Ionis Pharmaceuticals Inc

Health Care
Biotechnology: Pharmaceutical Preparations
www.ionispharma.com

Earnings Score
Moat Score
Safety Score

Market Cap $5.59B
PE -16
Debt $44.47M
Cash $334.61M
EV $5.30B
FCF -$370.91M

Earnings

loading chart...

Sales & Net Margins

loading chart...

Earnings	-$358.81M
EBIT	-$355.80M
ROE	-54%
ROA	-12%
FCF	-$370.91M
Equity	$662.47M
Growth Stability	-384%
PE	-15.58
PEG	3.35
PB	8.44
P/FCF	-15.07
P/S	6.96
Price/Cash	0.06
Debt/Equity	0.07
Debt/FCF	-0.12
Net Margins	-73%
Gross Margins	99%
Op. Margins	-44%
Earnings CAGR	1%
Sales Growth YoY	-7%
Sales Growth QoQ	-41%
Sales CAGR	15%
FCF CAGR	0%
Equity CAGR	11%
Earnings Stability	0
Earnings Growth YoY	-5%
Earnings Growth QoQ	112%

Earnings CAGR 5Y	-5%
Sales CAGR 5Y	-5%
FCF CAGR 5Y	-3%
Equity CAGR 5Y	-28%
Earnings CAGR 3Y	-2%
Sales CAGR 3Y	-2%
FCF CAGR 3Y	3%
Equity CAGR 3Y	-24%
Market Cap	$5.59B
Revenue	$803.07M
Assets	$3.08B
Total Debt	$44.47M
Cash	$334.61M
Shares Outstanding	146.7M
EV	5.3B
Earnings Score	6%
Moat Score	2%
Safety Score	33%
Final Score	14%
Working Capital	2.41B
Current Ratio	8.91
Gross Profit	$792.62M
Shares Growth 3y	1%
Equity Growth QoQ	151%
Equity Growth YoY	110%

Assets & ROA

loading chart...

Stockholders Equity & ROE

loading chart...

Ionis Pharmaceuticals is the leading developer of antisense technology to discover and develop novel drugs. Its broad clinical and preclinical pipeline targets a wide variety of diseases, with an emphasis on cardiovascular, metabolic, neurological, and rare diseases. Ionis and partner Biogen brought Spinraza to market in 2016 as a treatment for a rare neuromuscular disorder, spinal muscular atrophy. Ionis subsequently brought two additional drugs to market via its cardiovascular-focused subsidiary Akcea, including ATTR amyloidosis drug Tegsedi (2018) and cardiology drug Waylivra (Europe, 2019).

SEC Filings

Direct access to Ionis Pharmaceuticals Inc (IONS) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Ionis Pharmaceuticals Inc compare to its competitors?

Loading chart...

Peter Lynch's Chart

This chart shows the current pricing of Ionis Pharmaceuticals Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 1%

Stability 0%

loading chart...

Ionis Pharmaceuticals Inc Discounted Cash Flow

Fully customizable DCF calculator online for Ionis Pharmaceuticals Inc.

Years

Calculation mode

= -$3.7B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	-$371M	-$371M	-$372M	-$372M	-$373M	-$373M	-$374M	-$374M	-$375M	-$375M	-$375M	-$3.8B
DCF		-$338M	-$307M	-$280M	-$255M	-$232M	-$211M	-$192M	-$175M	-$159M	-$145M	-$1.4B
Value	-$3.7B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	05/2015	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	-18%	-	-31%	-25%	-3%	36%	26%	-67%	-4%	-46%	-47%	-73%
ROA	-	-	-5%	-5%	2%	-1%	12%	-5%	-1%	-10%	-11%	-12%
ROE	-	-	-44%	-87%	-4%	18%	17%	-58%	-4%	-47%	-95%	-54%

Bad Net Margins (-73.04%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	05/2015	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	0.04	-4.21	3.84	0.99	2.5	1.09K	0	-4.12	-4.08	-0.12
Debt over Equity	0.01	-	0	5.04	1.28	0.49	0.47	1	0	2.08	3.5	0.07
Growth Stability	-	-	-	-	-	-	100%	-297%	-384%	-	-	-384%

Good Debt/FCF ratio (-0.12)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.07)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-384%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	05/2015	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-57%	211%	22%	46%	18%	87%	-35%	11%	-28%	34%	-5%
Earnings YoY growth	-	-	-	-2%	-80%	-1K%	37%	-265%	-94%	843%	36%	-5%
Equity YoY growth	-	-	-	-50%	321%	184%	42%	-50%	-8%	-26%	-33%	-28%
FCF YoY growth	-	-	-	-987%	-217%	323%	-47%	-100%	2K%	-2K%	14%	-3%