Balance Sheet Ionis Pharmaceuticals, Inc.

Equities

IONS

US4622221004

Biotechnology & Medical Research

Market Closed - Nasdaq Other stock markets 16:00:00 2026-04-15 EDT			5-day change	1st Jan Change
76.82 ^USD	+0.08%		+2.45%	-2.89%

04-09	Biopharma Stocks Largely Exempt From Pharma Tariffs, BofA Says	MT
04-09	BofA Adjusts Price Target on Ionis Pharmaceuticals to $111 From $100, Maintains Buy Rating	MT

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Published financial data: IONIS PHARMACEUTICALS, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	810M	587M	788M	705M	944M
Total Revenues	810M	587M	788M	705M	944M
Cost of Goods Sold, Total	643M	847M	909M	913M	932M
Gross Profit	167M	-260M	-121M	-208M	12.18M
Selling General & Admin Expenses, Total	171M	150M	213M	267M	394M
Other Operating Expenses, Total	171M	150M	213M	267M	394M
Operating Income	-3.58M	-410M	-334M	-475M	-382M
Interest Expense, Total	-9.35M	-8.12M	-81.46M	-90.45M	-90.54M
Interest And Investment Income	10.04M	25.33M	89.04M	107M	97.76M
Net Interest Expenses	695K	17.21M	7.58M	16.57M	7.22M
Other Non Operating Income (Expenses)	-1.13M	426K	867K	1.34M	986K
EBT, Excl. Unusual Items	-4.02M	-393M	-325M	-457M	-373M
Restructuring Charges	-12.2M	-	-	-	-
Merger & Related Restructuring Charges	-11.7M	-	-	-	-
Gain (Loss) On Sale Of Investments	10.1M	-7.33M	-1.91M	-2.89M	10.22M
Gain (Loss) On Sale Of Assets	-	150M	-161K	-12K	-
Asset Writedown	-2.71M	-	-	-	-
Legal Settlements	-	-7.7M	-	-	-
Other Unusual Items	-8.63M	-	-6.61M	-	-16.34M
EBT, Incl. Unusual Items	-29.15M	-258M	-334M	-460M	-380M
Income Tax Expense	-551K	11.74M	32.32M	-6.17M	1.79M
Earnings From Continuing Operations	-28.6M	-270M	-366M	-454M	-381M
Net Income to Company	-28.6M	-270M	-366M	-454M	-381M
Minority Interest	-	-	-	-	-
Net Income - (IS)	-28.6M	-270M	-366M	-454M	-381M
Preferred Dividend and Other Adjustments	-	-	-	-	-
Net Income to Common Incl Extra Items	-28.6M	-270M	-366M	-454M	-381M
Net Income to Common Excl. Extra Items	-28.6M	-270M	-366M	-454M	-381M
Per Share Items
Net EPS - Basic	-0.2	-1.9	-2.56	-3.04	-2.38
Basic EPS - Continuing Operations	-0.2	-1.9	-2.56	-3.04	-2.38
Basic Weighted Average Shares Outstanding	141M	142M	143M	150M	160M
Net EPS - Diluted	-0.2	-1.9	-2.56	-3.04	-2.38
Diluted EPS - Continuing Operations	-0.2	-1.9	-2.56	-3.04	-2.38
Diluted Weighted Average Shares Outstanding	141M	142M	143M	150M	160M
Normalized Basic EPS	-0.02	-1.73	-1.42	-1.91	-1.46
Normalized Diluted EPS	-0.02	-1.73	-1.42	-1.91	-1.46
Supplemental Items
EBITDA	14.26M	-393M	-321M	-463M	-369M
EBITA	-1.23M	-408M	-334M	-475M	-382M
EBIT	-3.58M	-410M	-334M	-475M	-382M
EBITDAR	27.36M	-374M	-292M	-435M	-338M
Total Revenues (As Reported)	810M	587M	788M	705M	944M
Effective Tax Rate - (Ratio)	1.89	-4.55	-9.68	1.34	-0.47
Current Domestic Taxes	-890K	11.65M	32.17M	-6.34M	1.56M
Current Foreign Taxes	339K	86K	147K	169K	221K
Total Current Taxes	-551K	11.74M	32.32M	-6.17M	1.79M
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	-	-	-	-	-
Normalized Net Income	-2.51M	-245M	-203M	-286M	-233M
Interest on Long-Term Debt	9.35M	8.12M	12.66M	16.99M	17.26M
Supplemental Operating Expense Items
General and Administrative Expenses	-	-	-	-	-
Research And Development Expense From Footnotes	584M	729M	803M	802M	783M
Net Rental Expense, Total	13.1M	19.2M	28.7M	28.5M	31.1M
Imputed Operating Lease Interest Expense	894K	952K	11.21M	10.51M	9.85M
Imputed Operating Lease Depreciation	12.21M	18.25M	17.49M	17.99M	21.25M
Stock-Based Comp., COGS (Total)	87.98M	74.24M	78.32M	93.17M	92M
Stock-Based Comp., G&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., SG&A Exp. (Total)	32.7M	26.03M	27.48M	37.03M	41.88M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	121M	100M	106M	130M	134M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	869M	276M	399M	242M	372M
Short Term Investments	1.28B	1.72B	1.94B	2.06B	2.31B
Total Cash And Short Term Investments	2.15B	2B	2.34B	2.3B	2.68B
Accounts Receivable, Total	61.9M	25.54M	97.78M	92.19M	66.06M
Total Receivables	61.9M	25.54M	97.78M	92.19M	66.06M
Inventory	24.81M	22.03M	28.42M	12.51M	10.05M
Other Current Assets, Total	113M	158M	178M	213M	234M
Total Current Assets	2.35B	2.2B	2.64B	2.62B	2.99B
Gross Property Plant And Equipment	299M	344M	340M	362M	471M
Accumulated Depreciation	-103M	-87.72M	-96.76M	-106M	-109M
Net Property Plant And Equipment	196M	256M	243M	256M	362M
Long-term Investments	15.62M	40.37M	42.99M	41.02M	52.21M
Other Intangibles, Total	29M	-	-	-	-
Deferred Tax Assets Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	25.95M	34.97M	62.29M	86.26M	119M
Total Assets	2.61B	2.53B	2.99B	3B	3.52B
Liabilities
Accounts Payable, Total	11.9M	17.92M	26.03M	42.96M	28.08M
Accrued Expenses, Total	127M	189M	216M	178M	222M
Current Portion of Long-Term Debt	926K	320K	45.07M	215K	445M
Current Portion of Leases	2.6M	7.22M	8.09M	9.06M	9.51M
Current Income Taxes Payable	36K	6.25M	2.15M	34K	2.71M
Unearned Revenue Current, Total	97.71M	90.58M	151M	78.99M	73.76M
Total Current Liabilities	241M	312M	448M	309M	782M
Long-Term Debt	1.23B	1.18B	1.74B	1.79B	1.9B
Long-Term Leases	19.46M	179M	171M	162M	262M
Unearned Revenue Non Current	352M	288M	241M	157M	92M
Total Liabilities	1.84B	1.96B	2.6B	2.42B	3.03B
Common Stock, Total	141K	142K	144K	158K	163K
Additional Paid In Capital	1.96B	2.06B	2.22B	2.87B	3.15B
Retained Earnings	-1.16B	-1.43B	-1.8B	-2.25B	-2.63B
Comprehensive Income and Other	-32.67M	-57.48M	-32.64M	-30.81M	-25.28M
Total Common Equity	772M	573M	387M	588M	489M
Minority Interest	-	-	-	-	-
Total Equity	772M	573M	387M	588M	489M
Total Liabilities And Equity	2.61B	2.53B	2.99B	3B	3.52B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	142M	143M	146M	159M	165M
ECS Total Common Shares Outstanding	141M	142M	144M	158M	163M
Book Value / Share	5.47	4.03	2.68	3.73	2.99
Tangible Book Value	743M	573M	387M	588M	489M
Tangible Book Value Per Share	5.26	4.03	2.68	3.73	2.99
Total Debt	1.25B	1.37B	1.97B	1.96B	2.62B
Net Debt	-894M	-628M	-370M	-344M	-64.58M
Debt Equivalent Oper. Leases	105M	154M	230M	228M	249M
Minority Interest, Total (Incl. Fin. Div)	-	-	-	-	-
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	18.65M	19.76M	22.79M	5.56M	-
Inventories - Work In Process, Total	5.77M	2.11M	5.48M	6.68M	-
Inventories - Finished Goods, Total	390K	164K	154K	276K	-
Land - (BS)	23.06M	8.57M	8.57M	8.57M	-
Buildings, Total	144M	41.16M	41.23M	41.23M	41.8M
Machinery, Total	10.59M	9.58M	9.84M	9.86M	11.72M
Full Time Employees	660	796	927	1.07K	1.4K

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-28.6M	-270M	-366M	-454M	-381M
Depreciation & Amortization - CF	17.21M	19.69M	22.5M	21.99M	22.69M
Amortization of Goodwill and Intangible Assets - (CF)	2.35M	2.42M	-	-	-
Depreciation & Amortization, Total	19.56M	22.1M	22.5M	21.99M	22.69M
Amortization of Deferred Charges, Total - (CF)	4.96M	5.37M	6.33M	6.69M	6.91M
(Gain) Loss From Sale Of Asset	-	-148M	18.47M	10.44M	-3M
(Gain) Loss on Sale of Investments - (CF)	16.68M	7.61M	-27.3M	-34.84M	-33.02M
Asset Writedown & Restructuring Costs	2.71M	-	-	-	-
Stock-Based Compensation (CF)	121M	100M	106M	130M	134M
Other Operating Activities, Total	8.63M	-	10.22M	27.86M	36.56M
Change In Accounts Receivable	14.31M	36.36M	-72.06M	5.59M	26.13M
Change In Inventories	-2.84M	2.77M	-6.39M	-5.07M	-13.67M
Change In Accounts Payable	-6M	1.09M	8.12M	15.99M	-15.36M
Change in Unearned Revenues	-82.83M	-71.25M	13.97M	-157M	-69.73M
Change In Income Taxes	-280K	6.21M	-4.1M	-2.12M	2.68M
Change in Other Net Operating Assets	-36.18M	32.38M	-16.8M	-66.96M	18.74M
Cash from Operations	30.8M	-274M	-308M	-501M	-269M
Capital Expenditure	-11.96M	-15.72M	-23.8M	-45.28M	-51.44M
Sale (Purchase) of Real Estate properties	-	254M	22K	-	-
Sale (Purchase) of Intangible assets	-5.95M	-4.38M	-4.21M	-5.06M	-5.64M
Investment in Marketable and Equity Securities, Total	213M	-497M	-186M	-83.69M	-221M
Cash from Investing	195M	-263M	-214M	-134M	-278M
Long-Term Debt Issued, Total	632M	-	575M	-	770M
Total Debt Issued	632M	-	575M	-	770M
Long-Term Debt Repaid, Total	-319M	-50.69M	-488M	-44.67M	-268M
Total Debt Repaid	-319M	-50.69M	-488M	-44.67M	-268M
Issuance of Common Stock	11.56M	6.37M	49.44M	523M	193M
Repurchase of Common Stock	-16.72M	-10.95M	-	-	-
Other Financing Activities, Total	-62.48M	-29K	508M	-	-18.95M
Cash from Financing	246M	-55.3M	644M	478M	676M
Foreign Exchange Rate Adjustments	-111K	-418K	352K	-273K	702K
Net Change in Cash	472M	-593M	123M	-157M	130M
Supplemental Items
Cash Interest Paid	4.78M	2.9M	6.51M	10.87M	10.78M
Cash Income Tax Paid (Refund)	38K	5.01M	48.33M	-5.62M	-639K
Levered Free Cash Flow	105M	-80.22M	-161M	-353M	-155M
Unlevered Free Cash Flow	106M	-80.51M	-116M	-303M	-105M
Change In Net Working Capital	14.15M	-73.59M	8.16M	108M	-34.03M
Net Debt Issued / Repaid	314M	-50.69M	86.9M	-44.67M	502M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-0.09	-9.96	-7.55	-9.91	-7.31
Return on Total Capital	-0.12	-12.93	-9.71	-12.12	-8.44
Return On Equity %	-3.78	-40.12	-76.34	-93.1	-70.8
Return on Common Equity	-3.78	-40.12	-76.34	-93.1	-70.8
Margin Analysis
Gross Profit Margin %	20.65	-44.25	-15.38	-29.44	1.29
SG&A Margin	21.09	25.59	26.99	37.93	41.74
EBITDA Margin %	1.76	-66.98	-40.74	-65.68	-39.13
EBITA Margin %	-0.15	-69.42	-42.37	-67.37	-40.44
EBIT Margin %	-0.44	-69.84	-42.37	-67.37	-40.44
Income From Continuing Operations Margin %	-3.53	-45.92	-46.5	-64.37	-40.41
Net Income Margin %	-3.53	-45.92	-46.5	-64.37	-40.41
Net Avail. For Common Margin %	-3.53	-45.92	-46.5	-64.37	-40.41
Normalized Net Income Margin	-0.31	-41.77	-25.81	-40.52	-24.73
Levered Free Cash Flow Margin	12.96	-13.66	-20.44	-50.04	-16.4
Unlevered Free Cash Flow Margin	13.07	-13.71	-14.78	-42.97	-11.13
Asset Turnover
Asset Turnover	0.32	0.23	0.29	0.24	0.29
Fixed Assets Turnover	4.3	2.6	3.16	2.83	3.06
Receivables Turnover (Average Receivables)	11.74	13.44	12.77	7.42	11.93
Inventory Turnover (Average Inventory)	27.5	36.18	36.02	91.49	82.58
Short Term Liquidity
Current Ratio	9.75	7.07	5.9	8.47	3.83
Quick Ratio	9.17	6.49	5.43	7.74	3.51
Operating Cash Flow to Current Liabilities	0.13	-0.88	-0.69	-1.62	-0.34
Days Sales Outstanding (Average Receivables)	31.1	27.17	28.57	49.3	30.6
Days Outstanding Inventory (Average Inventory)	13.27	10.09	10.13	4	4.42
Average Days Payable Outstanding	8.22	6.45	8.76	13.76	13.96
Cash Conversion Cycle (Average Days)	36.15	30.81	29.94	39.55	21.07
Long Term Solvency
Total Debt/Equity	162.11	239	508.75	332.93	534.84
Total Debt / Total Capital	61.85	70.5	83.57	76.9	84.25
LT Debt/Equity	161.65	237.68	495	331.35	441.88
Long-Term Debt / Total Capital	61.67	70.11	81.31	76.54	69.6
Total Liabilities / Total Assets	70.45	77.39	87.07	80.41	86.12
EBIT / Interest Expense	-0.38	-50.5	-4.1	-5.25	-4.22
EBITDA / Interest Expense	2.93	-46.08	-3.59	-4.81	-3.73
(EBITDA - Capex) / Interest Expense	1.65	-48.01	-3.88	-5.31	-4.3
Total Debt / EBITDA	45.73	-3.66	-6.73	-4.51	-7.74
Net Debt / EBITDA	-32.68	1.68	1.27	0.79	0.19
Total Debt / (EBITDA - Capex)	81.21	-3.51	-6.23	-4.08	-6.71
Net Debt / (EBITDA - Capex)	-58.03	1.61	1.17	0.72	0.17
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	11.13	-27.53	34.1	-10.48	33.83
Gross Profit, 1 Yr. Growth %	-13	-257.84	-53.4	71.42	-105.87
EBITDA, 1 Yr. Growth %	-117.3	-3.51K	-18.44	44.33	-20.27
EBITA, 1 Yr. Growth %	-98.72	10.27K	-18.64	42.35	-19.66
EBIT, 1 Yr. Growth %	-96.34	6.43K	-18.64	42.35	-19.66
Earnings From Cont. Operations, 1 Yr. Growth %	-94.04	843.18	35.8	23.92	-15.98
Net Income, 1 Yr. Growth %	-93.56	843.18	35.8	23.92	-15.98
Normalized Net Income, 1 Yr. Growth %	-79.99	5.74K	-18.73	40.55	-18.31
Diluted EPS Before Extra, 1 Yr. Growth %	-93.63	837.69	34.53	18.68	-21.49
Accounts Receivable, 1 Yr. Growth %	-18.78	-58.74	282.87	-5.72	-28.34
Inventory, 1 Yr. Growth %	12.93	-11.18	29.01	68.15	-19.69
Net Property, Plant and Equip., 1 Yr. Growth %	8.28	30.5	-5.04	5.42	41.19
Total Assets, 1 Yr. Growth %	9.29	-2.98	18	0.45	17.32
Tangible Book Value, 1 Yr. Growth %	3.83	-25.77	-32.5	52.15	-16.87
Common Equity, 1 Yr. Growth %	3.83	-25.77	-32.5	52.15	-16.87
Cash From Operations, 1 Yr. Growth %	-14.19	-990.84	12.08	62.9	-46.38
Capital Expenditures, 1 Yr. Growth %	-65.96	31.5	51.42	90.21	13.61
Levered Free Cash Flow, 1 Yr. Growth %	-21.85	-187.69	100.75	119.11	-56.15
Unlevered Free Cash Flow, 1 Yr. Growth %	-22.74	-187.17	44.64	160.19	-65.33
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-15.03	-10.25	-1.42	9.57	9.46
Gross Profit, 2 Yr. CAGR %	-49.44	-39.81	-11.93	-10.62	-68.28
EBITDA, 2 Yr. CAGR %	-80.69	58.48	409.79	8.49	4.08
EBITA, 2 Yr. CAGR %	-94.24	54.87	232.5	7.62	3.88
EBIT, 2 Yr. CAGR %	-90.14	54.39	232.5	7.62	3.88
Earnings From Cont. Operations, 2 Yr. CAGR %	-68.45	-25.02	257.89	29.72	2.04
Net Income, 2 Yr. CAGR %	-67.94	-22.08	257.89	29.72	2.04
Normalized Net Income, 2 Yr. CAGR %	-89.88	104	225.91	6.87	3.98
Diluted EPS Before Extra, 2 Yr. CAGR %	-67.33	-22.7	255.17	26.35	-3.47
Accounts Receivable, 2 Yr. CAGR %	-0.91	-42.11	25.69	90	-17.8
Inventory, 2 Yr. CAGR %	16.81	0.15	7.05	-24.64	16.2
Net Property, Plant and Equip., 2 Yr. CAGR %	12.96	18.86	11.32	0.05	22
Total Assets, 2 Yr. CAGR %	-10.12	2.97	7	8.88	8.56
Tangible Book Value, 2 Yr. CAGR %	-28.32	-10.51	-29.21	1.34	12.46
Common Equity, 2 Yr. CAGR %	-27.57	-12.21	-29.21	1.34	12.46
Cash From Operations, 2 Yr. CAGR %	-70.15	176.48	215.98	35.12	-6.54
Capital Expenditures, 2 Yr. CAGR %	-37.8	-33.09	41.11	69.71	47.01
Levered Free Cash Flow, 2 Yr. CAGR %	-37.08	-4.55	45.05	109.73	-5.57
Unlevered Free Cash Flow, 2 Yr. CAGR %	-37.38	-5.8	22.64	93.99	-9.74
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	10.56	-19.42	2.6	-4.53	17.12
Gross Profit, 3 Yr. CAGR %	-3.12	-26.51	-44.73	9.96	-63.94
EBITDA, 3 Yr. CAGR %	-33.29	0.94	27	234.74	-2.09
EBITA, 3 Yr. CAGR %	-72.46	3.29	25.21	150.6	-2.37
EBIT, 3 Yr. CAGR %	-61.05	3.67	24.71	150.6	-2.37
Earnings From Cont. Operations, 3 Yr. CAGR %	-48.95	-2.08	-8.6	151.31	12.24
Net Income, 3 Yr. CAGR %	-52.9	-1.02	-6.23	151.31	12.24
Normalized Net Income, 3 Yr. CAGR %	-40.29	0.01	51.08	146.23	-2.28
Diluted EPS Before Extra, 3 Yr. CAGR %	-53.9	0.03	-7.02	146.46	7.82
Accounts Receivable, 3 Yr. CAGR %	69.28	-26	8.66	14.2	37.27
Inventory, 3 Yr. CAGR %	42.45	6.62	8.97	-20.4	-23.03
Net Property, Plant and Equip., 3 Yr. CAGR %	14.05	18.52	10.29	9.32	12.22
Total Assets, 3 Yr. CAGR %	-0.71	-7.8	7.76	4.77	11.62
Tangible Book Value, 3 Yr. CAGR %	-10.15	-26.54	-18.54	-8.65	-5.14
Common Equity, 3 Yr. CAGR %	-9.7	-26.97	-19.57	-8.65	-5.14
Cash From Operations, 3 Yr. CAGR %	-62.9	-7.41	104.62	153.37	-0.71
Capital Expenditures, 3 Yr. CAGR %	-4.23	-20.17	-12.16	55.88	48.46
Levered Free Cash Flow, 3 Yr. CAGR %	-10.15	-32.89	22.29	66.43	24.48
Unlevered Free Cash Flow, 3 Yr. CAGR %	-8.36	-33.21	8.67	57.58	9.27
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	16.8	2.7	5.6	-8.88	5.29
Gross Profit, 5 Yr. CAGR %	40.33	13.18	-8.03	-20.52	-55.74
EBITDA, 5 Yr. CAGR %	10.07	58.13	46.2	3.9	18.71
EBITA, 5 Yr. CAGR %	-40.39	65.25	41.54	5.13	17.56
EBIT, 5 Yr. CAGR %	-27.49	67.14	40.68	5.23	17.27
Earnings From Cont. Operations, 5 Yr. CAGR %	-13.89	90.39	11.25	9.58	-4.49
Net Income, 5 Yr. CAGR %	-13.89	278.76	6	10.29	-3.01
Normalized Net Income, 5 Yr. CAGR %	-39.89	112.16	76.73	3.1	31.68
Diluted EPS Before Extra, 5 Yr. CAGR %	-16.51	66.19	4.32	9.83	-5.62
Accounts Receivable, 5 Yr. CAGR %	-10.54	-16.51	50.27	7.9	-2.82
Inventory, 5 Yr. CAGR %	27.07	17.16	27.06	-7.2	-14.48
Net Property, Plant and Equip., 5 Yr. CAGR %	16.13	15.98	12.95	10.76	14.83
Total Assets, 5 Yr. CAGR %	23.41	13.88	2.31	-1.46	8.08
Tangible Book Value, 5 Yr. CAGR %	56.47	17.21	-17.7	-16.45	-7.32
Common Equity, 5 Yr. CAGR %	50.62	15.31	-18.08	-16.75	-8.03
Cash From Operations, 5 Yr. CAGR %	-22.77	9.52	-12.6	7.71	49.56
Capital Expenditures, 5 Yr. CAGR %	10.96	-14.68	11.83	7.94	7.93
Levered Free Cash Flow, 5 Yr. CAGR %	17.15	-14.62	2.14	5.86	11.94
Unlevered Free Cash Flow, 5 Yr. CAGR %	16.93	-14.11	-3.29	2.32	2.97