# Ionis Pharmaceuticals, Inc. (IONS)

**Exchange:** NASDAQ  
**Sector:** Healthcare  
**Market cap:** $11.89B  
**Price:** $74.30 (+1.34%)

> Ionis Pharmaceuticals, Inc. is a biotechnology company specializing in the discovery, development, and commercialization of human therapeutics using antisense technology. This proprietary platform enables the creation of novel drugs targeting difficult-to-treat diseases across cardiovascular, metabolic, neurological, and rare disease areas. Key marketed products include TRYNGOLZA (olezarsen), the first FDA-approved treatment for adults with familial chylomicronemia syndrome as an adjunct to diet; DAWNZERA (donidalorsen), an RNA-targeted prophylactic therapy for hereditary angioedema in patients 12 years and older; and royalties from partnered drugs such as SPINRAZA (nusinersen) for spinal muscular atrophy, WAINUA (eplontersen) for polyneuropathy of hereditary transthyretin-mediated amyloidosis, Qalsody for ALS, Tegsedi, and Waylivra. Ionis maintains a broad pipeline of investigational medicines, including olezarsen for severely elevated triglycerides, zilganersen for Alexander disease, bepirovirsen for chronic hepatitis B, ulefnersen for FUS-ALS, sapablursen for polycythemia vera, and opemalirsen for APOL1-mediated kidney disease. The company generates revenues from product sales, royalties, and R&D collaborations with partners like Biogen and AstraZeneca. Founded in 1989 and headquartered in Carlsbad, California, Ionis Pharmaceuticals plays a pivotal role in advancing RNA-targeted therapies for unmet medical needs.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $944M | $928M | -$382M | -$381M | — |
| 2024 | $705M | $694M | -$475M | -$454M | — |
| 2023 | $788M | $779M | -$354M | -$366M | — |
| 2022 | $587M | $573M | -$410M | -$270M | — |
| 2021 | $810M | $800M | -$30M | -$29M | — |
| 2020 | $729M | $717M | -$172M | -$444M | — |
| 2019 | $1.12B | $1.12B | $366M | $278M | — |
| 2018 | $600M | $598M | -$61M | $274M | — |
| 2017 | $514M | $514M | $31M | $346,000 | — |
| 2016 | $373M | $373M | -$20M | -$60M | — |
| 2015 | $284M | — | -$76M | -$88M | — |
| 2014 | $214M | — | -$48M | -$39M | — |
| 2013 | $147M | — | -$52M | -$61M | — |
| 2012 | $102M | — | -$69M | — | — |
| 2011 | $99M | — | -$71M | — | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $3.52B | $3.03B | $489M | $372M | $1.81B |
| 2024 | $3.00B | $2.42B | $588M | $242M | $1.25B |
| 2023 | $2.99B | $2.60B | $387M | $399M | $1.31B |
| 2022 | $2.53B | $1.96B | $573M | $276M | $1.19B |
| 2021 | $2.61B | $1.84B | $772M | $869M | — |
| 2020 | $2.39B | $1.65B | $743M | $398M | — |
| 2019 | $3.23B | $1.55B | $1.47B | $683M | — |
| 2018 | $2.67B | $1.48B | $1.05B | $279M | — |
| 2017 | $1.32B | $957M | $281M | $130M | — |
| 2016 | $912M | $813M | $100M | $85M | — |
| 2015 | $948M | $747M | $201M | $129M | — |
| 2014 | $956M | $698M | $258M | $143M | — |
| 2013 | $847M | $469M | $378M | $160M | — |
| 2012 | $546M | $363M | $183M | $124M | — |
| 2011 | $485M | $313M | $171M | $65M | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$269M | $51M | -$320M |
| 2024 | -$501M | $45M | -$546M |
| 2023 | -$308M | $24M | -$331M |
| 2022 | -$274M | $16M | -$290M |
| 2021 | $31M | $12M | $19M |
| 2020 | $36M | $35M | $772,000 |
| 2019 | $346M | $31M | $315M |
| 2018 | $603M | $14M | $589M |
| 2017 | $174M | $35M | $139M |
| 2016 | -$112M | $7M | -$119M |
| 2015 | $21M | $8M | $13M |
| 2011 | -$115M | $10M | -$125M |
| 2010 | -$64M | $13M | -$77M |
| 2009 | -$108M | $13M | -$122M |
| 2008 | $212M | $14M | $198M |

Source: [CompaniesByCap](https://companiesbycap.com/company/IONS)