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Ionis Pharmaceuticals

IONS
20
Biotechnology · Healthcare
Also trades as: 0JDI.L GBP 0.43 (-1.99%)
Price
$42.93
-0.98 (-2.23%)
Market Cap
$7.13B
Exchange
NASDAQ
Winston Score
20
Winston is worried
Weak fundamentals across most pillars.
Data as of Oct 25, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
10/30
Growth
Mixed
5/20
Cash Flow
Weak
0/10
Stability
Weak
0/10
Valuation
Data not available
0/10
Ownership
Mixed
4/15
Dividends
Not counted
n/a

19 of 95 counted points = Winston Score 20. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+13.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 141.0M (2021) → 160.0M (2025)

§Winston Score History

The full picture

Ionis Pharmaceuticals is a biotechnology company that discovers and develops medicines using a technology called antisense. Antisense drugs work by targeting the genetic instructions inside cells to turn off the production of harmful proteins that cause disease. Ionis focuses on rare and serious conditions, including heart disease, neurological disorders, and cancer, and sells its drugs to patients through partnerships with larger pharmaceutical companies.

Ionis makes money in two main ways: royalties and milestone payments from partners like AstraZeneca and Biogen, and direct sales from its own approved drugs, including Spinraza (for spinal muscular atrophy) and Wainua (for a nerve disease called TTR amyloidosis). The company operates primarily in the United States but has global licensing deals that generate revenue worldwide. Its deep antisense platform and large patent portfolio give it a competitive edge, but Ionis currently spends far more than it earns, and its path to consistent profitability depends heavily on successfully launching its newer drugs.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-40.7% YoY

YoY Growth Rate

Revenue declining

Reported EPS Growth

-188.5% YoY

Quarterly reporting periods ended:

30 Jun 2025: $0.78

30 Jun 2026: $-0.69

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

R&D Spend

$916M/ year

→ Flat (+2% vs prior year)

97.0% of revenue

5.4x the sector average (18%)

Steady R&D investment year-over-year

Insider Activity

2.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$2.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Ionis Pharmaceuticals's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
99.0%
Premium pricing power — 99.0% gross margin
Profit after running costs
Operating Margin
-38.2%
Losing money on operations — -38.2%
Return on the money invested
ROCE
-20.8%
Weak — -20.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
-7.4%
Shrinking sales (-7.4% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
-64.0%
Burning cash (-64.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
5.50
Heavy debt load (5.50)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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