional revenue streams. Key partnerships with established pharmaceutical companies like Biogen and AstraZeneca contribute significantly to its earnings, allowing Ionis to leverage its technology while sharing the costs and risks associated with drug development and commercialization.
Ionis Pharmaceuticals Key Performance Indicators (KPIs)
Any
Revenue by Product
Highlights earnings from individual products, providing insight into which drugs or therapies are driving growth and which may need strategic focus or improvement.
Highlights earnings from individual products, providing insight into which drugs or therapies are driving growth and which may need strategic focus or improvement.
Data provided by:
Main Street Data
Main Street DataIonis Pharmaceuticals Financial Statement Overview
Summary
Ionis Pharmaceuticals faces significant financial challenges, including persistent losses, high leverage, and negative cash flows. Although it manages gross profit effectively, converting this into net profitability and positive cash flow remains a concern. The balance sheet shows high debt levels and declining equity, limiting financial flexibility.Income Statement
Ionis Pharmaceuticals has shown a trend of declining revenues and persistent losses. The TTM data shows a gross profit margin of 98.88%, indicating strong cost management relative to revenue. However, the company is experiencing significant operating losses, with a negative EBIT margin and net profit margin, highlighting profitability challenges. Revenue growth is inconsistent, with fluctuations year-on-year, and recent declines are concerning.―
Balance Sheet
The company is heavily leveraged with a high debt-to-equity ratio of 2.96 in the TTM period. The stockholders' equity has been decreasing, indicating financial strain. Return on equity is negative due to net losses. Although cash and equivalents are substantial, the equity ratio of 16.90% indicates a weaker capital structure.40
Cash Flow
Negative operating and free cash flows signal challenges in generating sufficient cash from operations. The operating cash flow to net income ratio is negative, reflecting cash flow issues. Free cash flow has been consistently negative, indicating ongoing capital expenditure and funding requirements, which could pose liquidity risks.―
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 705.14M | 787.65M | 587.00M | 810.00M | 729.00M | Gross Profit |
| 693.92M | 778.51M | 573.00M | 799.00M | 717.00M | EBIT |
| -475.08M | -353.73M | -411.00M | -30.00M | -172.00M | EBITDA |
| -475.08M | -230.01M | -227.76M | -239.00K | -107.88M | Net Income Common Stockholders |
| -453.90M | -366.29M | -270.00M | -29.00M | -487.00M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 2.30B | 2.33B | 1.99B | 2.12B | 1.89B | Total Assets |
| 3.00B | 2.99B | 2.53B | 2.61B | 2.39B | Total Debt |
| 1.42B | 1.45B | 1.34B | 1.16B | 749.00M | Net Debt |
| 1.17B | 1.05B | -642.00M | -954.00M | -1.14B | Total Liabilities |
| 2.42B | 2.60B | 1.96B | 1.84B | 1.55B | Stockholders Equity |
| 588.35M | 386.69M | 573.00M | 772.00M | 843.00M |
| Cash Flow | Free Cash Flow | |||
| -546.23M | -335.52M | -294.47M | 12.90M | -5.16M | Operating Cash Flow |
| -500.95M | -307.51M | -274.37M | 30.80M | 35.89M | Investing Cash Flow |
| -134.03M | -214.13M | -262.64M | 194.91M | 274.48M | Financing Cash Flow |
| 478.06M | 644.08M | -55.30M | 245.93M | -596.61M |
Ionis Pharmaceuticals Technical Analysis
Positive
32.78
Price Trends
30.85
Positive
32.51
Positive
37.39
Negative
Market Momentum
0.26
Negative
66.31
Neutral
83.81
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IONS, the sentiment is Positive. The current price of 32.78 is above the 20-day moving average (MA) of 28.85, above the 50-day MA of 30.85, and below the 200-day MA of 37.39, indicating a neutral trend. The MACD of 0.26 indicates Negative momentum. The RSI at 66.31 is Neutral, neither overbought nor oversold. The STOCH value of 83.81 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IONS.
Ionis Pharmaceuticals Risk Analysis
Ionis Pharmaceuticals disclosed 36 risk factors in its most recent earnings report. Ionis Pharmaceuticals reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ionis Pharmaceuticals Peers Comparison
Overall Rating
UnderperformOutperform
Sector (52)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $5.24B | 15.13 | 25.71% | ― | -12.31% | -17.53% | |
77 Outperform | $4.80B | 55.61 | 10.34% | ― | 473.02% | 1620.44% | |
66 Neutral | $6.24B | 26.65 | 19.71% | ― | 52.97% | ― | |
52 Neutral | $5.22B | ― | -118.53% | ― | -7.65% | -11.81% | |
52 Neutral | $5.35B | 3.81 | -42.57% | 2.86% | 17.10% | 1.33% | |
50 Neutral | $5.52B | ― | -231.63% | ― | 42.53% | -15.29% | |
40 Underperform | $4.45B | ― | 435.49% | ― | 145.34% | 3.20% |
* Healthcare Sector Average
Performance Comparison
IONS
Ionis Pharmaceuticals
32.78
-9.50
-22.47%
ALKS
Alkermes
31.78
7.68
31.87%
CYTK
Cytokinetics
37.35
-27.70
-42.58%
SRPT
Sarepta Therapeutics
63.51
-71.53
-52.97%
AXSM
Axsome Therapeutics
112.21
36.27
47.76%
KRYS
Krystal Biotech
166.16
9.22
5.87%
Ionis Pharmaceuticals Earnings Call Summary
Earnings Call Date:Apr 30, 2025
(Q1-2025)
| % Change Since: 9.96%|
Next Earnings Date:Jul 31, 2025
Earnings Call Sentiment Positive
Ionis demonstrated strong financial performance and successful product launches despite external market uncertainties. The company increased its financial guidance and highlighted significant growth potential through upcoming product launches. However, challenges remain in patient identification and potential market disruptions.Q1-2025 Updates
Positive Updates
Increased Financial Guidance for 2025
Ionis increased its 2025 revenue guidance by more than 20% due to strong first-quarter results and recent successful licensing transactions, projecting $725 million to $750 million in revenue.
Successful Launch of TRYNGOLZA
TRYNGOLZA, the first FDA-approved treatment for familial chylomicronemia syndrome, exceeded expectations with over $6 million in net product sales in its first full quarter on the market.
Upcoming Launches and Product Pipeline
Ionis is preparing for the launch of donidalorsen for hereditary angioedema in the third quarter and expects data from two Phase III programs later this year, which could lead to significant market opportunities.
Strong Commercial Revenue Growth
Commercial product revenues grew 28% year-over-year, with robust contributions from TRYNGOLZA, SPINRAZA, and WAINUA.
Negative Updates
Market Uncertainties and External Risks
The rapidly evolving environment, including changes at the FDA and new tariff policies, introduces uncertainties with potential for disruption in the industry.
Challenge of Patient Identification for TRYNGOLZA
The vast majority of the estimated 3,000 people living with FCS in the U.S. remain unidentified, posing a challenge for ongoing TRYNGOLZA uptake.
Regulatory and Tariff Concerns
While no immediate impacts have been reported, the potential regulatory changes and tariffs could pose future challenges for supply chains and operating costs.
Company Guidance
During the call, Ionis provided updated financial guidance, significantly raising their 2025 projections. Revenue guidance was increased by over 20% due to strong first-quarter results and successful licensing transactions, now expected to be in the range of $725 million to $750 million. The company also improved its non-GAAP operating loss guidance by nearly 25%, projecting it to be less than $375 million, and anticipates ending the year with $1.9 billion in cash. The revenue increase was attributed to the early commercial success of TRYNGOLZA, which generated over $6 million in net product sales in its first full quarter, and the completion of strategic licensing deals. Ionis emphasized its confidence in achieving substantial and sustained revenue growth, supported by a robust pipeline with potential multibillion-dollar peak sales.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.