Ionis Pharmaceuticals, Inc.

DB:ISI Stock Report

Market Cap: €5.0b

Ionis Pharmaceuticals Valuation

Is ISI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ISI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
€221.74
Fair Value
85.8% undervalued intrinsic discount
25
Number of Analysts

Below Fair Value: ISI (€31.56) is trading below our estimate of fair value (€221.74)

Significantly Below Fair Value: ISI is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ISI?

Key metric: As ISI is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for ISI. This is calculated by dividing ISI's market cap by their current revenue.
What is ISI's PS Ratio?
PS Ratio6.4x
SalesUS$803.07m
Market CapUS$5.24b

Price to Sales Ratio vs Peers

How does ISI's PS Ratio compare to its peers?

The above table shows the PS ratio for ISI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average8.6x
BIO3 Biotest
1.6x3.6%€1.4b
FYB Formycon
15.9x24.6%€965.8m
HPHA Heidelberg Pharma
13x16.6%€110.5m
1SXP SCHOTT Pharma KGaA
3.8x9.3%€3.6b
ISI Ionis Pharmaceuticals
6.4x22.4%€5.2b

Price-To-Sales vs Peers: ISI is good value based on its Price-To-Sales Ratio (6.4x) compared to the peer average (8.6x).

Price to Sales Ratio vs Industry

How does ISI's PS Ratio compare vs other companies in the DE Biotechs Industry?

5 CompaniesPrice / SalesEstimated GrowthMarket Cap
CNW co.don
0.7xn/aUS$6.97m
V9Z Aceragen
0.4xn/aUS$3.12m
PA8 Paion
0.2x30.2%US$2.78m
V9Z Aceragen
0.3x-161.8%US$2.18m
ISI 6.4xIndustry Avg. 8.4xNo. of Companies5PS0612182430+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: ISI is good value based on its Price-To-Sales Ratio (6.4x) compared to the European Biotechs industry average (8.3x).

Price to Sales Ratio vs Fair Ratio

What is ISI's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ISI PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio6.4x
Fair PS Ratio2.5x

Price-To-Sales vs Fair Ratio: ISI is expensive based on its Price-To-Sales Ratio (6.4x) compared to the estimated Fair Price-To-Sales Ratio (2.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ISI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€31.56
€58.87
+86.5%
17.2%€74.88€35.52n/a25
Jan ’26€34.12
€58.81
+72.3%
17.2%€74.76€35.46n/a25
Dec ’25€33.74
€57.92
+71.7%
17.0%€72.93€35.02n/a25
Nov ’25€35.12
€57.15
+62.7%
16.3%€75.20€33.93n/a25
Oct ’25€35.77
€56.62
+58.3%
16.2%€74.08€33.43n/a25
Sep ’25€45.24
€56.36
+24.6%
16.0%€73.46€33.15n/a25
Aug ’25€45.50
€56.93
+25.1%
18.4%€75.99€30.58n/a25
Jul ’25€44.18
€54.68
+23.8%
18.8%€76.62€30.84n/a23
Jun ’25€33.57
€53.93
+60.7%
19.8%€76.32€30.71n/a23
May ’25€39.02
€54.46
+39.6%
20.5%€79.63€27.17n/a24
Apr ’25€41.02
€52.05
+26.9%
24.2%€78.00€26.61n/a22
Mar ’25€41.77
€51.98
+24.4%
23.8%€78.34€26.73n/a22
Feb ’25€47.58
€51.72
+8.7%
23.9%€78.20€25.76€31.9822
Jan ’25€45.57
€49.82
+9.3%
24.8%€77.18€25.42€34.1222
Dec ’24€45.24
€49.56
+9.6%
25.6%€77.47€25.52€33.7422
Nov ’24€41.75
€50.17
+20.2%
28.9%€82.89€23.55€35.1222
Oct ’24€43.67
€49.33
+13.0%
31.0%€83.32€23.67€35.7722
Sep ’24€37.06
€46.42
+25.2%
33.0%€80.15€22.77€45.2421
Aug ’24€37.59
€46.56
+23.9%
32.5%€80.03€21.83€45.5021
Jul ’24€37.78
€46.19
+22.3%
33.5%€81.28€24.01€44.1821
Jun ’24€38.24
€45.15
+18.1%
33.6%€80.14€23.68€33.5721
May ’24€31.91
€44.42
+39.2%
36.6%€83.86€21.88€39.0220
Apr ’24€31.92
€45.04
+41.1%
36.8%€85.41€22.28€41.0220
Mar ’24€33.76
€47.40
+40.4%
35.2%€87.21€22.75€41.7720
Feb ’24€36.52
€47.00
+28.7%
33.9%€84.63€22.08€47.5820
Analyst Price Target
Consensus Narrative from 25 Analysts
€59.31
Fair Value
46.8% undervalued intrinsic discount
25
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/02/06 10:00
End of Day Share Price 2025/02/06 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Ionis Pharmaceuticals, Inc. is covered by 47 analysts. 24 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ishan MajumdarBaptista Research
Huidong WangBarclays
James BirchenoughBarclays