IONSIonis Pharmaceuticals, Inc.
Is the business good?
The checks split: nothing decisive, though margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is IONS?
Ionis Pharmaceuticals, Inc. keeps −68% of every revenue dollar as operating profit, against −77% for the median Biotechnology name.
Operating margin · Biotechnology median −77% · 12 months to Q2 2026
- Share count, year on year
- −9.3%
Share count, year on year · bought back, each share owns more of the company
- Gross margin
- 98%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −24% |
| FY2021 | −3.7% |
| FY2022 | −70% |
| FY2023 | −45% |
| FY2024 | −67% |
| FY2025 | −40% |
Details›
- Gross margin12 months to Q2 2026
- 98%
- Operating margin12 months to Q2 2026
- −68%
- Net margin12 months to Q2 2026
- −65%
- Free cash flow margin
- −64%
- Revenue, trailing twelve months
- $874M
- Free cash flow, trailing twelve months
- −$561M
- Net income, trailing twelve months
- −$565M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.