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Ionis Pharmaceuticals (IONS)
NASDAQ:IONS
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Ionis Pharmaceuticals
(NASDAQ:IONS)49Neutral
Positive Factors
Commercial Launch Preparedness
Launch preparations are underway for donidalorsen in hereditary angioedema with anticipated regulatory decision.
Revenue Performance
Total 2024 revenues beat consensus by approximately 15% due to management's conservative revenue guidance.
Negative Factors
Pipeline Delays
The highly-anticipated Pelacarsen readout has been delayed, making the sHTG readout the only major catalyst for 2025.
Ionis Pharmaceuticals (IONS) vs. S&P 500 (SPY)
Market Cap
$5.24B
Dividend YieldN/A
Average Volume (3M)1.71M
Price to Earnings (P/E)―
Beta (1Y)0.71
Revenue Growth-10.48%
EPS Growth-18.79%
CountryUS
Employees927
SectorHealthcare
Sector Strength74
IndustryBiotechnology
Share Statistics
EPS (TTM)-3.04
Shares Outstanding158,964,770
10 Day Avg. Volume1,882,020
30 Day Avg. Volume1,711,668
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)7.35
Price to Cash Flow (P/CF)-11.20
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$58.56Price Target Upside77.72% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering16
Ionis Pharmaceuticals Business Overview & Revenue Model
Company DescriptionIonis Pharmaceuticals, Inc. is a biotechnology company based in the United States, specializing in the discovery and development of RNA-targeted therapeutics. The company is a leader in antisense technology, which is used to develop drugs that address significant unmet medical needs. Ionis's core products and services revolve around its proprietary antisense technology platform, which is used to treat a variety of diseases, including neurological disorders, rare diseases, and cardiovascular conditions.
How the Company Makes MoneyIonis Pharmaceuticals makes money primarily through its partnerships, licensing agreements, and royalties. The company collaborates with major pharmaceutical companies to co-develop and commercialize its drugs, generating revenue from upfront payments, milestone payments, and royalties on sales. Ionis also licenses its antisense technology to other companies, which provides additional revenue streams. Key partnerships with established pharmaceutical companies like Biogen and AstraZeneca contribute significantly to its earnings, allowing Ionis to leverage its technology while sharing the costs and risks associated with drug development and commercialization.
Ionis Pharmaceuticals Financial Statement Overview
Summary
Ionis Pharmaceuticals faces financial challenges with declining revenue and persistent net losses, resulting in negative profit margins and operating cash flows. The balance sheet shows increased leverage, and while the company holds substantial cash reserves, it relies on external financing to maintain liquidity. These factors highlight the need for strategic management to improve profitability and cash flow generation.Income Statement
Ionis Pharmaceuticals shows consistent revenue but declining over the recent years, with a negative revenue growth rate from 2023 to 2024. Gross profit margins remain high, demonstrating effective cost management, but net profit margins are negative due to substantial net losses. EBIT and EBITDA margins are also negative, indicating operational challenges.40
Negative
Balance Sheet
The company has a healthy cash position, but the debt-to-equity ratio has increased, indicating higher leverage. Return on equity is negative, reflecting overall losses. The equity ratio is declining, showing reduced shareholder equity relative to total assets.55
Neutral
Cash Flow
Operating cash flow is negative, indicating cash outflow from operations. Free cash flow is also negative and decreasing, showing reduced financial flexibility. The company is reliant on financing activities to support cash needs.45
Neutral
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 705.14M | 787.65M | 587.00M | 810.00M | 729.00M | Gross Profit |
| 693.92M | 778.51M | 573.00M | 799.00M | 717.00M | EBIT |
| -475.08M | -353.73M | -411.00M | -30.00M | -172.00M | EBITDA |
| -475.08M | -230.01M | -227.76M | -239.00K | -107.88M | Net Income Common Stockholders |
| -453.90M | -366.29M | -270.00M | -29.00M | -487.00M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 2.30B | 2.33B | 1.99B | 2.12B | 1.89B | Total Assets |
| 3.00B | 2.99B | 2.53B | 2.61B | 2.39B | Total Debt |
| 1.41B | 1.45B | 1.34B | 1.16B | 749.00M | Net Debt |
| 1.17B | 1.05B | -642.00M | -954.00M | -1.14B | Total Liabilities |
| 2.42B | 2.60B | 1.96B | 1.84B | 1.55B | Stockholders Equity |
| 588.35M | 386.69M | 573.00M | 772.00M | 843.00M |
| Cash Flow | Free Cash Flow | |||
| -546.23M | -335.52M | -294.47M | 12.90M | -5.16M | Operating Cash Flow |
| -500.95M | -307.51M | -274.37M | 30.80M | 35.89M | Investing Cash Flow |
| -134.03M | -214.13M | -262.64M | 194.91M | 274.48M | Financing Cash Flow |
| 478.06M | 644.08M | -55.30M | 245.93M | -596.61M |
Ionis Pharmaceuticals Technical Analysis
Neutral
32.95
Price Trends
33.28
Negative
35.42
Negative
39.81
Negative
Market Momentum
-0.20
Negative
52.91
Neutral
60.75
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IONS, the sentiment is Neutral. The current price of 32.95 is above the 20-day moving average (MA) of 31.92, below the 50-day MA of 33.28, and below the 200-day MA of 39.81, indicating a neutral trend. The MACD of -0.20 indicates Negative momentum. The RSI at 52.91 is Neutral, neither overbought nor oversold. The STOCH value of 60.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IONS.
Ionis Pharmaceuticals Risk Analysis
Ionis Pharmaceuticals disclosed 36 risk factors in its most recent earnings report. Ionis Pharmaceuticals reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ionis Pharmaceuticals Peers Comparison
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $73.85B | 17.62 | 15.03% | 0.13% | 8.27% | 10.35% | |
69 Neutral | $20.57B | 12.67 | 9.76% | ― | -1.60% | 39.71% | |
69 Neutral | $10.20B | 42.47 | 15.40% | ― | 52.97% | ― | |
64 Neutral | $123.21B | ― | -3.26% | ― | 11.64% | -114.72% | |
50 Neutral | $31.45B | ― | -414.62% | ― | 22.97% | 38.54% | |
49 Neutral | $7.05B | 0.34 | -55.09% | 2.46% | 25.27% | -3.43% | |
49 Neutral | $5.24B | ― | -77.15% | ― | -10.48% | -18.79% |
* Healthcare Sector Average
Performance Comparison
IONS
Ionis Pharmaceuticals
32.95
-11.34
-25.60%
ALNY
Alnylam Pharma
242.93
93.27
62.32%
BIIB
Biogen
142.65
-74.91
-34.43%
REGN
Regeneron
675.49
-295.36
-30.42%
VRTX
Vertex Pharmaceuticals
486.22
74.37
18.06%
SRPT
Sarepta Therapeutics
102.86
-17.45
-14.50%
Ionis Pharmaceuticals Earnings Call Summary
Earnings Call Date: Feb 19, 2025 | % Change Since: 3.13% | Next Earnings Date: Apr 30, 2025
Earnings Call Sentiment Positive
The earnings call highlighted Ionis Pharmaceuticals' successful launch of Tringolza and strong financial performance, with plans for future product launches and positive market response for existing products like WAYLIVRA. However, challenges remain in patient identification and clinical outcomes, as well as a decline in R&D revenue. The positive developments and strategic plans outweigh the challenges, indicating a positive outlook.Highlights
Successful Launch of Tringolza
Ionis Pharmaceuticals achieved a successful launch of Tringolza, the first treatment for familial chylomicronemia syndrome (FCS), with rapid prescription and patient uptake.
Future Product Launches
Ionis is on track for three additional independent launches over the next three years, with expected multibillion-dollar revenue potential.
Strong Financial Performance
Ionis reported revenue of $705 million in 2024, exceeding guidance by $130 million, with a significant improvement in non-GAAP operating loss.
WAYLIVRA Growth
WAYLIVRA product revenue increased 84% in Q4 compared to Q3, with strong demand and expanding use in the community setting.
Upcoming Data Readouts and Regulatory Actions
Ionis anticipates multiple late-stage data readouts and regulatory actions, including the potential approval of Donidalorsen for hereditary angioedema.
SPINRAZA Resilience
SPINRAZA remained a primary source of commercial revenue, generating $216 million in royalties.
Lowlights
Challenges in Patient Identification for Tringolza
The vast majority of the FCS population remains unidentified and undiagnosed, which could affect the pace of Tringolza's revenue growth.
Uncertainty in SHTG Clinical Outcomes
There is uncertainty in the clinical meaningfulness of triglyceride reductions and acute pancreatitis reduction in the SHTG patient population.
R&D Revenue Decline
Ionis expects R&D revenue to be lower in 2025 compared to 2024, with a shift toward commercial revenue sources.
Company Guidance
In the recent conference call, Ionis Pharmaceuticals, Inc. shared their optimistic guidance for the upcoming year, highlighting several key metrics. The company reported a non-GAAP operating loss of $345 million, which was better than expected, and revenues of $705 million, surpassing their guidance by over $130 million. They anticipate earning over $600 million in revenue for 2025, driven by both existing and new product launches, including Tringolza for FCS and Donidalorsen for HAE, with Tringolza expected to address a patient population of up to 3,000 in the US. Ionis also projects a high single-digit percentage increase in operating expenses while keeping R&D expenses stable. The company aims for a non-GAAP operating loss of less than $195 million and plans to end the year with approximately $1.7 billion in cash and investments, setting the stage for substantial and sustained revenue growth and a path to positive cash flow.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.