IONS
$42.94-2.67%
Ionis Pharmaceuticals Inc.Stock · HealthcareNasdaq Composite 0.03%Russell 1000 0.02%Russell 3000 0.02%US Stock Market 0.02%
IONS financial statements
The full income statement, balance sheet, and cash-flow statement for Ionis Pharmaceuticals Inc. (IONS), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 146.2M2024-09 157.9M2024-12 159.0M2025-03 159.2M2025-06 159.4M2025-09 162.0M2025-12 165.2M2026-03 165.3M2026-06 166.2M+13.7% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 944M+33.8% | 705M-10.5% | 788M+34.1% | 587M-27.5% | 810M+11.1% | |
| Cost of revenue | 15.9M+41.9% | 11.2M+22.8% | 9.13M-35.3% | 14.1M+30.2% | 10.8M-9.2% | |
| Research & development | 916M+1.6% | 902M+0.2% | 900M | — | 638M+20.2% | |
| Selling, general & administrative | 394M+47.3% | 267M+15.0% | 233M+54.8% | 150M-19.3% | 186M-47.4% | |
| Amortization of intangibles | 2.44M+4.4% | 2.34M-8.7% | 2.56M+6.0% | 2.42M+2.7% | 2.35M+14.0% | |
| Operating income | -382M+19.7% | -475M-34.3% | -354M+13.8% | -410M-1258.9% | -30.2M+82.5% | |
| Interest expense | 17.3M+1.6% | 17.0M+34.2% | 12.7M+55.9% | 8.12M-13.1% | 9.35M-1.7% | |
| Other non-operating income | -15.4M-1253.9% | 1.33M-90.6% | 14.1M+293.8% | -7.27M+25.5% | -9.76M-15641.9% | |
| Pre-tax income | -380M+17.5% | -460M-37.8% | -334M-29.5% | -258M-785.1% | -29.1M+78.3% | |
| Income tax | 1.79M+128.9% | -6.17M-119.1% | 32.3M+175.4% | 11.7M+2230.1% | -551K-100.2% | |
| -381M+16.0% | -454M-23.9% | -366M-35.8% | -270M-843.2% | -28.6M+93.6% | ||
| Net income to non-controlling interest | — | — | — | 0.00 | 0.00+100.0% | |
| -$2.38+21.7% | -$3.04-18.8% | -$2.56-34.7% | -$1.90-850.0% | -$0.20+93.7% | ||
| EPS (basic) | -$2.38+21.7% | -$3.04-18.8% | -$2.56-34.7% | -$1.90-850.0% | -$0.20+93.7% | |
| Weighted-avg shares (basic) | 160M+7.0% | 150M+4.4% | 143M+0.9% | 142M+0.6% | 141M+1.0% | |
| Weighted-avg shares (diluted) | 160M+7.0% | 150M+4.4% | 143M+0.9% | 142M+0.6% | 141M+1.0% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 2.99B+14.1% | 2.62B-0.8% | 2.64B+19.9% | 2.20B-6.1% | 2.35B+10.1% | ||
| Cash & equivalents | 372M+53.8% | 242M-39.4% | 399M+44.4% | 276M-68.2% | 869M+118.6% | |
| Short-term investments | 2.31B+12.1% | 2.06B+6.4% | 1.93B+13.0% | 1.71B+37.3% | 1.25B | |
| Inventory | 10.0M-19.7% | 12.5M+68.1% | 7.44M-66.2% | 22.0M-11.2% | 24.8M+12.9% | |
| Other current assets | 237M+8.8% | 218M+6.1% | 205M+22.1% | 168M+17.4% | 143M+2.3% | |
| 3.52B+17.3% | 3.00B+0.5% | 2.99B+18.0% | 2.53B-3.0% | 2.61B+9.3% | ||
| Property, plant & equipment | 123M+30.6% | 94.3M+32.7% | 71.0M-4.4% | 74.3M-58.3% | 178M-1.7% | |
| Operating lease right-of-use | 239M+47.4% | 162M-5.8% | 172M-5.3% | 182M+910.0% | 18.0M+37.2% | |
| Intangible assets | — | — | — | — | 29.0M+3.8% | |
| Other non-current assets | 172M+34.8% | 127M+20.9% | 105M+39.7% | 75.3M+6.7% | 70.6M+41.1% | |
| 782M+152.7% | 309M-31.0% | 448M+43.8% | 312M+29.5% | 241M-59.8% | ||
| Accounts payable | 28.1M-34.6% | 43.0M+65.1% | 26.0M+45.2% | 17.9M+50.5% | 11.9M-30.8% | |
| Accrued liabilities | 106M-2.2% | 108M-26.7% | 148M+5.6% | 140M+58.2% | 88.6M-1.8% | |
| Deferred revenue | 73.8M-6.6% | 79.0M-47.7% | 151M+66.9% | 90.6M-7.3% | 97.7M-9.8% | |
| Short-term & current debt | 432K+161.9% | 165K+5.1% | 157K+4.0% | 151K | — | |
| Current lease liability | 9.51M+4.9% | 9.06M+12.0% | 8.09M+12.2% | 7.21M+177.5% | 2.60M+30.0% | |
| Other current liabilities | 22.7M+145.0% | 9.28M+5.1% | 8.83M+17.2% | 7.54M+113.7% | 3.53M | |
| 3.03B+25.6% | 2.42B-7.2% | 2.60B+32.8% | 1.96B+6.6% | 1.84B+11.8% | ||
| Long-term debt | 1.33B+10.4% | 1.20B-3.1% | 1.24B+5.6% | 1.18B | — | |
| Deferred revenue (non-current) | 92.0M-41.2% | 157M-35.1% | 241M-16.2% | 288M-18.2% | 352M-17.0% | |
| Non-current lease liability | 262M+62.2% | 162M-5.3% | 171M-4.5% | 179M+820.9% | 19.4M | |
| Operating lease liability (total) | 272M+59.1% | 171M-4.5% | 179M-3.9% | 186M+743.9% | 22.1M+27.4% | |
| Other non-current liabilities | 28.1M-45.8% | 51.9M+24.1% | 41.8M+161.9% | 16.0M+130.0% | 6.95M | |
| 489M-16.9% | 588M+52.2% | 387M-32.5% | 573M-25.8% | 772M+3.8% | ||
| Common stock | 163K+3.2% | 158K+9.7% | 144K+1.4% | 142K+0.7% | 141K+0.7% | |
| Additional paid-in capital | 3.15B+9.6% | 2.87B+29.5% | 2.22B+7.5% | 2.06B+4.9% | 1.96B+3.6% | |
| Retained earnings | -2.63B-17.0% | -2.25B-25.3% | -1.80B-25.6% | -1.43B-23.3% | -1.16B-2.5% | |
| Accumulated other comprehensive income | -25.3M+17.9% | -30.8M+5.6% | -32.6M+43.2% | -57.5M-76.0% | -32.7M-55.0% | |
| Total equity incl. non-controlling | — | — | — | 573M-25.8% | 772M+3.8% | |
| Total liabilities & equity | 3.52B+17.3% | 3.00B+0.5% | 2.99B+18.0% | 2.53B-3.0% | 2.61B+9.3% | |
| Common shares issued | 163M+3.4% | 158M+9.4% | 144M+1.6% | 142M+0.6% | 141M+0.6% | |
| Common shares outstanding | 163M+3.4% | 158M+9.4% | 144M+1.6% | 142M+0.6% | 141M+0.6% | |
| Shares outstanding (cover) | 165M+3.9% | 159M+9.1% | 146M+2.0% | 143M+0.9% | 142M+0.6% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| -269M+46.4% | -501M-62.9% | -308M-12.1% | -274M-990.8% | 30.8M-14.2% | ||
| Depreciation & amortization | 12.4M+4.2% | 11.9M-7.0% | 12.9M-23.2% | 16.7M-6.1% | 17.8M+15.6% | |
| Intangible amortization | 2.44M+4.4% | 2.34M-8.7% | 2.56M+6.0% | 2.42M+2.7% | 2.35M+14.0% | |
| Share-based compensation | 134M+2.8% | 130M+23.1% | 106M+5.5% | 100M-16.9% | 121M-47.6% | |
| Deferred income taxes | 0.00 | 0.00 | 0.00 | 0.00 | 0.00-100.0% | |
| Change in inventory | 13.7M+169.7% | 5.07M+105.4% | 2.47M+146.4% | -5.33M-287.5% | 2.84M+125.3% | |
| Change in payables | -15.4M-196.1% | 16.0M+96.9% | 8.12M+642.1% | 1.09M+118.2% | -6.00M-117.8% | |
| -278M-107.3% | -134M+37.4% | -214M+18.5% | -263M-234.8% | 195M-29.0% | ||
| Capital expenditure | 51.4M+13.6% | 45.3M+90.2% | 23.8M+51.4% | 15.7M+31.5% | 12.0M-66.0% | |
| Free cash flow | -320M+41.4% | -546M-64.9% | -331M-14.2% | -290M-1639.4% | 18.8M+2340.9% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Proceeds from sale of PP&E | — | 0.00-100.0% | 22.0K-100.0% | 254M | 0.00 | |
| 676M+41.4% | 478M-25.8% | 644M+1264.8% | -55.3M-122.5% | 246M+141.2% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00-100.0% | 489M | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00-100.0% | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| FX effect on cash | — | — | — | — | -111K-118.0% | |
| Net change in cash | 130M+182.8% | -157M-228.0% | 123M+120.7% | -593M-225.7% | 472M+265.1% | |
| Interest paid | 10.8M-0.8% | 10.9M+66.9% | 6.51M+124.7% | 2.90M-39.3% | 4.78M-23.5% | |
| Income taxes paid | -639K+88.6% | -5.62M-111.6% | 48.3M+864.8% | 5.01M+13084.2% | 38.0K-99.9% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 13.1B+135.2% | 5.56B-23.4% | 7.26B+35.3% | 5.37B+24.4% | 4.31B-45.9% | |
| P/E | — | — | — | 732.9× | — | |
| P/S | 13.8×+75.7% | 7.9×-33.2% | 11.8×+92.6% | 6.1×+15.2% | 5.3×-51.3% | |
| P/B | 26.7×+182.9% | 9.4×-58.9% | 23.0×+154.9% | 9.0×+61.6% | 5.6×-47.9% | |
| P/FCF | — | — | — | 46.5×-79.7% | 228.8×-97.8% | |
| Earnings yield | — | — | — | 0.14% | — | |
| FCF yield | — | — | — | 2.2%+392.3% | 0.44%+4408.9% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: IONS’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all IONS filings on SEC EDGAR → Not investment advice.