15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $944M | -$381M | 98.3% | -40.4% | -$320M | $1.8B | $372M |
| 2024 | $705M | -$454M | 98.4% | -67.4% | -$546M | $1.3B | $242M |
| 2023 | $788M | -$366M | 98.8% | -44.9% | -$331M | $1.3B | $399M |
| 2022 | $587M | -$270M | 97.6% | -69.8% | -$290M | $1.2B | $276M |
| 2021 | $810M | -$29M | 98.7% | -3.7% | $19M | — | $869M |
| 2020 | $729M | -$444M | 98.4% | -23.6% | $772000 | — | $398M |
| 2019 | $1.1B | $278M | 99.6% | 32.6% | $315M | — | $683M |
| 2018 | $600M | $274M | 99.7% | -10.2% | $589M | — | $279M |
| 2017 | $514M | $346000 | 100.0% | 6.0% | $139M | — | $130M |
| 2016 | $373M | -$60M | 100.0% | -5.4% | -$119M | — | $85M |
| 2015 | — | -$88M | — | — | $13M | — | $129M |
| 2014 | — | -$39M | — | — | — | — | $143M |
| 2013 | — | -$61M | — | — | — | — | $160M |
| 2010 | — | -$61M | — | — | -$77M | — | $70M |
| 2009 | — | $155M | — | — | -$122M | — | $105M |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $246M | -$93M | 98.8% | -47.7% | -$815M | — | $173M |
| Dec '25 | $203M | -$229M | 96.1% | -105.5% | -$159M | $1.8B | $372M |
| Sep '25 | $157M | -$129M | 98.5% | -102.2% | -$137M | — | $338M |
| Jun '25 | $452M | $124M | 99.1% | 30.9% | $139M | — | $297M |
| Mar '25 | $132M | -$147M | 98.9% | -111.6% | -$163M | — | $264M |
| Dec '24 | $227M | -$104M | 98.3% | -48.9% | -$142M | $1.3B | $242M |
| Sep '24 | $134M | -$140M | 99.2% | -111.1% | -$124M | — | $335M |
| Jun '24 | $225M | -$66M | 98.2% | -29.3% | -$126M | — | $294M |
| Mar '24 | $119M | -$143M | 98.2% | -125.1% | -$154M | — | $349M |
| Dec '23 | $325M | -$9M | 99.1% | -1.9% | $34M | $1.3B | $399M |
| Sep '23 | $144M | -$147M | 98.5% | -99.3% | -$111M | — | $352M |
| Jun '23 | $188M | -$85M | 98.7% | -47.9% | -$109M | — | $425M |
| Mar '23 | $131M | -$124M | 99.0% | -87.5% | -$144M | — | $309M |
| Dec '22 | $152M | -$52M | 97.6% | -137.0% | -$204M | $1.2B | $276M |
| Sep '22 | $160M | -$47M | 99.1% | -37.0% | -$30M | — | $315M |
| Jun '22 | $134M | -$105M | 96.5% | -63.9% | -$21M | — | $522M |
| Mar '22 | $142M | -$65M | 97.1% | -40.5% | -$34M | — | $543M |
| Dec '21 | $440M | $225M | 99.5% | 50.1% | $201M | — | $869M |
| Sep '21 | $133M | -$82M | 97.7% | -64.5% | -$59M | — | $633M |
| Jun '21 | $126M | -$81M | 97.6% | -58.0% | -$67M | — | $565M |
How the market has priced IONS against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Ionis Pharmaceuticals Inc's revenue has grown 5.3% per year. These are computed facts, not advice.
As of FY2025, Ionis Pharmaceuticals Inc reported $1.8B of total debt against $372M of cash; operating income covered interest expense -22.1×.
In FY2025, gross margin was 98.3%, operating margin -40.4%, and net margin -40.4%.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.