IONS
Ionis Pharmaceuticals Inc
NASDAQ: IONS · HEALTHCARE · BIOTECHNOLOGY
$75.38
-0.87% today
Updated 2026-06-05
Market cap
$12.11B
P/E ratio
—
P/S ratio
11.44x
EPS (TTM)
$-2.01
Dividend yield
—
52W range
$35 – $87
Volume
1.8M
Ionis Pharmaceuticals Inc (IONS) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed IONS price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$75.38
Today
Analyst consensus
$101.38
+34.49% · 12M
2030 Base
$76.92
+2.04% future
NPV today
$57.29
@ 7% WACC
23 analysts:
18 Buy3 Hold1 Sell
Management guidance
CEO Brett Monia guided 2026 revenue to $875M-$900M (raised from $800M-$825M in prior guidance), representing modest decline from 2025's $943.71M. Company increased peak sales guidance for olezarsen (TRYNGOLZA) to >$3B in severe hypertriglyceridemia, with strong commercial traction and multiple pipeline catalysts (zilganersen, bepirovirsen, pelacarsen launches expected 2026-2027). Management emphasizes transition from early-stage biotech to multi-product commercial company.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
IONS · Ionis Pharmaceuticals Inc · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$23.19
NPV today: $17.27
Base case (2030)
$76.92
NPV today: $57.29
Bull case (2030)
$166.46
NPV today: $123.98
WallStSmart.com
IONS financial forecast · Research-backed projections
| Metric | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|---|
| Revenue | $0.9B | $0.9B | $1.4B | $2.0B | $2.5B | $3.1B |
| Revenue growth | 33.9% | -6.0% | 60.0% | 41.0% | 27.5% | 20.8% |
| Net margin | — | -68.4% | -8.9% | 7.2% | 14.1% | 21.5% |
| EPS | $-1.84 | $-3.64 | $-0.75 | $0.85 | $2.10 | $3.85 |
| Diluted shares | — | 167M | 168M | 170M | 171M | 172M |
| Net debt | — | $1.59B | $2.16B | $2.97B | $4.00B | $5.25B |
| P/S multiple | — | 6.0x | 6.0x | 6.0x | 6.0x | 6.0x |
| Implied price (base) | — | $22.40 | $37.79 | $53.24 | $66.14 | $76.92 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $3.1B | $3.1B | $3.1B |
| P/S multiple | 3.0x | 6.0x | 11.0x |
| Diluted shares | 172M | 172M | 172M |
| Net debt | $5.25B | $5.25B | $5.25B |
| Implied P/E † | 6x | 20x | 43x |
| 2030 Price | $23.19 | $76.92 | $166.46 |
| NPV @ 7% | $17.27 | $57.29 | $123.98 |
† Implied P/E: Multiples remain elevated across all three scenarios because IONS is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $76.92 base case
IONS catalysts and risks
Growth catalysts
+ FDA decision on olezarsen (TRYNGOLZA) sNDA for severe hypertriglyceridemia (late June 2026, priority review expected)
+ FDA decision on zilganersen for Alexander disease (PDUFA September 22, 2026, priority review)
+ Positive Phase 3 data for pelacarsen and eplontersen (expected 2026-2027)
+ Biogen's diranersen Phase 2 CELIA study in Alzheimer's disease showed tau reduction and cognitive benefit (partnerships expanding)
+ GSK's bepirovirsen (chronic hepatitis B) Priority Review acceptance and Breakthrough Designation (near-term approval expected)
+ Multiple independent launches of olezarsen and zilganersen generating standalone revenue streams
+ DAWNZERA (donidalorsen) full commercial rollout across EU and US (hereditary angioedema, launched early 2026)
Key risks
- 2026 revenue guidance of $875M-$900M implies 7.2%-4.7% decline YoY despite product launches (suggests near-term headwinds or conservative guidance)
- Profitability remains deeply negative (-$3.64 EPS in 2026 vs -$2.38 in 2025), indicating cash burn continues despite revenue growth
- High insider selling ($5.8M-$356K in transactions by CEO/directors in May 2026) suggests possible near-term caution despite bullish long-term case
- Biogen partnership CELIA study did not meet primary endpoint (May 2026), raising questions on diranersen viability
- Revenue volatility: 2024 declined -10.5%, 2022 declined -27.5%, indicating execution risk on pipeline timing
- P/S ratio of 11.74x is elevated for a pre-profitability biotech; requires flawless execution on four simultaneous launches
Methodology · Ionis Pharmaceuticals Inc 2030 stock forecast model
Ionis Pharmaceuticals Inc 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 23 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (4% cumulative for IONS by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($5.25B by 2030) |
| 3. Time value | NPV calculated using 7% WACC (CAPM: beta 0.383) |
| 4. Multiple framework | P/S compresses with scale: bear 3.0x / base 6.0x / bull 11.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 20, 2026.
IONS price target FAQ
What is the IONS price target for 2030?
WallStSmart's Ionis Pharmaceuticals Inc 2030 base case is $76.92 per share, with a bull case of $166.46 and bear case of $23.19. The NPV of the base case discounted to today at 7% WACC is $57.29.
How is the Ionis Pharmaceuticals Inc 2030 stock forecast calculated?
The IONS 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the IONS price target account for dilution?
Ionis Pharmaceuticals Inc is projected to grow diluted share count from 165M to 172M by 2030 (a 4% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately 4%.
What is the analyst consensus on IONS stock?
23 analysts cover IONS with an average 12-month price target of $101.38. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.