Ionis Pharmaceuticals, Inc. (IONS) Stock

Ionis Pharmaceuticals, Inc. (IONS) is a Healthcare stock trading at $59.75 (as of 2026-08-21), with a market capitalization of $9.93B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Ionis Pharmaceuticals, Inc. develops and commercializes RNA-targeted therapeutics for a range of diseases. Its marketed treatments include SPINRAZA, TEGSEDI, and WAYLIVRA, and it also has medicines in phase 3 for conditions such as transthyretin amyloidosis and other metabolic and neurological disorders, with products used in the United States.

Understand Ionis Pharmaceuticals, Inc.: how it makes money

Ionis Pharmaceuticals discovers and develops RNA-targeted therapeutics, and monetizes them through marketed product revenue (SPINRAZA, TEGSEDI, and WAYLIVRA) as well as royalties and collaboration-related revenue.

Very high gross margin (98.8%) with a large operating loss (operating margin -47.7%) suggests the business is structurally driven by revenue scaling and cost control, because most profit is constrained by operating expenses rather than by cost of goods.

Revenue by segment (latest quarter)
Royalty$0.1B
Marketed products$0.1B
Research and development$0.1B

Business quality (Weak): Strong gross margin, but still a sizable operating loss, so investors typically need to track the operating drivers behind royalties and marketed-product revenue, and assess whether collaboration and product revenue can offset ongoing operating spend.

Bull case

  • Marketed portfolio already includes SPINRAZA, TEGSEDI, and WAYLIVRA, which supports non-R&D monetization: The company offers SPINRAZA for SMA, TEGSEDI for hereditary transthyretin-mediated amyloidosis, and WAYLIVRA for familial chylomicronemia syndrome and familial partial lipodystrophy.
  • Royalty and marketed-product revenue are explicit components of its revenue mix: Provided revenue candidates include Royalty revenue (including SPINRAZA nusinersen royalty revenue) and Marketed products revenue.

Bear case

  • Operating results are loss-making, even though gross margin is very high: Gross margin is 98.8% while operating margin is -47.7% for the latest period provided, indicating operating expenses dominate profitability.
  • A material part of revenue is tied to collaboration arrangements and related R&D funding: Provided revenue candidates include Collaboration agreement research and development revenue and Research and Development revenue milestone payments portion.
Valuation — source: SEC EDGAR (first-party)
Price$59.75
Market Cap$9.93B
Price / Book22.58
Price / Sales11.36
FCF Yield-4.3%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$943.71M
Net Margin-40.4%
Revenue Growth (YoY)-40.7%
EPS Growth (YoY)-188.5%
FCF Growth (YoY)295.2%
Financial Health — source: SEC EDGAR
Altman Z-Score1.57 (distress)
Piotroski F-Score3/9 (weak)
Valuation vs Sector & Industry
Sector P/E (Healthcare)21.7
Industry P/E (Pharmaceutical Products)17.2
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderFMR LLC ($1.84B)
Institutional Holders Tracked10
Congressional Trades (recent)1
Company
SectorHealthcare
IndustryPharmaceutical Products
CEOBrett Monia
Employees1,069
CountryUS
IPO Date1991-05-17

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IONS earnings history · IONS institutional & insider holders · IONS KPIs & operating metrics · IONS financials · IONS investor presentations & press releases · IONS SEC filings · IONS peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.