Financials Ionis Pharmaceuticals, Inc.

Equities

IONS

US4622221004

Biotechnology & Medical Research

Market Closed - Nasdaq Other stock markets 16:00:00 2025-07-11 EDT			5-day change	1st Jan Change
41.73 ^USD	-1.53%		-2.95%	+19.36%

07-01	Ionis Pharmaceuticals Shares Rise After Barclays Upgrade	MT
07-01	All-Time Highs, All-Time Uncertainty

Projected Income Statement: Ionis Pharmaceuticals, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	729	810	587	788	705	752.2	864.6	1,210
Change	-	11.11%	-27.53%	34.24%	-10.53%	6.7%	14.94%	39.99%
EBITDA ¹	-158.7	130.5	-395.9	-342.7	-465.4	-476.7	-511.9	-226.8
Change	-	182.21%	-403.37%	13.43%	-35.8%	-2.43%	-7.38%	55.69%
EBIT ¹	-172	-30	-411	-353	-475	-472.9	-469.2	-204.1
Change	-	82.56%	-1,270%	14.11%	-34.56%	0.44%	0.78%	56.5%
Interest Paid ¹	-44.99	-9.349	-8.122	-81.46	-16.99	-33.12	-26.54	-20.95
Earnings before Tax (EBT) ¹	-170	-30	-258	-334	-460	-482.8	-499.6	-237.4
Change	-	82.35%	-760%	-29.46%	-37.72%	-4.95%	-3.48%	52.48%
Net income ¹	-451	-29	-270	-366	-454	-481.8	-499.5	-244.7
Change	-	93.57%	-831.03%	-35.56%	-24.04%	-6.13%	-3.66%	51%
Announcement Date	2/24/21	2/24/22	2/22/23	2/21/24	2/19/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	146	160	290	112	126	133	440	142	134	160	152	131	188	144	325	119	225	134	227	132	282.9	160.2	177.2	188.7	215.6	237.1	254.6
Change	-	9.59%	81.25%	-61.38%	12.5%	5.56%	230.83%	-67.73%	-5.63%	19.4%	-5%	-13.82%	43.51%	-23.4%	125.69%	-63.38%	89.08%	-40.44%	69.4%	-41.85%	114.31%	-43.36%	10.6%	6.46%	14.29%	9.95%	7.39%
EBITDA ¹	-48.11	-32.66	-19.01	-88.08	-68.94	-82.14	247.8	-53.8	-81.73	-55.34	-205	-111.4	-	-140.7	-3.456	-147	-32.28	-113.7	-107.8	-	55	-198	-202	-	-	-	-
Change	-	32.13%	41.78%	-363.25%	21.74%	-19.15%	401.73%	-121.71%	-51.91%	32.29%	-270.44%	45.66%	-	-	97.54%	-4,152.49%	78.04%	-252.26%	5.22%	-	-	-460%	-2.02%	-	-	-	-
EBIT ¹	-52	-37	-23	-92	-73	-86	221	-57	-86	-59	-208	-114	-91	-143	-6	-150	-66	-148	-110	-146	-16.79	-160	-167.7	-125.1	-109.5	-104.8	-99.4
Change	-	28.85%	37.84%	-300%	20.65%	-17.81%	356.98%	-125.79%	-50.88%	31.4%	-252.54%	45.19%	20.18%	-57.14%	95.8%	-2,400%	56%	-124.24%	25.68%	-32.73%	88.5%	-852.93%	-4.8%	25.4%	12.51%	4.3%	5.11%
Charge d'intérêts ¹	-11.17	-11.32	-11.51	-2.414	-2.357	-2.34	-2.238	-2.122	-2.13	-2.139	-1.731	-1.608	-2.291	-4.203	-22.41	-17.96	-4.49	-4.161	-4.191	-19	-8.904	-7.904	-7.404	-4.108	-4.108	-4.108	-4.108
Earnings before Tax (EBT) ¹	-44	-40	-24	-90	-81	-84	225	-64	-103	-47	-44	-113	-77	-141	-3	-143	-66	-144	-107	-147	-18.22	-157.7	-163.4	-113.2	-105.9	-100.6	-96.27
Change	-	9.09%	40%	-275%	10%	-3.7%	367.86%	-128.44%	-60.94%	54.37%	6.38%	-156.82%	31.86%	-83.12%	97.87%	-4,666.67%	53.85%	-118.18%	25.69%	-37.38%	87.61%	-765.77%	-3.62%	30.73%	6.47%	4.95%	4.33%
Net income ¹	-32	-31	-340	-90	-81	-82	225	-65	-105	-47	-52	-124	-85	-147	-9	-143	-66	-140	-104	-147	-26.11	-153.9	-160.3	-113.2	-105.9	-100.6	-96.28
Change	-	3.12%	-996.77%	73.53%	10%	-1.23%	374.39%	-128.89%	-61.54%	55.24%	-10.64%	-138.46%	31.45%	-72.94%	93.88%	-1,488.89%	53.85%	-112.12%	25.71%	-41.35%	82.24%	-489.32%	-4.17%	29.37%	6.47%	4.95%	4.34%
Announcement Date	8/5/20	11/4/20	2/24/21	5/5/21	8/4/21	11/3/21	2/24/22	5/4/22	8/9/22	11/9/22	2/22/23	5/3/23	8/9/23	11/2/23	2/21/24	5/7/24	8/1/24	11/6/24	2/19/25	4/30/25	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Ionis Pharmaceuticals, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	141	352	-804	-1,102	-1,052	-735	-466	-562
Change	-	149.65%	-328.41%	-37.06%	4.54%	30.14%	36.6%	-20.6%
Announcement Date	2/24/21	2/24/22	2/22/23	2/21/24	2/19/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Ionis Pharmaceuticals, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	35.12	11.96	15.72	23.8	45.28	56.54	50.05	56.21
Change	-	-65.96%	31.5%	51.42%	90.21%	24.86%	-11.47%	12.3%
Free Cash Flow (FCF) ¹	772	18.84	-290.1	-331.3	-546.2	-432.6	-526.6	-396.9
Change	-	-97.56%	-1,639.43%	-14.21%	-64.86%	20.81%	-21.74%	24.63%
Announcement Date	2/24/21	2/24/22	2/22/23	2/21/24	2/19/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Ionis Pharmaceuticals, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-21.77%	16.11%	-67.44%	-43.49%	-66.01%	-63.37%	-59.2%	-18.74%
EBIT Margin (%)	-23.59%	-3.7%	-70.02%	-44.8%	-67.38%	-62.87%	-54.27%	-16.86%
EBT Margin (%)	-23.32%	-3.7%	-43.95%	-42.39%	-65.25%	-64.18%	-57.78%	-19.61%
Net margin (%)	-61.87%	-3.58%	-46%	-46.45%	-64.4%	-64.06%	-57.77%	-20.22%
FCF margin (%)	105.9%	2.33%	-49.42%	-42.05%	-77.48%	-57.51%	-60.91%	-32.79%
FCF / Net Income (%)	-171.18%	-64.98%	107.44%	90.52%	120.31%	89.77%	105.44%	162.18%
Profitability
ROA	-4.4%	-1.14%	-10.48%	-13.26%	-15.15%	-16.77%	-26.27%	-16.17%
ROE	-3.88%	-3.78%	-40.12%	-76.34%	-93.12%	-117.11%	-2,174.3%	-
Financial Health
Leverage (Debt/EBITDA)	-0.89x	2.7x	-	-	-	-	-	-
Debt / Free cash flow	0.18x	18.68x	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	4.82%	1.48%	2.68%	3.02%	6.42%	7.52%	5.79%	4.64%
CAPEX / EBITDA (%)	-22.13%	9.16%	-3.97%	-6.95%	-9.73%	-11.86%	-9.78%	-24.78%
CAPEX / FCF (%)	4.55%	63.44%	-5.42%	-7.18%	-8.29%	-13.07%	-9.5%	-14.16%
Items per share
Cash flow per share ¹	0.2571	0.2184	-1.934	-2.148	-3.35	-2.048	-2.573	-
Change	-	-15.05%	-985.67%	-11.03%	-56.01%	38.89%	-25.68%	-
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	6.021	5.465	4.033	2.679	3.726	1.348	-1.813	-3.211
Change	-	-9.24%	-26.21%	-33.57%	39.08%	-63.83%	-234.55%	-77.05%
EPS ¹	-3.23	-0.2	-1.9	-2.56	-3.04	-3.079	-3.136	-1.49
Change	-	93.81%	-850%	-34.74%	-18.75%	-1.27%	-1.85%	52.47%
Nbr of stocks (in thousands)	139,823	141,210	142,050	143,472	157,897	159,159	159,159	159,159
Announcement Date	2/24/21	2/24/22	2/22/23	2/21/24	2/19/25	-	-	-