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Ionis Pharmaceuticals
(NASDAQ:IONS)
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Rating:46Neutral
Price Target:
$44.00
▼(-30.78% Downside)
Action:Reiterated
Date:10/21/26
IONS scores below average primarily due to weak financial performance (persistent losses, ongoing cash burn, and high leverage) and a mixed-to-weak technical setup (below key longer-term moving averages with negative MACD). The earnings call is a relative positive, supported by reiterated guidance, improving commercial momentum, and a strong cash position, but valuation remains hard to justify with negative earnings and no dividend yield provided.
Positive Factors
Partnered RNA Platform
HIBSAGO approval validates Ionis’s antisense platform in a major chronic disease and creates a durable, asset-light revenue stream through royalties and milestones. GSK’s commercialization capabilities can broaden patient access while allowing Ionis to benefit without funding the full global launch infrastructure.
Negative Factors
Persistent Operating Losses
Large projected operating losses show that commercialization and pipeline investment currently exceed the company’s recurring revenue base. Although management targets cash-flow breakeven by 2028, sustained losses may require continued use of reserves and leave profitability dependent on successful launches and milestones.
Read all positive and negative factors
Positive Factors
Negative Factors
Partnered RNA Platform
HIBSAGO approval validates Ionis’s antisense platform in a major chronic disease and creates a durable, asset-light revenue stream through royalties and milestones. GSK’s commercialization capabilities can broaden patient access while allowing Ionis to benefit without funding the full global launch infrastructure.
Read all positive factors
Ionis Pharmaceuticals Key Performance Indicators (KPIs)
Any
Revenue by Product
Shows revenue generated from individual products, highlighting which drugs are driving sales and indicating the company's reliance on specific treatments for growth.
Shows revenue generated from individual products, highlighting which drugs are driving sales and indicating the company's reliance on specific treatments for growth.
Data provided by:
The Fly
The FlyIonis Pharmaceuticals (IONS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.54B
Dividend YieldN/A
Average Volume (3M)3.76M
Price to Earnings (P/E)―
Beta (1Y)0.94
Revenue Growth-7.49%
EPS Growth-98.12%
CountryUS
Employees1,480
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-3.46
Shares Outstanding166,184,330
10 Day Avg. Volume2,785,740
30 Day Avg. Volume3,762,367
Financial Highlights & Ratios
PEG Ratio1.53
Price to Book (P/B)25.88
Price to Sales (P/S)13.41
P/FCF Ratio-39.55
Enterprise Value/Market Cap1.76
Enterprise Value/Revenue15.16
Enterprise Value/Gross Profit15.45
Enterprise Value/Ebitda-27.61
Forecast
1Y Price Target
$83.89Price Target Upside31.97% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering20
EPS Forecast (FY)-3.58
Revenue Forecast (FY)$925.13M
Ionis Pharmaceuticals Business Overview & Revenue Model
Company Description
Founded in 1989 and headquartered in Carlsbad, California, Ionis Pharmaceuticals, Inc. is a biopharmaceutical company specializing in the discovery and development of RNA-targeted therapies within the United States. Its commercial portfolio includ...
How the Company Makes Money
Ionis primarily makes money through a combination of (1) collaboration and licensing revenue and (2) product-related economics tied to partnered commercial medicines, supplemented by other revenue items such as research services and, at times, mil...
Ionis Pharmaceuticals Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call conveyed strong execution across approvals, launches and financials: a landmark approval and early commercial uptake for TRYNGOLZA, accelerating DAWNZERA adoption, solid revenue growth (Q2 revenue $268M, H1 $514M; Q2 commercial revenue $119M up 15% YoY) and a healthy cash position ($2.1B). The company reiterated 2026 guidance and a path to cash-flow breakeven in 2028 while advancing a robust pipeline with multiple near-term catalysts (Zilganersen PDUFA Sept 22, Bepirovirsen PDUFA Oct 26, Pelacarsen readout). Key challenges include the negative CARDIO-TTRansform outcome for Eplontersen, short-term reimbursement frictions (medical exceptions, ICD-10 coding), the Q2 impact from an intentional TRYNGOLZA price reduction, and dependence on partner trial readouts that could affect medium-term profitability. Overall, positives — approvals, launch momentum, strong revenue growth and cash runway — meaningfully outweigh the headwinds described.Positive Updates
TRYNGOLZA FDA Approval and Launch Momentum
TRYNGOLZA approved as the first FDA medicine to reduce triglycerides and risk of acute pancreatitis in adults with severe hypertriglyceridemia (sHTG). Prescriptions began on day of approval and both 50 mg and 80 mg doses were in channel within ~1 week. Label includes acute pancreatitis risk reduction; early sHTG launch described as "encouraging." Company expects TRYNGOLZA to return to revenue growth in H2 and to meet full-year TRYNGOLZA product sales guidance of $100M–$110M.
Negative Updates
CARDIO-TTRansform Phase III Disappointment (Eplontersen)
Eplontersen (ATTR cardiomyopathy) did not meet the primary efficacy endpoint in the overall population despite substantial and durable TTR reductions and nominally significant results in the monotherapy subgroup. Company and partner AstraZeneca are analyzing data; results will be presented at ESC.
Read all updates
Q2-2026 Updates
Positive
Negative
TRYNGOLZA FDA Approval and Launch Momentum
TRYNGOLZA approved as the first FDA medicine to reduce triglycerides and risk of acute pancreatitis in adults with severe hypertriglyceridemia (sHTG). Prescriptions began on day of approval and both 50 mg and 80 mg doses were in channel within ~1 week. Label includes acute pancreatitis risk reduction; early sHTG launch described as "encouraging." Company expects TRYNGOLZA to return to revenue growth in H2 and to meet full-year TRYNGOLZA product sales guidance of $100M–$110M.
Read all positive updates
Company Guidance
Ionis reiterated 2026 financial guidance and key metrics: full‑year revenue of $875–$900 million (weighted slightly more to commercial), TRYNGOLZA product sales of $100–$110 million and DAWNZERA product sales of $110–$120 million, an expected non‑GAAP operating loss of $425–$475 million, 2026 operating expenses rising in the low‑teens percentage versus 2025 while R&D spending is expected to be roughly flat, and a projected year‑end cash balance greater than $1.6 billion (cash, cash equivalents and short‑term investments were $2.1 billion at quarter end). Second‑quarter and year‑to‑date revenues were $268 million and $514 million (up 56% and 69% YoY excluding a $280 million one‑time Ono payment in H1 2025); Q2 commercial revenue was $119 million (TRYNGOLZA $5M, DAWNZERA $26M; H1 TRYNGOLZA $32M, DAWNZERA $42M), and Q2 R&D revenue was $149 million (H1 $288M). Management expects TRYNGOLZA to return to revenue growth in H2, anticipates meaningful R&D revenue and potential milestones (e.g., Bepirovirsen, Pelacarsen) in the back half of the year, and remains on track for cash‑flow breakeven by 2028.Ionis Pharmaceuticals Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
27
Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 873.76M | 944.00M | 705.14M | 787.65M | 587.37M | 810.46M |
| Gross Profit | 857.70M | 928.00M | 693.92M | 778.51M | 573.25M | 799.61M |
| EBITDA | -479.85M | -284.31M | -353.72M | -235.87M | -227.76M | -5.19M |
| Net Income | -564.78M | -381.00M | -453.90M | -366.29M | -269.72M | -28.60M |
Balance Sheet | ||||||
| Total Assets | 2.99B | 3.52B | 3.00B | 2.99B | 2.53B | 2.61B |
| Cash, Cash Equivalents and Short-Term Investments | 2.05B | 2.68B | 2.30B | 2.33B | 2.00B | 2.13B |
| Total Debt | 2.42B | 2.61B | 1.42B | 1.45B | 1.37B | 1.25B |
| Total Liabilities | 2.56B | 3.03B | 2.42B | 2.60B | 1.96B | 1.84B |
| Stockholders Equity | 439.74M | 489.09M | 588.35M | 386.69M | 572.89M | 771.74M |
Cash Flow | ||||||
| Free Cash Flow | -558.88M | -320.03M | -546.23M | -335.52M | -294.47M | 12.90M |
| Operating Cash Flow | -496.43M | -268.58M | -500.95M | -307.51M | -274.37M | 30.80M |
| Investing Cash Flow | 232.15M | -277.78M | -134.03M | -214.13M | -262.64M | 194.91M |
| Financing Cash Flow | 749.91M | 675.84M | 478.06M | 644.08M | -55.30M | 245.93M |
Ionis Pharmaceuticals Technical Analysis
Negative
63.57
Price Trends
50.78
Negative
58.47
Negative
67.89
Negative
Market Momentum
-1.60
Negative
42.69
Neutral
66.82
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IONS, the sentiment is Negative. The current price of 63.57 is above the 20-day moving average (MA) of 44.11, above the 50-day MA of 50.78, and below the 200-day MA of 67.89, indicating a bearish trend. The MACD of -1.60 indicates Negative momentum. The RSI at 42.69 is Neutral, neither overbought nor oversold. The STOCH value of 66.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IONS.
Ionis Pharmaceuticals Risk Analysis
Ionis Pharmaceuticals disclosed 37 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $14.90B | 17.57 | 190.44% | ― | 128.41% | ― | |
61 Neutral | $25.22B | -96.84 | -6.12% | ― | -67.58% | 45.61% | |
56 Neutral | $41.64B | -21.93 | -96.44% | ― | ― | -95.67% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $8.32B | -26.27 | -60.54% | ― | 16.85% | -80.39% | |
49 Neutral | $13.24B | -18.92 | 31.67% | ― | 202.39% | 12.83% | |
46 Neutral | $7.54B | -12.79 | -110.84% | ― | -7.49% | -98.12% |
* Healthcare Sector Average
IONS
Ionis Pharmaceuticals
43.91
-27.59
-38.59%
ARWR
Arrowhead Pharmaceuticals
58.36
21.01
56.25%
ASND
Ascendis Pharma
242.99
41.98
20.88%
BBIO
BridgeBio Pharma
68.12
14.31
26.59%
RVMD
Revolution Medicines
187.69
134.25
251.22%
ROIV
Roivant Sciences
37.45
19.33
106.68%
Ionis Pharmaceuticals Corporate Events
Business Operations and StrategyProduct-Related Announcements
Ionis boosted by FDA approval of hepatitis B therapy
Positive
Oct 21, 2026
On October 20, 2026, Ionis reported that partner GSK had secured U.S. FDA approval for HIBSAGO (bepirovirsen), a first-in-class RNA-targeted therapy for chronic hepatitis B used with nucleos(t)ide analogue treatment in a defined adult population w...
Business Operations and StrategyProduct-Related Announcements
Ionis and Roche Report Positive Phase 3 IgAN Data
Positive
Sep 23, 2026
On September 23, 2026, Ionis Pharmaceuticals and partner Roche reported that their Phase 3 IMAgINATION trial of investigational antisense therapy sefaxersen in adults with primary IgA nephropathy met its primary endpoint, showing statistically sig...
Business Operations and StrategyProduct-Related Announcements
Ionis Pharmaceuticals Updates on Novartis Pelacarsen Trial Outcome
Negative
Sep 4, 2026
On September 4, 2026, Ionis Pharmaceuticals reported that its partner Novartis’ Phase 3 Lp(a)HORIZON trial of pelacarsen in patients with elevated lipoprotein(a) and established cardiovascular disease failed to meet its primary endpoint of r...
Business Operations and StrategyProduct-Related Announcements
Ionis wins FDA approval for ZANVASTRO in Alexander disease
Positive
Sep 4, 2026
On September 3, 2026, Ionis Pharmaceuticals announced that the U.S. FDA approved ZANVASTRO (zilganersen) as the first and only disease-modifying treatment for Alexander disease in pediatric and adult patients, marking a major advance for an ultra-...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.