# Ionis Pharmaceuticals, Inc. (IONS)

> Source: Nexqual · https://nexqual.com/IONS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Ionis Pharmaceuticals, Inc. (IONS), nexqual.com/IONS" · informational, not investment advice.

**Price:** USD 43.91 (-0.81% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 44.27 · day 43.5–45.15 · 52w 42.08–86.74 · market cap $7.30B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $874M, net income -$565M (-64.7% margin), free cash flow -$561M (SEC filings).
- 1 of 80 tracked superinvestors hold IONS (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 22 Form 4 filings, $28.0M; 5 not under a Rule 10b5-1 plan ($922K); 3 by opportunistic insiders (0 outside 10b5-1 plans), 11 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $1.1M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.80 on a 1–5 scale) (25 analysts), mean target USD 82.91 (range 58–105).
- Total return with dividends: 1Y -38.6% vs S&P 500 +14.9%; 5Y +44.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD -0.92, revenue estimate $184M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $810M | $587M | $788M | $705M | $944M | $874M |
| Gross profit | $800M | $573M | $779M | $694M | $928M | — |
| Operating income | -$30.2M | -$410M | -$354M | -$475M | -$382M | -$594M |
| Net income | -$28.6M | -$270M | -$366M | -$454M | -$381M | -$565M |
| EPS (diluted) | -$0.20 | -$1.90 | -$2.56 | -$3.04 | -$2.38 | — |
| Free cash flow | $18.8M | -$290M | -$331M | -$546M | -$320M | -$561M |
| Gross margin | 98.7% | 97.6% | 98.8% | 98.4% | 98.3% | — |
| Operating margin | -3.7% | -69.8% | -44.9% | -67.4% | -40.4% | -68.0% |
| Net margin | -3.5% | -45.9% | -46.5% | -64.4% | -40.4% | -64.7% |
| Revenue growth | +11.1% | -27.5% | +34.1% | -10.5% | +33.8% | — |
| Cash + short-term investments | $2.11B | $1.99B | $2.33B | $2.30B | $2.68B | — |
| Total debt | — | $1.19B | $1.31B | $1.25B | $1.81B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 8.3x · P/B 16.6x · FCF yield -7.69% · Earnings yield -7.75%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold IONS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Tweedy Browne |  | 13.70% | $181M | Added +0.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
17 of 22 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-16 | Devers Shannon L. | EVP, Chief Human Resources Ofc | 1,357 | $59K | 7.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-16 | Swayze Eric | EVP Research | 53 | $2K | 0.2% | No | Routine (sold in Jan & Oct each year 2023–2025) |
| 2026-07-07 | Bennett C Frank | EVP, Chief Scientific Officer | 20,536 | $1.7M | 21.5% | Yes (adopted March 31, 2026) | Routine (sold in Jan each year 2023–2025; this trade is outside those months) |
| 2026-07-07 | Diaz Allene M. | Director | 10,111 | $864K | 72.6% | Yes (adopted November 25, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-07 | Kordasiewicz Holly B. | EVP, Chief Development Officer | 362 | $31K | 1.6% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-01 | Klein Joseph Iii | Director | 11,518 | $910K | 50.7% | Yes (adopted November 25, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-26 | Baroldi Joseph | EVP, Chief Business Officer | 5,635 | $452K | 9.6% | Yes (adopted November 25, 2025) | Routine (sold in Jan & Apr each year 2023–2025; this trade is outside those months) |
| 2026-06-26 | O'Neil Patrick R. | EVP CLO & General Counsel | 3,069 | $246K | 4.8% | Yes (adopted December 8, 2025) | Routine (sold in Jan & Feb each year 2023–2025; this trade is outside those months) |
| 2026-06-26 | Schneider Eugene | EVP, Chf Clinical Develop Ofcr | 26,000 | $2.1M | 25.2% | Yes (adopted November 19, 2025) | Routine (sold in Jan each year 2023–2025; this trade is outside those months) |
| 2026-06-24…2026-06-26 | Monia Brett P | Chief Executive Officer | 85,637 | $6.8M | 25.9% | Yes (adopted December 8, 2025) | Routine (sold in Jan & Feb each year 2023–2025; this trade is outside those months) |
| 2026-06-25 | Swayze Eric | EVP Research | 10,602 | $839K | 32.4% | Yes (adopted March 6, 2026) | Routine (sold in Jan & Oct each year 2023–2025; this trade is outside those months) |
| 2026-06-15 | Berthelsen Spencer R | Director | 8,000 | $588K | 4.9% | Yes (adopted September 12, 2025) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-12 | Kordasiewicz Holly B. | EVP, Chief Development Officer | 60,846 | $4.5M | 73% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-01 | Berthelsen Spencer R | Director | 8,000 | $605K | 4.9% | Yes (adopted September 12, 2025) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-13…2026-05-14 | Monia Brett P | Chief Executive Officer | 4,536 | $356K | 1.8% | Yes (adopted December 8, 2025) | Routine (sold in Jan & Feb each year 2023–2025; this trade is outside those months) |
| 2026-05-04 | Loscalzo Joseph | Director | 77,289 | $5.8M | 68% | Yes (adopted November 18, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-01 | Klein Joseph Iii | Director | 10,111 | $743K | 47.6% | Yes (adopted November 25, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-28 | Baroldi Joseph | EVP, Chief Business Officer | 1,626 | $117K | 3.2% | Yes (adopted November 25, 2025) | Routine (sold in Jan & Apr each year 2023–2025) |
| 2026-04-16 | Jenne Kyle | EVP, Chf GL Pdt Str Ofcr | 4,902 | $368K | 17.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-16 | Birchler Brian | EVP, Corp and Development Ops | 973 | $73K | 1.4% | No | Routine (sold in Apr each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $1.1M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-07-30…2026-07-31 | Hayden Michael R | Director | 20,000 | $1.1M | 52.94 | Too little history (no open-market trades in 2023) |

## Analysts
Consensus Buy (mean 1.80 on a 1–5 scale), 25 analysts; mean target USD 82.91 (low 58, high 105).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | BMO Capital | Upgrade | Market Perform → Outperform | $54 → $66 |
| 2026-10-15 | UBS | Upgrade | Neutral → Buy | $46 → $88 |
| 2026-09-24 | HC Wainwright & Co. | Reiterated | Buy | $100 |
| 2026-09-22 | JP Morgan | Target lowered | Overweight | $76 → $70 |
| 2026-09-15 | Guggenheim | Target lowered | Buy | $89 → $80 |
| 2026-09-09 | Barclays | Target lowered | Overweight | $90 → $85 |
| 2026-09-08 | Morgan Stanley | Target lowered | Overweight | $110 → $104 |
| 2026-09-08 | Goldman Sachs | Target lowered | Neutral | $69 → $56 |
| 2026-09-08 | BMO Capital | Target lowered | Market Perform | $61 → $54 |
| 2026-09-08 | Canaccord Genuity | Target lowered | Buy | $95 → $85 |
| 2026-09-08 | HC Wainwright & Co. | Target lowered | Buy | $115 → $100 |
| 2026-09-04 | Needham | Reiterated | Buy | $86 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -38.6% | +44.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -38.7% | +7.6% |
| Volatility (annualized) | 44.9% | 42.0% |
| Max drawdown | -51.0% (Feb 2026→Oct 2026) | -50.4% (Feb 2026→Oct 2026) |

## Peers (Biotechnology)
PRAX (Praxis Precision Medicines, Inc) USD 258.92 +0.96% · TGTX (TG Therapeutics, Inc.) USD 53.16 -0.08% · ABVX (Abivax SA) USD 90.23 -3.49% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.14 -3.28% · AXSM (Axsome Therapeutics, Inc.) USD 156.07 -0.15% · ARWR (Arrowhead Pharmaceuticals, Inc.) USD 58.36 -0.82%

## More
Full page: https://nexqual.com/IONS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in IONS's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/874015/000087401526000115/form10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Otsuka Pharmaceutical | "Our partner, Otsuka Pharmaceutical Co., Ltd., or Otsuka, is responsible for commercializing DAWNZERA in Europe and Asia." |
| Partner | PTC Therapeutics International | "In Latin America, PTC is commercializing TEGSEDI in Brazil and is pursuing access in additional Latin American countries through its exclusive license agreement with us." |
| Partner | Ono Pharmaceutical | "Our partners include the following companies, among others: AstraZeneca, Biogen, GSK, Novartis, Ono, Otsuka and Roche." |
| Partner | Hoffmann-La Roche | "Our partner, Hoffmann-La Roche Inc. and F." |
| Partner | Theratechnologies | "In December 2024, we entered into an agreement with Theratechnologies, Inc. to commercialize DAWNZERA and olezarsen in Canada." |

Other companies that name IONS in their own reports (relationship from IONS's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | BICYCLE THERAPEUTICS PLC (BCYC) | 10-K 2026-03-17 | "On July 9, 2021, we and Ionis entered into a collaboration and license agreement, or the Ionis Collaboration Agreement." |
| partner | Metagenomi Therapeutics, Inc. (MGX) | 10-K 2026-03-05 | "Our existing partnership with Ionis demonstrates our thoughtful approach to collaborating with an industry pioneer to accelerate and optimize the development of our genetic therapeutic candidates in c…" |
| partner | PTC THERAPEUTICS, INC. (PTCT) | 10-K 2026-02-19 | "PTC Therapeutics International Limited, our subsidiary, entered into a Collaboration and License Agreement, or the Tegsedi-Waylivra Agreement, dated August 1, 2018 by and between us and Akcea, a subsi…" |
| partner | Praxis Precision Medicines, Inc. (PRAX) | 10-K 2026-02-19 | "RogCon had an existing collaboration arrangement with Ionis Pharmaceuticals, Inc., or Ionis, and as a result, we and Ionis negotiated a Research Collaboration, Option and License Agreement, or the Ion…" |
| partner | AGIOS PHARMACEUTICALS, INC. (AGIO) | 10-K 2026-02-12 | "Ionis Pharmaceuticals, Inc., or Ionis, in collaboration with Ono Pharmaceutical Co., Ltd./Deciphera Pharmaceuticals, Inc., or Ono/Deciphera;" |
| partner | ALNYLAM PHARMACEUTICALS, INC. (ALNY) | 10-K 2026-02-12 | "Ionis Pharmaceuticals, Inc. In January 2015, we and Ionis Pharmaceuticals, Inc., or Ionis, entered into a second amended and restated strategic collaboration and license agreement, which we further am…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Research & Development Revenue | $149.3M | 55.7% | -57.2% |
| Collaborative Agreement Revenue | $133.1M | 49.7% | -60.5% |
| Commercial | $118.6M | 44.3% | +15.4% |
| Royalty | $76.0M | 28.3% | +8.6% |
| Spinraza Royalties | $53.5M | 20.0% | -1.6% |
| Product | $31.1M | 11.6% | +61.6% |
| DAWNZERA Sales | $26.6M | 9.9% | — |
| Wainus Royalties | $16.4M | 6.1% | +57.8% |
| Wainua Joint Development Revenue | $16.2M | 6.0% | +30.9% |
| Other Commercial | $11.5M | 4.3% | -14.8% |
| Other Royalties | $6.0M | 2.3% | +16.1% |
| Tryngolza | $4.6M | 1.7% | -76.3% |
| Total revenue | $267.9M | 100% | — |
The lines above cover 240% of total revenue.

## Company outlook (8-K filed 2026-07-29)

- "Hougen, chief financial officer of Ionis. "Even with the outcome of the CARDIO-TTRansform study of eplontersen in ATTR-CM, our first-half execution and positive outlook for the second half of the year keep us on track to achieve our 2026 financial guidance."
- "Operating Expenses Operating expenses for the second quarter and first half of 2026 increased year over year, in line with expectations, primarily from investments related to the commercialization efforts for TRYNGOLZA and DAWNZERA and launch preparations for zilganersen in Alexander disease, with full-year expenses remaining on track for low-teens percentage growth year-over-year."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.92 | $-0.81 | +13.7% | $184.4M | 8 |
| Next quarter (ends 2026-12-31) | $-0.89 | $-0.64 | +39.0% | $236.9M | 8 |
| Current fiscal year (ends 2026-12-31) | $-2.62 | $-2.62 | +0.3% | $922.4M | 10 |
| Next fiscal year (ends 2027-12-31) | $-1.15 | $-1.07 | +7.3% | $1.36B | 10 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±13.5%; last 8 reports averaged ±3.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 58.9% | ±13.5% |
| 2026-12-18 | 56 | 52.4% | ±16.8% |
| 2027-01-15 | 84 | 51.0% | ±19.9% |
| 2027-04-16 | 175 | 45.3% | ±25.2% |