Ionis Pharmaceuticals (IONS) financial statements
Ionis Pharmaceuticals reported revenue of $944M in fiscal 2025, up 10.9% a year over 9 years.
Net income was -$381M and the operating margin -40.4%, against -5.4% in 2016.
Free cash flow was -$320M.
The diluted share count rose 32% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ionis Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $373M | $514M | $600M | $1.1B | $729M | $810M | $587M | $788M | $705M | $944M |
| Cost of revenue | $0 | $0 | $2M | $4M | $12M | $11M | $14M | $9M | $11M | $16M |
| Gross profit | $373M | $514M | $598M | $1.1B | $717M | $800M | $573M | $779M | $694M | $928M |
| Research and development | $340M | $372M | $412M | $462M | $531M | $638M | — | $900M | $902M | $916M |
| Selling, general and admin | $49M | $108M | $245M | $287M | $354M | $186M | $150M | $233M | $267M | $394M |
| Operating income | -$20M | $31M | -$61M | $366M | -$172M | -$30M | -$410M | -$354M | -$475M | -$382M |
| Interest expense | $39M | $45M | $45M | $12M | $10M | $9M | $8M | $13M | $17M | $17M |
| Pre-tax income | -$84M | -$17M | -$76M | $339M | -$135M | -$29M | -$258M | -$334M | -$460M | -$380M |
| Income tax | $3M | -$6M | -$291M | $52M | $345M | -$551,000 | $12M | $32M | -$6M | $2M |
| Net income | -$60M | $346,000 | $274M | $278M | -$444M | -$29M | -$270M | -$366M | -$454M | -$381M |
| EPS (diluted) | -$0.50 | $0.15 | $2.07 | $1.90 | -$3.18 | -$0.20 | -$1.90 | -$2.56 | -$3.04 | -$2.38 |
| Diluted shares | 121M | 126M | 134M | 153M | 140M | 141M | 142M | 143M | 150M | 160M |
| Gross margin | 100.0% | 100.0% | 99.7% | 99.6% | 98.4% | 98.7% | 97.6% | 98.8% | 98.4% | 98.3% |
| Operating margin | -5.4% | 6.0% | -10.2% | 32.6% | -23.6% | -3.7% | -69.8% | -44.9% | -67.4% | -40.4% |
| Net margin | -16.2% | 0.1% | 45.6% | 24.8% | -60.9% | -3.5% | -45.9% | -46.5% | -64.4% | -40.4% |
Balance sheet
Fiscal years, from Ionis Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $665M | $1.0B | $2.1B | $2.5B | $1.9B | $2.1B | $2.0B | $2.3B | $2.3B | $2.7B |
| Inventory | — | $10M | $9M | $18M | $22M | $25M | $22M | $7M | $13M | $10M |
| Total current assets | $798M | $1.2B | $2.2B | $2.7B | $2.1B | $2.3B | $2.2B | $2.6B | $2.6B | $3.0B |
| Property, plant and equipment | $93M | $122M | $132M | $154M | $181M | $178M | $74M | $71M | $94M | $123M |
| Total assets | $912M | $1.3B | $2.7B | $3.2B | $2.4B | $2.6B | $2.5B | $3.0B | $3.0B | $3.5B |
| Total current liabilities | $134M | $244M | $280M | $273M | $599M | $241M | $312M | $448M | $309M | $782M |
| Long-term debt | — | — | — | $786M | $539M | — | $1.2B | $1.2B | $1.2B | $1.3B |
| Total liabilities | $813M | $957M | $1.5B | $1.5B | $1.6B | $1.8B | $2.0B | $2.6B | $2.4B | $3.0B |
| Shareholders' equity | $100M | $281M | $1.0B | $1.5B | $743M | $772M | $573M | $387M | $588M | $489M |
| Net debt | -$85M | -$130M | -$279M | $102M | $141M | -$869M | $899M | $842M | $960M | $1.4B |
Cash flow
Fiscal years, from Ionis Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$112M | $174M | $603M | $346M | $36M | $31M | -$274M | -$308M | -$501M | -$269M |
| Capital spending | $7M | $35M | $14M | $31M | $35M | $12M | $16M | $24M | $45M | $51M |
| Free cash flow | -$119M | $139M | $589M | $315M | $772,000 | $19M | -$290M | -$331M | -$546M | -$320M |
| Stock-based compensation | $72M | $86M | $131M | $147M | $230M | $121M | $100M | $106M | $130M | $134M |
| Share buybacks (net) | — | $0 | $0 | -$34M | -$91M | $0 | $0 | — | — | — |
| Free cash flow margin | -32.0% | 27.1% | 98.3% | 28.0% | 0.1% | 2.3% | -49.4% | -42.1% | -77.5% | -33.9% |
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Open IONS in InvestinglyQuestions
What was Ionis Pharmaceuticals's revenue in 2025?
$944M in fiscal 2025, from its 10-K filing.
How much free cash flow does Ionis Pharmaceuticals generate?
-$320M in fiscal 2025 (operating cash flow minus capital spending).
From Ionis Pharmaceuticals's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.