Ionis Pharmaceuticals, Inc.

DB:ISI Stock Report

Market Cap: €5.2b

Ionis Pharmaceuticals Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • 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.

Below Fair Value: ISI (€32.16) is trading above our estimate of fair value (€4.66)

Significantly Below Fair Value: ISI is trading above our estimate of fair value.

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 Ratio6.7x
SalesUS$803.07m
Market CapUS$5.37b

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 Average7.9x
BIO3 Biotest
1.5x3.6%€1.4b
FYB Formycon
13.6x33.4%€827.2m
HPHA Heidelberg Pharma
12.3x16.6%€103.9m
1SXP SCHOTT Pharma KGaA
4.2x10.7%€4.0b
ISI Ionis Pharmaceuticals
6.7x21.9%€5.4b

Price-To-Sales vs Peers: ISI is good value based on its Price-To-Sales Ratio (6.7x) compared to the peer average (7.9x).

Price to Sales Ratio vs Industry

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

6 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 6.7xIndustry Avg. 8.1xNo. of Companies6PS0612182430+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: ISI is good value based on its Price-To-Sales Ratio (6.7x) compared to the European Biotechs industry average (7.9x).

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 Ratio6.7x
Fair PS Ratio3.4x

Price-To-Sales vs Fair Ratio: ISI is expensive based on its Price-To-Sales Ratio (6.7x) compared to the estimated Fair Price-To-Sales Ratio (3.4x).

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€32.16
€57.93
+80.1%
16.8%€72.75€34.94n/a25
Nov ’25€35.12
€57.15
+62.7%
16.3%€75.20€33.93n/a25
Oct ’25€35.77
€56.84
+58.9%
16.2%€74.37€33.56n/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€25.76n/a22
Jan ’25€45.57
€49.82
+9.3%
24.8%€77.18€25.42n/a22
Dec ’24€45.24
€49.56
+9.6%
25.6%€77.47€25.52n/a22
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
Jan ’24€34.90
€48.13
+37.9%
33.6%€86.67€22.61€45.5721
Dec ’23€38.95
€49.77
+27.8%
32.8%€88.30€23.04€45.2421
Nov ’23€44.57
€51.32
+15.2%
34.4%€92.32€22.08€41.7521

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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