Ionis Pharmaceuticals Inc (IONS) Financial Statements
Industry: Pharmaceutical Preparations
In fiscal 2025, Ionis Pharmaceuticals reported revenue of $943.7M, up 33.8% from $705.1M the year before. Net income was -$381.4M (a -40.4% net margin), or -$2.38 per diluted share. Gross margin was 98.3% and operating margin was -40.4%. Operating activities generated -$268.6M of cash, leaving -$320.0M of free cash flow. At fiscal year end, Ionis Pharmaceuticals held $3.52B in total assets against $3.03B in total liabilities, including $372.3M of cash and equivalents.
Open the full interactive Ionis Pharmaceuticals financials → Quarterly statements, key ratios, valuation history and price charts.
Ionis Pharmaceuticals Key Stats
| Share Price | $42.38 |
|---|---|
| Market Cap | $7.01B |
| Revenue YoY Growth | +33.8% |
| 52-Week Range | $42.38 – $86.50 |
| Shares Outstanding | 165.4 million (basic, 2026 Q2) |
Ionis Pharmaceuticals Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $729.3M | $810.5M | $587.4M | $787.6M | $705.1M | $943.7M |
| Cost of Goods Sold | $11.9M | $10.8M | $14.1M | $9.1M | $11.2M | $15.9M |
| Gross Profit | $717.3M | $799.6M | $573.3M | $778.5M | $693.9M | $927.8M |
| Operating Income | -$172.1M | -$30.2M | -$410.2M | -$353.7M | -$475.1M | -$381.7M |
| Pre-Tax Income | -$170.0M | -$29.1M | -$258.0M | -$334.0M | -$460.1M | -$379.6M |
| Income Tax | $316.7M | -$551,000 | $11.7M | $32.3M | -$6.2M | $1.8M |
| Net Income | -$451.3M | -$28.6M | -$269.7M | -$366.3M | -$453.9M | -$381.4M |
| Diluted EPS | -$3.23 | -$0.20 | -$1.90 | -$2.56 | -$3.04 | -$2.38 |
Ionis Pharmaceuticals Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $156.7M | $203.3M | $246.1M | $267.9M |
| Net Income | -$128.6M | -$229.4M | -$92.5M | -$114.6M |
| Diluted EPS | -$0.80 | -$1.43 | -$0.56 | -$0.69 |
Ionis Pharmaceuticals Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $397.7M | $869.2M | $276.5M | $399.3M | $242.1M | $372.3M |
| Current Assets | $2.13B | $2.35B | $2.20B | $2.64B | $2.62B | $2.99B |
| Total Assets | $2.39B | $2.61B | $2.53B | $2.99B | $3.00B | $3.52B |
| Current Liabilities | $583.2M | $240.6M | $311.6M | $448.1M | $309.3M | $781.6M |
| Total Long-Term Debt | $839.6M | $59.7M | $1.18B | $1.24B | $1.20B | $1.76B |
| Total Liabilities | $1.55B | $1.84B | $1.96B | $2.60B | $2.42B | $3.03B |
| Shareholders' Equity | $843.3M | $771.7M | $572.9M | $386.7M | $588.4M | $489.1M |
Ionis Pharmaceuticals Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $35.9M | $30.8M | -$274.4M | -$307.5M | -$500.9M | -$268.6M |
| Cash From Investing | $274.5M | $194.9M | -$262.6M | -$214.1M | -$134.0M | -$277.8M |
| Cash From Financing | -$596.6M | $245.9M | -$55.3M | $644.1M | $478.1M | $675.8M |
| Free Cash Flow | $772,000 | $18.8M | -$290.1M | -$331.3M | -$546.2M | -$320.0M |
Figures from Ionis Pharmaceuticals' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Ionis Pharmaceuticals financials page for every line item.
Ionis Pharmaceuticals Company Profile
| Ticker | IONS |
|---|---|
| Exchange | Nasdaq |
| Industry | Pharmaceutical Preparations |
| Headquarters | Carlsbad, California |
| Incorporated in | California |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000874015 |
Frequently Asked Questions
What was Ionis Pharmaceuticals' revenue in fiscal 2025?
Ionis Pharmaceuticals (IONS) reported revenue of $943.7M for fiscal 2025.
What is Ionis Pharmaceuticals' annual revenue history?
Ionis Pharmaceuticals' annual revenue by fiscal year: 2020: $729.3M; 2021: $810.5M; 2022: $587.4M; 2023: $787.6M; 2024: $705.1M; 2025: $943.7M.
What was Ionis Pharmaceuticals' net income in fiscal 2025?
Ionis Pharmaceuticals reported net income of -$381.4M for fiscal 2025.
What was Ionis Pharmaceuticals' earnings per share (EPS) in fiscal 2025?
Ionis Pharmaceuticals' diluted EPS was -$2.38 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Ionis Pharmaceuticals generate in fiscal 2025?
Ionis Pharmaceuticals generated -$320.0M of free cash flow in fiscal 2025.
What was Ionis Pharmaceuticals' revenue last quarter?
In its most recent reported quarter (2026 Q2), Ionis Pharmaceuticals reported revenue of $267.9M.
How much debt does Ionis Pharmaceuticals have?
Ionis Pharmaceuticals reported $1.76B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Ionis Pharmaceuticals are outstanding?
Ionis Pharmaceuticals reported a weighted average of 165.4 million basic shares outstanding in 2026 Q2.
What is Ionis Pharmaceuticals' market cap?
Based on its latest closing price, Ionis Pharmaceuticals (IONS) has a market capitalization of about $7.01B.
When does Ionis Pharmaceuticals' fiscal year end?
Ionis Pharmaceuticals' fiscal year end, as registered with the SEC, is December 31.
Where is Ionis Pharmaceuticals headquartered?
Ionis Pharmaceuticals lists its business address in Carlsbad, California in its SEC filings.