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1. Company Snapshot

1.a. Company Description

Ionis Pharmaceuticals, Inc.discovers and develops RNA-targeted therapeutics in the United States.The company offers SPINRAZA for spinal muscular atrophy (SMA) in pediatric and adult patients; TEGSEDI, an injection for the treatment of polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults; and WAYLIVRA, a treatment for familial chylomicronemia syndrome and familial partial lipodystrophy.


It also develops medicines for various indications that are in phase 3 study, including Eplontersen as a monthly self-administered subcutaneous injection to treat all types of TTR amyloidosis; Olezarsen for patients with severe hypertriglyceridemia (SHTG); Donidalorsen for patients with hereditary angioedema; ION363 for patients with amyotrophic lateral sclerosis; Pelacarsen for patients with established cardiovascular disease and elevated lipoprotein(a); and Tofersen to inhibit the production of superoxide dismutase 1.In addition, the company develops medicines for metabolic diseases, infectious diseases, renal diseases, ophthalmic diseases, and cancer.It has a strategic collaboration with Biogen Inc.; and collaboration and license agreement with AstraZeneca, Bayer AG, GlaxoSmithKline plc, Novartis AG, Roche, Janssen Biotech, Inc., and Flamingo Therapeutics, Inc.


Ionis Pharmaceuticals, Inc.was founded in 1989 and is based in Carlsbad, California.

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1.b. Last Insights on IONS

Ionis Pharmaceuticals' recent performance is driven by several positive factors. The company's transformation into a commercial entity accelerates, fueled by wholly-owned product launches and revenue growth. Specifically, Q3 results highlight a revenue shift toward Ionis-owned drugs, with Tryngolza outperforming and Dawnzera launching as a differentiated HAE prophylactic. Additionally, olezarsen's strong Phase 3 data in severe hypertriglyceridemia positions Ionis for a blockbuster opportunity. (Source: Ionis: Near-Term Launches With Blockbuster Potential Boosts Upside Despite Stock Rally, November 10, 2025)

1.c. Company Highlights

2. Ionis Pharmaceuticals' Q3 2025 Earnings Report: Strong Execution and Growth

Ionis Pharmaceuticals reported a strong third quarter in 2025, with revenues reaching $157 million, representing a 17% increase year over year. The company's net product sales for Tringolsa were $32 million, a nearly 70% increase quarter over quarter. The earnings per share (EPS) came in at -$0.61, beating estimates of -$1.15. The company's financial performance was driven by continued commercial execution and disciplined financial management, with a strong contribution from marketed medicines and sustained progress across its pipeline.

Publication Date: Nov -03

📋 Highlights
  • Revenue Growth Accelerated: Q3 2025 revenue reached $157 million, a 17% year-over-year increase, with 2025 guidance raised to $875–$900 million.
  • Tringolza Strong Momentum: Net product sales of $32 million in Q3, up 70% quarter-over-quarter, with plans to expand HCP outreach to 20,000 in the U.S. by 2026.
  • Regulatory Milestones: European approval for Tringolza secured; Donzara (Hereditary Angioedema) launched with positive HCP/payer feedback, and two more independent launches (Olazarsen, Zilgarnason) planned for 2026.
  • Olesarsen Pipeline Progress: 72% mean reduction in fasting triglycerides in Phase III studies, with sNDA submission expected by year-end and peak sales potential exceeding $1 billion.

Financial Guidance and Pipeline Progress

The company is raising its 2025 financial guidance, expecting to generate between $875 million and $900 million in total revenue for the year. Ionis Pharmaceuticals is making excellent progress across its pipeline, with positive top-line results from the Phase III CORE and CORE II studies of olisarcin in people with severe hypertriglyceridemia (SHTG). The company is on track to present additional data on November 8 and submit its supplemental New Drug Application (sNDA) in the US by the end of the year.

Commercial Launches and Pipeline Potential

The company's commercial team is focused on executing flawless launches, with two independent launches underway, including Tringolsa and Donzara. Ionis Pharmaceuticals is preparing for two additional independent launches next year, including Olazarsen in SHTG and Zilgarnason in Alexander disease. The company's pipeline has significant potential, with peak sales expected to be greater than $1 billion for Olazarsen and greater than $100 million for Zilgarnason.

Valuation Metrics

Ionis Pharmaceuticals' current valuation metrics indicate a Price-to-Sales Ratio of 12.21 and a Price-to-Book Ratio of 19.33. The company's EV/EBITDA ratio is -82.87, indicating significant investment in growth initiatives. Analysts estimate next year's revenue growth at 0.7%, indicating a slowdown in growth momentum. However, the company's strong pipeline and commercial execution position it for long-term growth.

Key Takeaways

3. NewsRoom

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American Century Companies Inc. Raises Holdings in Ionis Pharmaceuticals, Inc. $IONS

Dec -03

Source: defenseworld.net

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Ionis receives U.S. FDA Breakthrough Therapy designation for zilganersen for Alexander disease (AxD)

Dec -02

Source: businesswire.com

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Ionis receives U.S. FDA Breakthrough Therapy designation for olezarsen for severe hypertriglyceridemia (sHTG)

Dec -01

Source: businesswire.com

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Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) Given Average Rating of “Moderate Buy” by Brokerages

Nov -29

Source: defenseworld.net

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Tweedy Browne's Strategic Moves: Alphabet Inc. Sees a -1.43% Portfolio Impact

Nov -20

Source: gurufocus.com

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Ionis Pharmaceuticals, Inc. (IONS) Presents at Jefferies London Healthcare Conference 2025 Transcript

Nov -18

Source: seekingalpha.com

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Biogen Completes Acquisition of Alcyone Therapeutics

Nov -14

Source: globenewswire.com

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DAWNZERA™ (donidalorsen) receives positive opinion from CHMP, recommended for approval in EU for hereditary angioedema (HAE)

Nov -14

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.43%)

6. Segments

Human Therapeutic Medicines

Expected Growth: 10.43%

Ionis Pharmaceuticals' Human Therapeutic Medicines segment growth of 10.43% is driven by increasing demand for Spinraza, a treatment for spinal muscular atrophy, and strong sales of Tegsedi, a treatment for polyneuropathy. Additionally, the company's pipeline of novel antisense medicines and collaborations with major pharmaceutical companies, such as Biogen and AstraZeneca, contribute to its growth momentum.

7. Detailed Products

SPINRAZA

A prescription medicine used to treat spinal muscular atrophy (SMA) in pediatric and adult patients.

TEGSEDI

A prescription medicine used to treat the polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults.

WAYLIVRA

A prescription medicine used to treat familial chylomicronemia syndrome (FCS) in adults.

VOLanesorsen

An investigational antisense medicine for the treatment of familial chylomicronemia syndrome (FCS).

AKCEA-APO(a)-LRx

An investigational antisense medicine for the treatment of high lipoprotein(a) levels.

AKCEA-ANGPTL3-LRx

An investigational antisense medicine for the treatment of certain cardiovascular diseases.

8. Ionis Pharmaceuticals, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Ionis Pharmaceuticals, Inc. has a moderate threat of substitutes due to the presence of alternative treatments and therapies for the diseases they are targeting. However, their proprietary antisense technology provides a competitive advantage.

Bargaining Power Of Customers

Ionis Pharmaceuticals, Inc. has a low bargaining power of customers due to the specialized nature of their products and the lack of alternative treatment options for patients.

Bargaining Power Of Suppliers

Ionis Pharmaceuticals, Inc. has a moderate bargaining power of suppliers due to the presence of multiple suppliers for raw materials and equipment. However, the company's reliance on a few key suppliers for certain components may limit their negotiating power.

Threat Of New Entrants

Ionis Pharmaceuticals, Inc. has a low threat of new entrants due to the high barriers to entry in the biotechnology industry, including the need for significant investments in research and development and regulatory approvals.

Intensity Of Rivalry

Ionis Pharmaceuticals, Inc. operates in a highly competitive industry with several established players, leading to a high intensity of rivalry. The company must continually innovate and invest in research and development to stay ahead of competitors.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 78.99%
Debt Cost 4.74%
Equity Weight 21.01%
Equity Cost 5.99%
WACC 5.00%
Leverage 375.90%

11. Quality Control: Ionis Pharmaceuticals, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
PTC Therapeutics

A-Score: 5.8/10

Value: 7.8

Growth: 5.6

Quality: 8.6

Yield: 0.0

Momentum: 9.5

Volatility: 3.3

1-Year Total Return ->

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Ionis Pharmaceuticals

A-Score: 4.2/10

Value: 6.0

Growth: 1.1

Quality: 4.5

Yield: 0.0

Momentum: 10.0

Volatility: 3.7

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Revolution Medicines

A-Score: 3.7/10

Value: 6.4

Growth: 1.8

Quality: 6.4

Yield: 0.0

Momentum: 4.0

Volatility: 3.7

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Amicus Therapeutics

A-Score: 3.6/10

Value: 4.4

Growth: 7.6

Quality: 3.8

Yield: 0.0

Momentum: 1.0

Volatility: 5.0

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Celldex Therapeutics

A-Score: 3.4/10

Value: 6.6

Growth: 3.0

Quality: 5.0

Yield: 0.0

Momentum: 3.0

Volatility: 3.0

1-Year Total Return ->

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Denali Therapeutics

A-Score: 3.3/10

Value: 6.8

Growth: 3.7

Quality: 6.2

Yield: 0.0

Momentum: 0.5

Volatility: 2.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

81.68$

Current Price

81.68$

Potential

-0.00%

Expected Cash-Flows