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Ionis Pharmaceuticals, Inc.

NASDAQ · Healthcare
Ionis Pharmaceuticals, Inc.
IONS · Biotechnology
$75.44
▲ 0.16 (0.21%)
Data cached · refreshes every 10 min
Insufficient data to generate a complete Graham analysis.
Overall Grade
F
Defensive
F
Enterprising
Profitability F
Gross Profit Margin 98.3%
Operating Margin -40.4%
Net Income Margin -40.4%
Fin. Health C
Years to Pay Off Debt -5.4 yrs
Working Capital vs Long-Term Debt $862M
Working Capital $2.2B
Valuation F
Price-to-Book 25.49x
Cash Flow F
Free Cash Flow -$326M
Owner Earnings -$302M
1/6
Graham Score
Speculative
Defensive — Graham's strict criteria (P/B, P/E, dividends, stability)  ·  Enterprising — Profitability & cash flow focused, accepts higher valuations for quality
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies. Negative P/B indicates book equity has been reduced by buybacks — common in highly profitable capital-return businesses.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Market Data
Market Cap $12.5B
Enterprise Value $13.1B
P/E (TTM) -121.70
Dividend Yield N/A
Exchange NASDAQ
Key Margins
Gross Profit 98.3%
Operating Margin -40.4%
Net Margin -40.4%
Company Info
Sector Healthcare
Industry Biotechnology
Employees 1402
Country United States
Visit website
About Ionis Pharmaceuticals, Inc.

Ionis Pharmaceuticals, Inc., a commercial-stage biotechnology company, provides RNA-targeted medicines in the United States. The company offers TRYNGOLZA reduces triglyceride levels in adults with familial chylomicronemia syndrome (FCS) and acute pancreatitis; DAWNZERA for prophylaxis to prevent attacks of hereditary angioedema in adults; WAINUA for the treatment of the polyneuropathy of hereditary transthyretin-medicated amyloidosis (ATTRv-PN) in adults; and SPINRAZA for pediatric and adult patients with spinal muscular atrophy (SMA). It also provides QALSODY for the treatment of Amyotrophic Lateral Sclerosis (ALS); TEGSEDI for the treatment of ATTRv-PN in adults; and WAYLIVRA for treatment for FCS and familial partial lipodystrophy. It also develops products under Phase 3 clinical trials, such as Olezarsen for patients with hypertriglyceridemia (SHTG) and cardiovascular disease (CVD); and Zilganerse, a potential treatment for people with genetically confirmed Alexander disease, as well as ION582 which is in Phase 3 clinical trial for the potential treatment of AS, a rare genetic neurological disease. In addition, the company develops Eplontersen to degrade mutant and wild-type TTR mRNA through binding to the TTR mRNA; Pelacarsen to inhibit the production of apolipoprotein(a) in the liver to offer a direct approach for reducing lipoprotein(a); Bepirovirsen to inhibit the production of viral proteins associated with hepatitis B virus; Sefaxersen to reduce the production of complement factor B and lower activation of the alternative complement pathway; and Ulefnersen to reduce the production of the fused in sarcoma, as well as other mid-stage pipeline investigational medicines. It has a strategic collaboration with Biogen for the treatment of neurological disorders; and collaboration and license agreement with GSK, AstraZeneca, Novartis, and Roche, as well as with Metagenomi. The company was incorporated in 1989 and is headquartered in Carlsbad, California.

Showing Key Metrics
Income Highlights
Metric 2025 2024 2023 2022 2021
Gross Profit % 98.3% ▼ 98.4% 98.8% 97.6% N/A
Operating Margin % -40.4% ▲ -67.4% -44.9% -69.8% N/A
Net Income % -40.4% ▲ -64.4% -46.5% -45.9% N/A
Diluted EPS -2.38 ▲ -3.04 -2.56 -1.90 N/A
Balance Sheet Highlights
Metric 2025 2024 2023 2022 2021
Total Assets $3.5B $3.0B $3.0B $2.5B N/A
Total Debt $2.1B ↑ $1.4B $1.5B $1.4B N/A
Working Capital $2.2B ▼ $2.3B $2.2B $1.9B N/A
Years to Pay Debt -5.41 -3.12 -3.97 -5.08 N/A
Cash Flow Highlights
Metric 2025 2024 2023 2022 2021
Free Cash Flow -$326M ▲ -$551M -$336M -$294M N/A
Owner Earnings -$302M -$382M -$316M -$228M N/A
CapEx % of Net Income N/A N/A N/A N/A N/A
These metrics estimate what Ionis Pharmaceuticals, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.
Graham's Fair Value
N/A (negative EPS)
Margin of Safety
—
Market Cap ÷ Company Value
3.76
P/B Ratio
25.49
Warren's Owner Earnings
-$302M
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
1/6 — Speculative Investor
❌ Adequate Size
$944M
vs > $1.5B revenue
✅ Strong Financial Condition
3.83x
vs Current Ratio > 2.0x
❌ Earnings Stability
4 loss years (4 yrs data)
vs No negative EPS years
❌ Dividend Record
No dividend
vs Uninterrupted dividends
❌ Moderate P/E Ratio
-121.7x
vs P/E ≤ 15.0x
❌ Moderate Price-to-Book
25.49x P/B (P/E×P/B: -3102.2)
vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5
Graham's 7 Criteria — Explained
What each criterion measures and why it may or may not apply to modern businesses.
❌ Adequate Size — $944M vs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
✅ Strong Financial Condition — 3.83x vs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
❌ Earnings Stability — 4 loss years (4 yrs data) vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
❌ Dividend Record — No dividend vs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
❌ Moderate P/E Ratio — -121.7x vs P/E ≤ 15.0x
Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.
"The price-earnings ratio should be no more than 15 times average earnings."
❌ Moderate Price-to-Book — 25.49x P/B (P/E×P/B: -3102.2) vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5
Graham's 1.5x P/B threshold made sense when most company value was tangible. Today, intangible assets — brand, software, patents, network effects — rarely appear on the balance sheet. A high P/B in tech, pharma, or consumer brands often reflects intangible value, not overvaluation. P/FCF or EV/EBITDA are more reliable for asset-light businesses.
"The price should not be more than 1½ times book value. P/E × P/B ≤ 22.5."
Net Current Asset Value
$-0.27
Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
$-25.66
Per share, no-growth floor. Compare to current price.
Cash Flow Analysis
Metric 2025 2024 2023 2022 2021
Capital Expenditure % of Net Income N/A N/A N/A N/A N/A
Repurchase of Capital Stock N/A N/A N/A $0M $0M
Free Cash Flow -$326M ▲ -$551M ▼ -$336M ▼ -$294M • N/A •
Warren's Owner Earnings -$302M -$382M -$316M -$228M N/A
Peers & Industry Comparison
Biotechnology — Auto-detected peers
Company Price Market Cap P/E Gross Margin Net Margin Revenue
IONS $75.44 $12.5B -121.70 98.3% -40.4% $944M
AMGN
Amgen Inc.		 $322.56 $174.1B 22.4 71.4% 21.0% $37.2B
GILD
Gilead Sciences, Inc.		 $132.43 $164.4B 19.5 78.8% 28.9% $29.4B
BIIB
Biogen Inc.		 $187.36 $27.7B 20.1 78.7% 13.8% $9.9B
REGN
Regeneron Pharmaceuticals, Inc.		 $708.97 $74.3B 17.3 43.9% 29.6% $14.9B
VRTX
Vertex Pharmaceuticals Incorpor		 $428.79 $109.0B 28.0 53.7% 32.9% $12.0B
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
0.66%
Low — management has little skin in the game
Return on Equity (ROE)
-78.0%
Weak — poor returns on equity
Return on Assets (ROA)
-10.8%
Poor — assets are not generating adequate returns
Debt Trend YoY
+45.7% YoY
Debt is growing — management is leveraging up
Leadership Team
Brett Monia Ph.
Founder, CEO & Director
Age 64
Pay: $3,467,834
Elizabeth Hougen , ,
Executive VP of Finance & CFO
Age 63
Pay: $1,604,674
Eric Swayze Ph.
Executive Vice President of Research
Age 59
Pay: $1,233,732
Brian Birchler
Executive Vice President of Corporate & Development Operations
Age 59
Pay: $1,240,447
Wade Walke Ph.
Senior Vice President of Investor Relations
Top Institutional Holders
Institution % Owned Shares
FMR, LLC 14.57% 24,072,101
Capital World Investors 10.87% 17,961,299
Vanguard Group Inc 9.95% 16,440,459
Blackrock Inc. 6.44% 10,647,863
T. Rowe Price Investment Management, Inc. 5.51% 9,108,019
Wellington Management Group, LLP 3.79% 6,260,325
Bellevue Group AG 2.91% 4,802,199
State Street Corporation 2.41% 3,974,865
⚠️ Very high debt-to-equity — leverage risk
Risk Analysis
Beta (Market Risk)
0.38
Low volatility — more stable than the market
Short Interest
11.0% of float
Moderate short interest
Debt-to-Equity
5.31x
High leverage — significant financial risk
Current Ratio
4.10x
Strong liquidity — Graham approved
52-Week Price Range
Low: $31.66 Current: $75.44 High: $86.74
Currently at 79% of 52-week range

Ionis Pharmaceuticals, Inc. (IONS) fundamental analysis — Overall grade F based on profitability, financial health, valuation and cash flow. Graham's Fair Value: N/A (negative EPS). Gross profit margin: 98.3%. Operating margin: -40.4%. Net margin: -40.4%. Market cap: $12.5B. Sector: Healthcare. Industry: Biotechnology. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett principles.

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