IONSNasdaqPharmaceutical PreparationsFiscal year ends December 31
IONIS PHARMACEUTICALS INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 29, 2026
$44.38+1.44 (+3.35%)
Close on Oct 19, 2026
- Market cap
- $7.34B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
98.3%−0.0 pts over 5 years
Operating margin
-40.4%−16.8 pts over 5 years
Net margin
-40.4%+20.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +33.8% | +17.1% | +5.3% | +12.8% | |
| Gross profit | +33.7% | +17.4% | +5.3% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -40.2% | -40.1% | -70.8% | |
| Return on assets | -6.5% | -15.8% | -11.7% | |
| Current ratio | 5.96 | 3.56 | 3.83 | |
| Debt to equity | – | 1.13 | 3.60 | |
| Interest coverage | -0.5× | -18.1× | -22.1× | |
| Inventory turnover | – | 0.6× | 1.4× | |
| Capex to revenue | 1.9% | 4.8% | 5.5% | |
| Diluted shares | 121M | 140M | 160M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Ionis Pharmaceuticals generated $1.38B from operations and spent $148.21M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$1.38B
Used
$148.21M
Capital expenditure$148.21M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-40.4%
×Asset turnover0.29×
×Equity multiplier6.06×
=Return on equity, FY2025-70.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -40.4% | 0.29× | 6.06× | -70.8% |
| FY2024 | -64.4% | 0.24× | 6.15× | -93.1% |
| FY2023 | -46.5% | 0.29× | 5.76× | -76.3% |
| FY2022 | -45.9% | 0.23× | 3.83× | -40.1% |
| FY2021 | -3.5% | 0.32× | 3.30× | -3.8% |
| FY2020 | -60.9% | 0.26× | 2.54× | -40.1% |
| FY2019 | 24.8% | 0.38× | 2.34× | 22.1% |
| FY2018 | 45.6% | 0.30× | 3.00× | 41.2% |
| FY2017 | 0.1% | 0.46× | 5.87× | 0.2% |
| FY2016 | -16.2% | 0.40× | 6.19× | -40.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$381.39M
- Cash generatingOperating cash flow above zero-$268.58M
- Return on assets improvedROA up on the prior year-15.2% → -12.7%
- Earnings backed by cashOperating cash flow above net income-$268.58M vs -$381.39M
- Less leverageLong-term debt to assets fell40.0% → 37.7%
- Better liquidityCurrent ratio rose8.47 → 3.83
- No dilutionShare count did not rise150M → 160M
- Gross margin improvedGross margin up on the prior year98.41% → 98.31%
- More efficientAsset turnover rose0.24 → 0.31