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Ionis Pharmaceuticals Inc (IONS) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

HEALTHCARE · BIOTECHNOLOGY · DATA UPDATED 2026-09-19

Ionis Pharmaceuticals Inc (IONS) operates in the BIOTECHNOLOGY industry and is headquartered in Carlsbad, United States with about 1,480 employees. Its market capitalization is roughly $7 billion. In the fiscal year ended 2025-12-31, IONS reported $944M in revenue and ($381M) in net income.

Ionis Pharmaceuticals, Inc., a commercial-stage biotechnology company, provides RNA-targeted medicines in the United States.

Interactive charts & full statements → Open the IONS valuation workbench →

IONS Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$874M	$944M	$705M	$788M	$587M	$810M	$729M	$1.1B	$600M	$514M	$347M	$284M	$214M	$147M	$102M	$99M	$108M	$122M	$107M	$58M	$15M
Gross Profit	$857M	$928M	$694M	$779M	$573M	$800M	$717M	$1.1B	$598M	$514M	$2M	($39M)	($28M)	($37M)	($56M)	$99M	$108M	$122M	$107M	$70M	$25M
Gross Margin %	98.0%	98.3%	98.4%	98.8%	97.6%	98.7%	98.4%	99.6%	99.7%	100.0%	0.7%	-13.6%	-12.9%	-24.9%	-55.3%	100.0%	100.0%	100.0%	100.0%	119.3%	165.1%
Operating Income (EBIT)	($594M)	($382M)	($475M)	($354M)	($410M)	($30M)	($172M)	$366M	($61M)	$31M	($46M)	($76M)	($48M)	($52M)	($69M)	($71M)	($48M)	($28M)	($13M)	($33M)	($65M)
Operating Margin %	-68.0%	-40.5%	-67.4%	-44.9%	-69.8%	-3.7%	-23.6%	32.6%	-10.2%	6.0%	-13.4%	-26.7%	-22.3%	-35.1%	-67.5%	-71.8%	-44.6%	-22.7%	-12.2%	-56.4%	-438.9%
Net Income	($566M)	($381M)	($454M)	($366M)	($270M)	($29M)	($487M)	$294M	$274M	$0M	($87M)	($88M)	($39M)	($61M)	($65M)	($85M)	($61M)	$155M	($18M)	($11M)	($46M)
Net Margin %	-64.8%	-40.4%	-64.4%	-46.5%	-45.9%	-3.5%	-66.8%	26.2%	45.6%	0.1%	-25.0%	-31.1%	-18.2%	-41.2%	-64.2%	-85.6%	-56.5%	127.5%	-17.0%	-18.8%	-308.9%
EBITDA	—	($287M)	($354M)	($236M)	($228M)	($5M)	($155M)	$382M	($19M)	$36M	($37M)	($41M)	($23M)	($42M)	($43M)	($56M)	($39M)	($16M)	$4M	($26M)	($59M)
Earnings Per Share (EPS)	$-3.46	$-2.38	$-3.04	$-2.56	$-1.90	$-0.20	$-3.49	$2.06	$2.04	$0.00	$-0.72	$-0.74	$-0.33	$-0.55	$-0.65	$-0.85	$-0.62	$1.58	$-0.19	$-0.13	$-0.62
Shares Outstanding (M)	—	160M	150M	143M	142M	141M	140M	143M	134M	126M	121M	120M	118M	111M	101M	100M	99M	98M	95M	84M	74M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

IONS Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$268M	$246M	$203M	$157M	$452M	$132M	$227M	$134M	$225M
Gross Profit	$265M	$243M	$195M	$154M	$448M	$130M	$223M	$133M	$221M
Gross Margin %	98.9%	98.8%	96.1%	98.5%	99.1%	98.9%	98.3%	99.2%	98.2%
Operating Income (EBIT)	($102M)	($117M)	($215M)	($160M)	$140M	($147M)	($111M)	($149M)	($66M)
Operating Margin %	-38.1%	-47.7%	-105.9%	-102.2%	30.9%	-111.6%	-48.9%	-111.1%	-29.3%
Net Income	($115M)	($93M)	($229M)	($129M)	$124M	($147M)	($104M)	($140M)	($66M)
Net Margin %	-42.9%	-37.6%	-112.8%	-82.1%	27.3%	-111.6%	-46.1%	-105.0%	-29.4%
EBITDA	—	($69M)	$4.6B	($103M)	$150M	($120M)	($81M)	($117M)	($38M)
Earnings Per Share (EPS)	$-0.69	$-0.56	$-1.41	$-0.80	$0.68	$-0.93	$-0.66	$-0.95	$-0.45
Shares Outstanding (M)	—	165M	162M	161M	182M	159M	158M	149M	146M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

IONS Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	($496M)	($269M)	($501M)	($308M)	($274M)	$31M	$36M	$346M	$603M	$174M	($112M)	$21M	$6M	$63M	$2M	($115M)	($64M)	($108M)	$212M	$36M	($53M)
Capital Expenditures (CapEx)	$64M	$51M	$45M	$28M	$20M	$18M	$41M	$36M	$18M	$38M	$12M	$12M	$11M	$5M	$5M	$11M	$18M	$16M	$17M	$5M	$3M
Free Cash Flow (FCF)	($562M)	($320M)	($546M)	($336M)	($294M)	$13M	($5M)	$309M	$585M	$136M	($124M)	$9M	($5M)	$58M	($3M)	($126M)	($81M)	($125M)	$195M	$31M	($56M)
FCF Margin %	-64.3%	-33.9%	-77.5%	-42.6%	-50.1%	1.6%	-0.7%	27.6%	97.6%	26.5%	-35.7%	3.3%	-2.2%	39.5%	-3.2%	-127.0%	-74.8%	-102.6%	181.9%	53.3%	-375.4%
Dividends Paid	—	—	—	—	$11M	$17M	—	$166M	—	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	—	—	—	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

IONS Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$566M	($793M)	($138M)	($131M)	$151M	($151M)	($116M)	($115M)	($120M)
Capital Expenditures (CapEx)	$18M	$22M	$21M	$3M	$14M	$13M	$25M	$9M	$20M
Free Cash Flow (FCF)	$547M	($815M)	($159M)	($135M)	$137M	($163M)	($142M)	($124M)	($140M)
FCF Margin %	204.1%	-331.0%	-78.3%	-86.0%	30.3%	-124.1%	-62.5%	-92.7%	-62.2%
Dividends Paid	—	—	—	$22M	—	—	—	—	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

IONS Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$3.0B	$3.5B	$3.0B	$3.0B	$2.5B	$2.6B	$2.4B	$3.2B	$2.7B	$1.3B	$912M	$956M	$956M	$847M	$546M	$485M	$550M	$657M	$574M	$259M	$256M
Cash & Cash Equivalents	$350M	$372M	$242M	$399M	$276M	$2.1B	$1.9B	$2.5B	$2.1B	$1.0B	$665M	$779M	$729M	$657M	$374M	$65M	$70M	$105M	$218M	$139M	$115M
Total Liabilities	$2.6B	$3.0B	$2.4B	$2.6B	$2.0B	$1.8B	$1.5B	$1.5B	$1.5B	$903M	$813M	$755M	$698M	$469M	$363M	$313M	$306M	$355M	$470M	$249M	$158M
Total Debt (Short + Long-Term)	$1.6B	$1.8B	$1.3B	$1.3B	$1.2B	$1.2B	$809M	$772M	$642M	$595M	$502M	$407M	$458M	$233M	$227M	$219M	$149M	$141M	$175M	$170M	$140M
Total Shareholders' Equity	$440M	$489M	$588M	$387M	$573M	$772M	$843M	$1.7B	$1.2B	$419M	$100M	$201M	$258M	$378M	$183M	$171M	$245M	$292M	$67M	$1M	$69M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive IONS viewer.

IONS Metric Deep Dives

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