IONS on Nasdaq

IONIS PHARMACEUTICALS INC

American pharmaceutical preparations company, incorporated in California.

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Last updated Oct 18, 2026.

Overview

Compare with MADRIGAL PHARMACEUTICALS, INC., ANI PHARMACEUTICALS INC or Harmony Biosciences Holdings, Inc., or pick any stock.

  • TickerIONS on Nasdaq
  • IndustryPharmaceutical Preparations
  • HeadquartersCA
  • Incorporated inCA2
  • Business address2855 Gazelle Court, Carlsbad, Ca 920102
  • Filer categoryLarge accelerated filer2

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-40.4%Operating margin3
-40.4%Net margin3
33.8%Revenue growth, 20253
-78.0%Return on equity3
2.72×Debt to equity3
-$320.0MFree cash flow3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Royalty brought in 37% of the revenue IONIS PHARMACEUTICALS INC broke down this way in fiscal 2025.

  1. Royalty$285.5M337%up 11% from 2024
  2. Spinraza Royalties$212.3M328%down 2% from 2024
  3. Tryngolza Sales$107.5M314%
  4. Wainus Royalties$49.1M36%up 143% from 2024
  5. Wainua Joint Development Revenue$42.1M36%down 47% from 2024
  6. Other Commercial$35.0M35%down 2% from 2024
  7. Other Royalties$24.2M33%up 15% from 2024
  8. Dawnzera Sales$7.8M31%
Products and services by year
Products and services202320242025
Royalty$272.8M$257.3M$285.5M
Spinraza Royalties$240.4M$216.1M$212.3M
Tryngolza Sales$0$0$107.5M
Wainus Royalties$0$20.2M$49.1M
Wainua Joint Development Revenue$126.4M$79.4M$42.1M
Other Commercial$35.8M$35.8M$35.0M
Other Royalties$32.4M$21.0M$24.2M
Dawnzera Sales$0$0$7.8M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue1¢$15.9M
  • Research and development68¢$915.6M
  • Selling, general and admin29¢$393.9M
  • Interest1¢$17.3M
  • Income tax0¢$1.8M

Out of $943.7M in revenue.3 The company lost money this year.

Financial statements

Revenue45673$943.7M in 2025−16% since 2019
0$500.0M$1.0B$1.5B2019: $1.1B$1.1B20192020: $729.3M$729.3M2020−35%2021: $810.5M$810.5M2021+11%2022: $587.4M$587.4M2022−28%2023: $787.6M$787.6M2023+34%2024: $705.1M$705.1M2024−10%2025: $943.7M$943.7M2025+34%
Operating income45673-$381.7M in 2025
-$500.0M-$250.0M0$250.0M$500.0M2019: $365.9M$365.9M20192020: -$172.1M-$172.1M20202021: -$30.2M-$30.2M2021−82%2022: -$410.2M-$410.2M2022+1259%2023: -$353.7M-$353.7M2023−14%2024: -$475.1M-$475.1M2024+34%2025: -$381.7M-$381.7M2025−20%
Net income45673-$381.4M in 2025
-$600.0M-$400.0M-$200.0M0$200.0M$400.0M2019: $278.1M$278.1M20192020: -$444.3M-$444.3M20202021: -$28.6M-$28.6M2021−94%2022: -$269.7M-$269.7M2022+843%2023: -$366.3M-$366.3M2023+36%2024: -$453.9M-$453.9M2024+24%2025: -$381.4M-$381.4M2025−16%

Every line of the income statement as filed: the last 3 fiscal years (annual) or 2 quarters (quarterly), latest first.3

Period ending2025-12-312024-12-312023-12-31
Revenue$943.7M$705.1M$787.6M
Cost of sales$15.9M$11.2M$9.1M
Research, development and patent$915.6M$901.5M$899.6M
Selling, general and administrative$393.9M$267.5M$232.6M
Total operating expenses$1.3B$1.2B$1.1B
Loss from operations-$381.7M-$475.1M-$353.7M
Investment income$97.8M$107.0M$89.0M
Interest expense-$17.3M-$17.0M-$12.7M
Interest expense related to sale of future royalties-$73.3M-$73.5M-$68.8M
Gain (loss) on investments, net$10.2M-$2.9M-$1.9M
Other income (expense), net-$15.4M$1.3M$14.1M
Loss before income tax benefit (expense)-$379.6M-$460.1M-$334.0M
Income tax benefit (expense)-$1.8M$6.2M-$32.3M
Net loss-$381.4M-$453.9M-$366.3M
Basic net loss per share (in Dollars per share)-$2.38-$3.04-$2.56
Diluted net loss per share (in Dollars per share)-$2.38-$3.04-$2.56
Shares used in computing basic net loss per share (in Shares)160.0M shares149.5M shares143.2M shares
Shares used in computing diluted net loss per share (in Shares)160.0M shares149.5M shares143.2M shares

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Leadership

Who has led IONIS PHARMACEUTICALS INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Stanley T. Crooke2006–2019
  2. Brett P. Monia2020–now

Chair

  1. Stanley T. Crooke2006–2021

President

  1. Stanley T. Crooke2006–2014
  2. Kleanthis G. Xanthopoulos2007

Chief financial officer

  1. Elizabeth L. Hougen2013–now

Chief operating officer

  1. B. Lynne Parshall2008–2018
  2. Stanley T. Crooke2013
  3. Brett P. Monia2018–2019
2010201520202025
Board members and other officers (34)

Former names

  • ISIS PHARMACEUTICALS INCJun 12, 1996 to Dec 18, 20152

Timeline

  1. Jan 3, 2020New chief executive Brett P. Monia becomes CEO11
  2. Jan 4, 2006New chief executive Stanley T. Crooke becomes CEO12

Filings

848 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 85 major events, 477 insider forms, 33 large holders, 233 other. The latest 20:

  1. Sep 23, 20268-K CURRENT REPORT FILING EDGAR
  2. Sep 4, 20268-K EDGAR
  3. Sep 4, 20268-K EDGAR
  4. Sep 2, 20264 PRIMARY DOCUMENT EDGAR
  5. Sep 2, 20264 PRIMARY DOCUMENT EDGAR
  6. Sep 2, 20264 PRIMARY DOCUMENT EDGAR
  7. Sep 2, 20264 PRIMARY DOCUMENT EDGAR
  8. Jul 31, 2026S-8 EDGAR
  9. Jul 31, 20264 PRIMARY DOCUMENT EDGAR
  10. Jul 29, 20268-K EDGAR
  11. Jul 29, 202610-Q IONIS PHARMACEUTICALS, INC. 10-Q 06-30-2026 EDGAR
  12. Jul 17, 20264 PRIMARY DOCUMENT EDGAR
  13. Jul 17, 20264 PRIMARY DOCUMENT EDGAR
  14. Jul 17, 20264 PRIMARY DOCUMENT EDGAR
  15. Jul 17, 20264 PRIMARY DOCUMENT EDGAR
  16. Jul 10, 20268-K EDGAR
  17. Jul 9, 20268-K EDGAR
  18. Jul 9, 20264 PRIMARY DOCUMENT EDGAR
  19. Jul 9, 20264 PRIMARY DOCUMENT EDGAR
  20. Jul 9, 20264 PRIMARY DOCUMENT EDGAR

The 848 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 33 such filings since October 2021, the latest 10:

  1. May 15, 2026SCHEDULE 13G/A
  2. May 14, 2026SCHEDULE 13G/A
  3. Apr 30, 2026SCHEDULE 13G
  4. Mar 27, 2026SCHEDULE 13G/A
  5. Feb 17, 2026SCHEDULE 13G/A
  6. Jan 7, 2026SCHEDULE 13G/A
  7. Nov 14, 2025SCHEDULE 13G/A
  8. Aug 12, 2025SCHEDULE 13G/A
  9. Feb 13, 2025SCHEDULE 13G
  10. Feb 7, 2025SCHEDULE 13G/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Fmr LLC24,631,956$2.0B0.1%+75,319
Capital World Investors21,669,226$1.7B0.2%+482,857
BlackRock, Inc.10,704,660$848.8M0.0%+262,184
Vanguard Portfolio Management LLC7,859,529$623.2M0.0%+50,627
Wellington Management Group Llp7,651,415$606.7M0.1%+1,259,599
Vanguard Capital Management LLC7,211,497$571.8M0.0%+93,167
Two Sigma Investments, LP6,252,342$495.7M0.4%+394,713
Royal Bank Of Canada6,182,479$490.2M0.1%+2,380,664
State Street Corp4,334,848$343.7M0.0%+339,284
Geode Capital Management, LLC3,584,024$294.8M0.0%−400,308
Jpmorgan Chase & Co2,671,717$216.2M0.0%+308,150
Artisan Partners Limited Partnership2,640,024$209.3M0.3%+581,716
Tweedy, Browne Co LLC2,280,311$180.8M13.7%+4,686
Deep Track Capital, LP2,200,000$174.4M2.6%+250,000
Goldman Sachs Group Inc2,109,945$167.3M0.0%+410,098
Baker Bros. Advisors LP2,047,727$162.4M0.8%No change
Deerfield Management Company, L.P.1,979,669$157.0M2.0%No change
American Century Companies Inc1,947,076$154.4M0.1%+283,273
Franklin Resources Inc1,623,377$128.7M0.0%+48,354
Charles Schwab Investment Management Inc1,605,054$127.3M0.0%+21,788
Barclays PLC1,603,136$127.1M0.0%+1,313,262
Pictet Asset Management Holding SA1,596,998$127.0M0.1%+162,003
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC1,454,672$115.3M0.0%−20,960
Polar Capital Holdings Plc1,454,021$115.3M0.3%+624,510
Alyeska Investment Group, L.P.1,417,916$112.4M0.3%+944,766

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Mar 6, 2023Daniel S. GoldmanDemocratic, HouseSale$1,001 - $15,000+69.1%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

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