Ionis Pharmaceuticals
Develops antisense medicines through owned launches and pharmaceutical partnerships.
Something off on this page? Send us feedback.
Profile
Develops and commercializes RNA-targeted medicines across cardiometabolic, rare-disease, and neurology markets. The model combines owned U.S. launches with co-commercialized and partner-led products, generating product sales alongside royalties, research services, licenses, and active-ingredient supply.
Develops RNA-targeted medicines by using antisense chemistry to alter production of disease-related proteins. The marketed portfolio spans cardiometabolic, rare-disease, and neurology treatments, including TRYNGOLZA, DAWNZERA, WAINUA, SPINRAZA, and QALSODY.
Combines owned U.S. commercialization with co-commercialized and partner-led products. Revenue comes from direct product sales alongside royalties, research services, licenses, and active-ingredient supply, reflecting a model that still shares development and commercialization responsibilities.
Decades of chemistry and delivery work support an integrated discovery, development, and commercial platform. Operations remain concentrated in the United States, while product responsibilities vary by geography and partner. Execution depends on clinical and regulatory success, manufacturing, reimbursement, competitive performance, partnerships, intellectual-property protection, personnel, and information systems.
Company facts
Key statistics
Year to date −23.4% · Average volume (30d) 2.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | BMO Capital | Downgrade | Outperform | Market Perform | ||
| Aug 18, 2026 | BMO Capital | Initiate | Market Perform | |||
| Jul 30, 2026 | H.C. Wainwright | Target | $130 | $115 | ||
| Jul 29, 2026 | Goldman Sachs | Reiterate | Neutral | $75 | $69 | |
| Jul 21, 2026 | Guggenheim | Reiterate | Buy | $65 | $89 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | −$1.08 | −$0.69 | +36.1% | $189.1M | $268.0M | +41.7% | −1.41% |
| Apr 29, 2026Q1 FY26 | −$0.85 | −$0.56 | +34.1% | $195.6M | $246.0M | +25.8% | −0.09% |
| Feb 25, 2026Q4 FY25 | −$1.24 | −$1.41 | −14.0% | $156.1M | $203.0M | +30.1% | −0.41% |
| Oct 29, 2025Q3 FY25 | −$1.15 | −$0.61 | +47.0% | $153.6M | $156.7M | +2.1% | +3.19% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $131.6M | $452.0M | $156.7M | $203.0M | $246.1M | $267.9M | |
| Gross profit | $130.1M | $447.9M | $154.4M | $195.0M | $243.1M | $265.2M | |
| Operating income | −$146.9M | $139.8M | −$160.2M | −$215.0M | −$117.4M | −$102.3M | |
| Net income | −$146.9M | $123.6M | −$128.6M | −$229.0M | −$92.5M | −$114.6M | |
| Diluted EPS | −$0.93 | $0.68 | −$0.80 | −$1.41 | −$0.56 | −$0.69 | |
| Gross margin | 98.9% | 99.1% | 98.5% | 96.1% | 98.8% | 99.0% | |
| Operating margin | -111.6% | 30.9% | -102.2% | -105.9% | -47.7% | -38.2% |
Fiscal years (4-quarter sums)FY21 $810.5M · FY22 $587.4M · FY23 $787.6M · FY24 $705.1M · FY25 $943.4M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $2.05B · Total debt $2.42B · Total assets $2.99B · Shareholders' equity $439.7M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 166.18M · Float 162.93M · 98.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| FMR LLC | 24.63M | 14.82% | 13F | Aug 13, 2026 |
| Capital World Investors | 21.67M | 13.04% | 13F | Aug 12, 2026 |
| BlackRock, Inc. | 10.70M | 6.44% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 7.86M | 4.73% | 13F | Aug 13, 2026 |
| Wellington Management Group LLP | 7.65M | 4.60% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 30, 2026 | Michael R. Hayden | director | +15,000 | $53.38 |
| Jul 31, 2026 | Michael R. Hayden | director | +5,000 | $51.60 |
| Jul 7, 2026 | Holly B. Kordasiewicz | officer: EVP, Chief Development Officer | −362 | $84.30 |
| Jul 7, 2026 | Allene M. Diaz | director | −10,111 | $85.42 |
| Jul 7, 2026 | C. Frank Bennett | officer: EVP, Chief Scientific Officer | −20,536 | $84.95 |
Peers
- Arrowhead Pharmaceuticals
Direct APOC3 rivalry in FCS and severe hypertriglyceridemia.
- Alnylam Pharmaceuticals
RNA-silencing rival in hereditary ATTR polyneuropathy.
- BioCryst Pharmaceuticals
Oral prophylaxis alternative in hereditary angioedema.
- Takeda (ADR)
Injectable biologic incumbent in hereditary angioedema prevention.
- Novartis (ADR)
Gene-replacement alternatives in spinal muscular atrophy.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ionis Pharmaceuticals | $61.05 | +0.02% | $10.15B | — | — | 11.6 | −40.7% |
| Arrowhead Pharmaceuticals | $84.80 | −0.13% | $11.96B | — | — | 17.9 | +171.0% |
| Alnylam Pharmaceuticals | $240.00 | +1.22% | $31.73B | 40.1 | 26.7 | 6.6 | +66.9% |
| BioCryst Pharmaceuticals | $9.82 | 0.00% | $2.50B | — | 18.7 | 2.7 | +33.6% |
| Takeda (ADR) | $18.49 | +2.53% | $57.37B | 51.0 | 53.7 | 2.0 | +5.8% |
| Novartis (ADR) | $153.81 | 0.00% | $292.35B | 23.2 | 16.4 | 5.3 | +0.9% |
| Median | 40.1 | 22.7 | 5.3 | +33.6% |