# Ionis Pharmaceuticals share price today (Ionis Pharmaceuticals, Inc., IONS)

> Ionis Pharmaceuticals, Inc.'s share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. IONS · Healthcare · Biotechnology · data as of 5 November 2026. Page: https://www.sectoralpha.in/us/stocks/ions

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## Key numbers

- Price: $38.80 (−47.2% in a year)
- Revenue (Jun 2026): $268 M (−40.7% on a year ago)
- Profit (Jun 2026): −$115 M (−192.8% on a year ago)
- Operating margin: −38.2% (−69.1 points on a year ago)
- ROE: −78%, FY25
- ROIC: −72.0%, against a 5.6% cost of capital: −77.6 points

Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. ## What is the Ionis Pharmaceuticals share price today? Ionis Pharmaceuticals, Inc.'s share price was $38.80 at the close on 5 November 2026. It has been falling for 1 week. That is 41.2% below its average price over the last 200 trading days. In the last 52 weeks it traded between $39 and $87, and at that close it was at the low of that range. Over the past 13 weeks it has done worse than the S&P 500, and it has been behind for 37 weeks running. Over the last 10 years the share price moved +53% while the S&P 500 moved +245%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 20 February 2026. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What dividend does Ionis Pharmaceuticals pay? Ionis Pharmaceuticals, Inc. pays no dividend. In the last 12 reported quarters it declared no dividend per share, so there is no payout history to chart and no yield to show. Companies like this usually keep their earnings in the business, so the cash-flow sections show where that cash goes. ## Which stock lists is Ionis Pharmaceuticals on? Ionis Pharmaceuticals is not in the Nasdaq 100, the S&P 500 or the Dow Jones 30, and is not on the US tech stocks list. ## Is Ionis Pharmaceuticals profitable? Ionis Pharmaceuticals, Inc. posted a net loss of $115 M in the Jun 2026 quarter. The full FY25 year was a loss of $381 M. That loss is 42.8% of the quarter's revenue. The same quarter a year earlier earned $124 M. 11 of the last 12 reported quarters were loss-making. Jun 2026 profit was −$115 M, −192.8% on a year earlier. ## How much revenue does Ionis Pharmaceuticals make, and is it growing? Ionis Pharmaceuticals, Inc. reported $268 M of revenue in the Jun 2026 quarter, −40.7% on the same quarter a year earlier. Over 4 years it has grown 3.9% a year on average. The last full year, FY25, came in at $944 M. The last four reported quarters add to $874 M. FY25 revenue was $944 M, +33.8% on the year before. Recent pace: the last four quarters grew +13.3% on average, against 3.9% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew −7.4%, against +3.7% a year over the last 8 quarters (rolling over). ## How much of every $100 of sales does Ionis Pharmaceuticals keep? Ionis Pharmaceuticals, Inc.'s operating margin was −38.2% in the Jun 2026 quarter, 69.1 percentage points lower than the same quarter a year ago. Across 5 years it has been between −69.8% and −3.7%. The latest quarter is within that range. Why the margin moved: operating margin changed −69.1 percentage points on the year while gross margin changed −30.6 points. So the drop came mostly from costs below the gross margin, such as staff and overheads, measured against sales. ## Is Ionis Pharmaceuticals' profit turning into cash? Ionis Pharmaceuticals, Inc.'s cash-flow history is too short to judge how much of its profit turns into cash. In FY25 its operations used $269 M of cash, against −$381 M of profit. After $51.4 M of spending on assets, free cash was −$320 M: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. What to look at next: the main use of cash is spending on assets. The next section checks what that spending is building. ## Where does Ionis Pharmaceuticals' cash go? Ionis Pharmaceuticals, Inc. does not report the customer, stock and supplier day counts a cash cycle needs, so this section looks at its spending on assets instead. It spent $121 M on assets over the last 3 years. Averaged over those years that is 4.3% of FY25 revenue a year. Nothing is estimated in place of the missing day counts, so no cash-cycle chart is drawn. Spending on assets: $121 M over the last 3 years. In short: most of the cash goes on covering the loss, not on new assets; spending on assets is small next to it. ## What is Ionis Pharmaceuticals' P/E ratio, and how does it compare with its own history? Ionis Pharmaceuticals, Inc. has no P/E right now, because its earnings are negative. The revenue and margin sections are where a turn would show first. Measured against sales instead, the market values Ionis Pharmaceuticals, Inc. at 6.8× its FY25 revenue of $944 M. The P/E comes back here once profit turns positive. ## Is the Ionis Pharmaceuticals business getting better or worse? Ionis Pharmaceuticals, Inc.'s business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 12 quarters of 2 measures, with some gaps. Why it matters: with too little history, we say so rather than guess a direction. The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone. There are fewer than eight usable quarters, so this page does not guess a direction from so little history. ## How much does Ionis Pharmaceuticals earn on its capital? Ionis Pharmaceuticals, Inc. earned a ROE of −78% in FY25. That is up from a low of −95% in FY23. Its return on capital used (ROIC) is 77.6 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a −40.4% net margin and 0.27× asset turnover (sales divided by assets). Why the return is what it is (FY25): a −40.4% net margin × 0.27× asset turnover × 7.20× leverage (assets divided by equity) ≈ −78.5% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: −72.0% − 5.6% = −77.6 percentage points. The 5.6% is an estimate of this company's own cost of capital. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The −72.0% ROIC above is the latest reading, as reported. The yearly chart below shows FY25 at −114.2%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Ionis Pharmaceuticals have too much debt? Ionis Pharmaceuticals, Inc. has total debt of $2.2 B against shareholder equity of $440 M as of Jun 2026, so its debt is 4.98× its equity. Year by year, that ratio went from 1.62 in FY21 to 5.35 in FY25. Keep that borrowing in mind when reading the returns on this page. ## What is the Ionis Pharmaceuticals shareholding pattern? 12.5% of Ionis Pharmaceuticals, Inc.'s tradable shares are in short positions, which are bets that the price will fall, so a large group of traders is betting against it. At normal trading volumes, closing those positions would take about 5.2 days. US companies do not publish a quarter-by-quarter list of owners, so this page uses short interest instead. It is a single reading at one point in time; we do not have its history. Why it is at this level: the figure does not say who holds the short positions or why, so we show the level without guessing the story. ## How far is Ionis Pharmaceuticals from balance-sheet trouble? For Ionis Pharmaceuticals, Inc., the Z-score is 1.83. A Z-score above about 3 is safe and below about 1.8 signals danger, so this is in the grey area between the two. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. Why it matters: a Z-score of 1.83 is in the grey area, neither clearly safe nor clearly in trouble. ## How does Ionis Pharmaceuticals rank in its industry? There is no score against its industry: Ionis Pharmaceuticals, Inc. is not among the largest members shown in this industry comparison for Biotechnology. The score ranks a company within its industry: each measure is scored against the other members. Without that group there is no score, so none is shown. ## Which companies is Ionis Pharmaceuticals compared with? No sector comparison is shown here, not among the largest members shown in this industry comparison. ## Which companies are close to Ionis Pharmaceuticals in size? Ionis Pharmaceuticals is the 38th largest of 211 Biotechnology companies on Sector Alpha by market value (scores of 5 November 2026). Just above it: Praxis Precision Medicines, Inc., Rhythm Pharmaceuticals, Inc. and Axsome Therapeutics, Inc. Just below it: Mirum Pharmaceuticals, Inc., Ligand Pharmaceuticals Incorporated and CG Oncology, Inc. ### Biotechnology companies close in size

1. [Praxis Precision Medicines, Inc.](https://www.sectoralpha.in/us/stocks/prax) $7.3 billion
2. [Rhythm Pharmaceuticals, Inc.](https://www.sectoralpha.in/us/stocks/rytm) $7.3 billion
3. [Axsome Therapeutics, Inc.](https://www.sectoralpha.in/us/stocks/axsm) $6.8 billion
4. Ionis Pharmaceuticals, Inc. $6.4 billion
5. [Mirum Pharmaceuticals, Inc.](https://www.sectoralpha.in/us/stocks/mirm) $6.1 billion
6. [Ligand Pharmaceuticals Incorporated](https://www.sectoralpha.in/us/stocks/lgnd) $6 billion
7. [CG Oncology, Inc.](https://www.sectoralpha.in/us/stocks/cgon) $5.7 billion

[All 211 Biotechnology companies, largest first](https://www.sectoralpha.in/us/sectors/biotechnology#all-companies)

### Companies close in size in other industries

1. [Southwest Gas Holdings, Inc.](https://www.sectoralpha.in/us/stocks/swx) $6.7 billion · Utilities - Regulated Gas
2. [FormFactor, Inc.](https://www.sectoralpha.in/us/stocks/form) $6.7 billion · Semiconductor Equipment & Materials
3. Ionis Pharmaceuticals, Inc. $6.7 billion
4. [NewMarket Corporation](https://www.sectoralpha.in/us/stocks/neu) $6.7 billion · Specialty Chemicals
5. [Taylor Morrison Home Corporation](https://www.sectoralpha.in/us/stocks/tmhc) $6.7 billion · Residential Construction

## What else do people ask about Ionis Pharmaceuticals? ### What were Ionis Pharmaceuticals's latest quarterly results? Ionis Pharmaceuticals, Inc. reported revenue of $268 M and a net loss of $115 M for the Jun 2026 quarter. Revenue fell 40.7% and profit fell 192.8% compared with a year earlier. Earnings per share were −$0.69. The operating margin was −38.2%, 69.1 percentage points lower than a year earlier (as of 5 November 2026). ### What is Ionis Pharmaceuticals's market cap? Ionis Pharmaceuticals, Inc.'s market capitalisation is $6.4 B at a stock price of $38.80. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 5 November 2026). ### How is Ionis Pharmaceuticals performing? Ionis Pharmaceuticals, Inc.'s share price has been falling for 1 weeks. In its latest quarter, revenue fell 40.7% and profit fell 192.8% compared with a year earlier. Over the past 13 weeks it has done worse than the S&P 500, for 37 weeks running (as of 5 November 2026). ### Will Ionis Pharmaceuticals's stock price go up? This page does not forecast Ionis Pharmaceuticals, Inc.'s stock price. What it shows instead: the stock price is $38.80, and it has been falling for 1 weeks. Nobody can reliably say which way a price will move, and this site does not try (as of 5 November 2026). ### Where is Ionis Pharmaceuticals in its business cycle? Ionis Pharmaceuticals, Inc.'s FY25 operating margin was −40.4%, against a 5-year range of −69.8% to −3.7%: the middle of its own range, neither a peak nor a low. The latest quarter was −38.2%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 5 November 2026). ### What could break the Ionis Pharmaceuticals story? Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 5 November 2026). ### Is Ionis Pharmaceuticals a stock worth studying right now? What the numbers show: Ionis Pharmaceuticals, Inc.'s share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 5 November 2026). This is research, not advice. We’re not SEBI-registered.