Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data IONIS PHARMACEUTICALS INC files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
373
514
600
1,123
729
810
587
788
705
944
Cost of revenue
0
0
1.82
4.38
11.9
10.8
14.1
9.13
11.2
15.9
Gross profit
373
514
598
1,118
717
800
573
779
694
928
Research and development
340
373
412
462
531
638
900
902
916
Selling, general and administrative
48.6
108
245
287
354
186
150
233
267
394
General and administrative
48.6
Operating expenses
393
483
661
Operating income
-20.2
31
-61.4
366
-172
-30.2
-410
-354
-475
-382
Interest expense
38.8
44.8
44.8
12.4
9.51
9.35
8.12
12.7
17
17.3
Other non-operating income
0
-3.55
-0.18
-0.69
-0.06
-9.76
-7.27
14.1
1.33
-15.4
Pre-tax income
-83.6
-16.8
-76.2
339
-135
-29.1
-258
-334
-460
-380
Income tax
2.93
-5.98
-291
51.5
345
-0.55
11.7
32.3
-6.17
1.79
Net income to minority interests
0
-11.1
-58.8
9.12
-35.5
0
0
Net income
-60.4
0.35
274
278
-444
-28.6
-270
-366
-454
-381
EBITDA
-12.7
37.8
-50.7
378
-159
-14.7
-396
-343
-465
-372
EPS, basic
-0.46
0.14
1.91
2.00
-3.18
-0.20
-1.90
-2.56
-3.04
-2.38
EPS, diluted
-0.46
0.14
1.89
1.90
-3.18
-0.20
-1.90
-2.56
-3.04
-2.38
Shares, basic (weighted)
132
136
145
140
140
141
142
143
150
160
Shares, diluted (weighted)
132
138
147
153
140
141
142
143
150
160
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
84.7
130
279
683
398
869
276
399
242
372
Short-term investments
581
893
1,805
1,816
1,495
1,246
1,710
1,932
2,056
2,305
Inventory
9.98
8.58
18.2
22
24.8
22
7.44
12.5
10
Other current assets
17.2
73.1
102
140
140
143
168
205
218
237
Total current assets
798
1,169
2,208
2,721
2,131
2,345
2,203
2,642
2,620
2,991
Property, plant and equipment
92.8
122
132
154
181
178
74.3
71
94.3
123
Lease right-of-use assets
12.6
13.1
18
182
172
162
239
Intangible assets
20.4
22
24
25.7
27.9
29
Long-term investments
635
510
653
653
774
Other non-current assets
1.33
10.1
12.9
27.6
50
70.6
75.3
105
127
172
Total assets
912
1,323
2,668
3,233
2,390
2,612
2,534
2,990
3,004
3,524
Accounts payable
21.1
24.9
28.7
16.1
17.2
11.9
17.9
26
43
28.1
Accrued liabilities
36
66.6
47.5
66.8
90.2
88.6
140
148
108
106
Deferred revenue
51.3
125
160
118
108
97.7
90.6
151
79
73.8
Short-term debt
1.19
1.62
13.7
2.03
300
0.15
0.16
0.17
432
Total current liabilities
134
244
280
273
599
241
312
448
309
782
Long-term debt
786
539
1,176
1,241
1,202
1,328
Lease liabilities
19.4
179
171
162
262
Other non-current liabilities
6.95
16
41.8
51.9
28.1
Total liabilities
813
957
1,481
1,549
1,646
1,840
1,961
2,603
2,415
3,035
Total debt
1.19
1.62
13.7
788
840
1,194
1,308
1,253
1,812
Paid-in capital
1,311
1,554
2,047
2,204
1,896
1,964
2,060
2,215
2,869
3,145
Retained earnings
-1,181
-1,241
-967
-708
-1,131
-1,160
-1,430
-1,796
-2,250
-2,631
Other comprehensive income
-30.4
-31.8
-32
-25.3
-21.1
-32.7
-57.5
-32.6
-30.8
-25.3
Shareholders' equity
99.6
281
1,048
1,471
743
772
573
387
588
489
Minority interests
0
84.3
139
213
0
Total equity
39.6
365
1,101
1,577
743
772
573
387
588
489
Total liabilities and equity
912
1,323
2,668
3,233
2,390
2,612
2,534
2,990
3,004
3,524
Shares outstanding
133
137
151
140
140
141
142
144
158
163
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-60.4
-10.8
215
287
-480
-28.6
-270
-366
-454
-381
Depreciation and amortization
7.48
6.71
10.7
12.5
13.4
15.5
14.3
10.3
9.61
10
Stock-based compensation
72.1
86
131
147
230
121
100
106
130
134
Deferred income tax
0
0
-291
0.9
342
0
0
0
0
0
Change in inventory
-0.59
-2.49
1.4
-5.41
-1.26
-2.84
5.33
-2.47
-5.07
-13.7
Change in payables
-10.7
1.78
-0.66
-16.3
-2.76
-6
1.09
8.12
16
-15.4
Cash from operations
-112
174
603
346
35.9
30.8
-274
-308
-501
-269
Capital expenditures
-7.11
-34.8
-13.6
-30.9
-35.1
-12
-15.7
-23.8
-45.3
-51.4
Purchases of investments
-301
-878
-1,795
-1,947
-1,570
-1,124
-1,486
-1,771
-1,853
-1,919
Cash from investing
56.6
-358
-930
-41.3
274
195
-263
-214
-134
-278
Stock issued
0
71.7
448
0
0
0
0
489
0
Share buybacks
0
0
-34.4
-90.5
0
0
Cash from financing
11.4
229
476
100
-597
246
-55.3
644
478
676
Exchange rate effect
-0.02
0.09
0.62
-0.11
Net change in cash
-44.1
44.9
149
404
-286
472
-593
123
-157
130
Free cash flow
-119
139
589
315
0.77
18.8
-290
-331
-546
-320
Interest paid
7.31
8.04
9.59
9.87
6.25
4.78
2.9
6.51
10.9
10.8
Income taxes paid
0
0
9.04
25.9
0.04
5.01
48.3
-5.62
-0.64
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $44.50 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
98.2%
Gross profit / revenue.
Operating margin
-68.0%
Operating income / revenue.
EBITDA margin
-66.6%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-64.3%
Pre-tax income / revenue.
Net margin
-64.7%
Net income / revenue.
FCF margin
-64.2%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-56.8%
Cash from operations / revenue.
Return on equity (ROE)
-128.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-18.9%
Net income / average total assets.
Return on invested capital (ROIC)
-523.6%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue
60.4%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
18.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
7.4%
Capital expenditures / revenue.
D&A / revenue
1.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
33.8%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
17.1%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
5.3%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
33.7%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
17.4%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
5.3%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-16.9%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-5.1%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-8.0%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
17.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
11.6%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
8.1%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
7.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
4.1%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
2.8%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
7.89x
Current assets / current liabilities.
Quick ratio
6.51x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
6.51x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$5.28
Revenue / diluted weighted shares.
FCF per share
-$3.39
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$3.00
Cash from operations / diluted weighted shares.
Book value per share
$2.65
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
8.46x
Market cap / revenue.
P/B
16.8x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
16.8x
Market cap / tangible book value, when positive.
EV/Sales
6.11x
Enterprise value / revenue.
FCF yield
-7.6%
Free cash flow / market cap.
Earnings yield
-7.6%
Net income / market cap (the inverse of P/E).
What was IONIS PHARMACEUTICALS INC's revenue in fiscal 2025?
IONIS PHARMACEUTICALS INC reported revenue of $943.7M for fiscal 2025, 33.8% higher than the year before.
Was IONIS PHARMACEUTICALS INC profitable in fiscal 2025?
No. It reported a net loss of $381.4M.
How much free cash flow did IONIS PHARMACEUTICALS INC generate in fiscal 2025?
Cash from operations of $268.6M minus capital expenditures of $51.4M left free cash flow of -$320.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.