Ionis Pharmaceuticals Inc
NASDAQ: IONS · HEALTHCARE · BIOTECHNOLOGY
Updated 2026-06-05
Ionis Pharmaceuticals Inc (IONS) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.86M | $58.34M | $107.19M | $121.60M | $108.47M | $99.09M | $102.05M | $147.28M | $214.16M | $283.70M | $346.62M | $514.18M | $599.67M | $1.12B | $729.00M | $810.46M | $587.37M | $787.65M | $705.14M | $944.00M |
| Revenue growth (YoY) | — | +292.7% | +83.7% | +13.4% | -10.8% | -8.7% | +3.0% | +44.3% | +45.4% | +32.5% | +22.2% | +48.3% | +16.6% | +87.3% | -35.1% | +11.2% | -27.5% | +34.1% | -10.5% | +33.9% |
| Cost of revenue | $5.78M | $10.97M | $38.18M | $47.80M | $35.42M | $14.52M | $158.46M | $184.03M | $241.75M | $322.29M | $344.32M | $374.64M | $1.82M | $4.00M | $12.00M | $10.84M | $14.12M | $9.13M | $11.21M | $16.00M |
| Gross profit | $24.53M | $69.62M | $107.19M | $121.60M | $108.47M | $99.09M | $-56.41M | $-36.75M | $-27.59M | $-38.59M | $2.30M | $514.18M | $597.85M | $1.12B | $717.00M | $799.61M | $573.25M | $778.51M | $693.92M | $928.00M |
| Gross margin | 165.1% | 119.3% | 100.0% | 100.0% | 100.0% | 100.0% | -55.3% | -25.0% | -12.9% | -13.6% | 0.7% | 100.0% | 99.7% | 99.6% | 98.4% | 98.7% | 97.6% | 98.8% | 98.4% | 98.3% |
| R&D | $80.57M | $92.64M | $106.44M | $134.62M | $145.16M | $157.40M | $158.46M | $184.03M | $241.75M | $322.29M | $344.32M | $374.64M | $414.60M | $466.00M | $535.00M | $643.00M | $833.00M | $899.63M | $901.53M | $916.00M |
| SG&A | $12.62M | $15.93M | $13.81M | $14.52M | $11.67M | $12.79M | $12.52M | $14.92M | $20.14M | $37.17M | $48.62M | $108.49M | $244.62M | $287.00M | $354.00M | $170.90M | $150.30M | $232.60M | $267.50M | $393.90M |
| Operating income | $-65.22M | $-32.92M | $-13.06M | $-27.54M | $-48.36M | $-71.10M | $-68.92M | $-51.67M | $-47.73M | $-75.76M | $-46.32M | $31.05M | $-61.37M | $366.00M | $-172.00M | $-30.19M | $-410.19M | $-353.73M | $-475.08M | $-382.00M |
| Operating margin | -438.9% | -56.4% | -12.2% | -22.6% | -44.6% | -71.8% | -67.5% | -35.1% | -22.3% | -26.7% | -13.4% | 6.0% | -10.2% | 32.6% | -23.6% | -3.7% | -69.8% | -44.9% | -67.4% | -40.5% |
| EBITDA | $-58.54M | $-26.15M | $4.11M | $-16.21M | $-38.75M | $-56.27M | $-42.68M | $-41.88M | $-22.78M | $-40.94M | $-37.28M | $36.34M | $-18.84M | $381.99M | $-154.84M | $-5.19M | $-227.76M | $-235.87M | $-353.72M | $-286.75M |
| EBITDA margin | -394.0% | -44.8% | 3.8% | -13.3% | -35.7% | -56.8% | -41.8% | -28.4% | -10.6% | -14.4% | -10.8% | 7.1% | -3.1% | 34.0% | -21.2% | -0.6% | -38.8% | -29.9% | -50.2% | -30.4% |
| EBIT | $-65.75M | $-32.92M | $-2.71M | $-27.54M | $-47.93M | $-68.06M | $-53.44M | $-51.67M | $-32.18M | $-51.17M | $-46.32M | $27.99M | $-31.37M | $366.00M | $-172.00M | $-24.75M | $-249.86M | $-258.37M | $-375.71M | $-307.00M |
| Interest expense | $9.03M | $7.57M | $5.60M | $12.67M | $13.23M | $16.73M | $21.15M | $19.36M | $22.21M | $36.73M | $38.80M | $44.75M | $44.79M | $49.00M | $44.99M | $9.35M | $8.12M | $81.46M | $90.45M | $73.00M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $-45.90M | $-10.99M | $-18.17M | $155.07M | $-61.25M | $-84.80M | $-65.48M | $-60.64M | $-38.98M | $-88.28M | $-86.56M | $346000.00 | $273.74M | $294.00M | $-487.00M | $-28.60M | $-269.72M | $-366.29M | $-453.90M | $-381.00M |
| Net income growth (YoY) | — | +76.0% | -65.3% | +953.3% | -139.5% | -38.4% | +22.8% | +7.4% | +35.7% | -126.4% | +2.0% | +100.4% | +79015.9% | +7.4% | -265.6% | +94.1% | -843.2% | -35.8% | -23.9% | +16.1% |
| Profit margin | -308.9% | -18.8% | -17.0% | 127.5% | -56.5% | -85.6% | -64.2% | -41.2% | -18.2% | -31.1% | -25.0% | 0.1% | 45.6% | 26.2% | -66.8% | -3.5% | -45.9% | -46.5% | -64.4% | -40.4% |
Frequently asked questions
What is Ionis Pharmaceuticals Inc's revenue?
Ionis Pharmaceuticals Inc's trailing twelve-month revenue is $1.06B, and consensus projects about $3.08B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is IONS?
In its most recent fiscal year, IONS ran a gross margin of 98.31%, an operating margin of -40.47%, and a net margin of -40.36%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does IONS generate?
IONS produced $-320.03M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is IONS's balance sheet healthy?
IONS holds $372.26M in cash and equivalents against $1.35B in long-term debt, on $489.09M of shareholder equity. That debt is best read against the cash flow the business throws off each year.