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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Ionis Pharmaceuticals reported revenue of $944M in the fiscal year ended Dec 2025, up 33.8% from the year before. Operating income was −$382M, an operating margin of −40.4%, and net income was −$381M. Operating cash flow of −$269M less capital expenditure of $51M left free cash flow of −$320M. Net debt was $1.4B.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 810 | 587 | 788 | 705 | 944 |
| Cost of revenue | 10.8 | 14.1 | 9.1 | 11.2 | 15.9 |
| Gross profit | 800 | 573 | 779 | 694 | 928 |
| Research & development | 638 | – | 900 | 902 | 916 |
| Selling, general & admin | 186 | 150 | 233 | 267 | 394 |
| Operating income | −30.2 | −410 | −354 | −475 | −382 |
| Interest expense | 9.3 | 8.1 | 12.7 | 17.0 | 17.3 |
| Pre-tax income | −29.1 | −258 | −334 | −460 | −380 |
| Income tax | −0.6 | 11.7 | 32.3 | −6.2 | 1.8 |
| Net income | −28.6 | −270 | −366 | −454 | −381 |
| Diluted EPS | −0.20 | −1.90 | −2.56 | −3.04 | −2.38 |
| Diluted shares | 141 | 142 | 143 | 150 | 160 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 869 | 276 | 399 | 242 | 372 |
| Inventory | 24.8 | 22.0 | 7.4 | 12.5 | 10.0 |
| Current assets | 2,345 | 2,203 | 2,642 | 2,620 | 2,991 |
| Net PP&E | 178 | 74.3 | 71.0 | 94.3 | 123 |
| Total assets | 2,612 | 2,534 | 2,990 | 3,004 | 3,524 |
| Payables | 11.9 | 17.9 | 26.0 | 43.0 | 28.1 |
| Deferred revenue | 97.7 | 90.6 | 151 | 79.0 | 73.8 |
| Current liabilities | 241 | 312 | 448 | 309 | 782 |
| Short-term debt | – | 0.2 | 0.2 | 0.2 | 432 |
| Long-term debt | – | 1,176 | 1,241 | 1,202 | 1,328 |
| Total liabilities | 1,840 | 1,961 | 2,603 | 2,415 | 3,035 |
| Shareholders' equity | 772 | 573 | 387 | 588 | 489 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 30.8 | −274 | −308 | −501 | −269 |
| Capital expenditure | 12.0 | 15.7 | 23.8 | 45.3 | 51.4 |
| Free cash flow | 18.8 | −290 | −331 | −546 | −320 |
| Depreciation & amortisation | 15.5 | 14.3 | 10.3 | 9.6 | 10.0 |
| Stock-based compensation | 121 | 100 | 106 | 130 | 134 |
| Share buybacks | 0.0 | 0.0 | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −27.5% | 34.1% | −10.5% | 33.8% |
| Gross margin | 98.7% | 97.6% | 98.8% | 98.4% | 98.3% |
| Operating margin | −3.7% | −69.8% | −44.9% | −67.4% | −40.4% |
| Net margin | −3.5% | −45.9% | −46.5% | −64.4% | −40.4% |
| Return on equityBlank when equity is negative | −3.7% | −47.1% | −94.7% | −77.1% | −78.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −1.3% | −18.5% | −13.9% | −17.6% | −13.9% |
| Free cash flow margin | 2.3% | −49.4% | −42.1% | −77.5% | −33.9% |
| Cash conversion (CFO ÷ net income) | −1.08x | 1.02x | 0.84x | 1.10x | 0.70x |
| Inventory days | 835 | 570 | 297 | 407 | 231 |
| Payable days | 401 | 463 | 1040 | 1398 | 644 |
| Interest cover | −3.23x | −50.5x | −27.9x | −28.0x | −22.1x |
| Debt ÷ equity | – | 2.05x | 3.21x | 2.04x | 3.60x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 899 | 842 | 960 | 1,388 |
| Current ratio | 9.75x | 7.07x | 5.90x | 8.47x | 3.83x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.