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IONS

Ionis Pharmaceuticals NasdaqGS:IONS Stock Report

Last Price

US$44.28

Market Cap

US$6.3b

7D

-1.5%

1Y

32.0%

Updated

29 Sep, 2022

Data

Company Financials +
IONS fundamental analysis
Snowflake Score
Valuation4/6
Future Growth2/6
Past Performance0/6
Financial Health6/6
Dividends0/6

IONS Stock Overview

Ionis Pharmaceuticals, Inc. discovers and develops RNA-targeted therapeutics in the United States.

Ionis Pharmaceuticals Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Ionis Pharmaceuticals
Historical stock prices
Current Share PriceUS$44.28
52 Week HighUS$48.82
52 Week LowUS$25.04
Beta0.64
1 Month Change5.86%
3 Month Change16.34%
1 Year Change32.02%
3 Year Change-24.39%
5 Year Change-20.94%
Change since IPO342.80%

Recent News & Updates

Aug 29

Ionis: 2 Drug Advancements With Potential Firsts

Summary A PDUFA date of January 25, 2023 has been established for possible approval of tofersen for the treatment of patients with SOD1-ALS. An NDA filing of eplontersen for the treatment of patients with ATTRv-PN is expected in the 2nd half of 2022. Pelacarsen could end up being the first treatment option to reduce Lp (A) in patients with cardiovascular disease and elevated levels of Lp(A). Positive results were already achieved in 6 mid-stage trials; Company to have 8 phase 3 programs in coming years. Ionis Pharmaceuticals, Inc. (IONS) is a great long-term biotech to look into. The reason why I state this is because it has two catalysts coming up which I believe could boost shareholder value. The first catalyst of note would be potential U.S. regulatory approval of tofersen, which was developed for the treatment of SOD1 amyotrophic lateral sclerosis ((SOD1-ALS)). Priority review has been given for this drug and the PDUFA date has been established for January 25, 2023. This drug was licensed from Ionis by Biogen (BIIB) back in 2018. The second catalyst is the NDA filing for eplontersen in the 2nd half of 2022 any day now, for the treatment of patients with hereditary ATTR polyneuropathy. This drug has already been licensed out to AstraZeneca (AZN). Pelacarsen is another solid drug in the pipeline as it is being developed to treat patients with cardiovascular disease and elevated levels of lipoprotein (a), also known as Lp(A). Ionis has also already established a partner for this drug as well, which is with Novartis (NVS). Lastly, Ionis reported positive results from 6 mid-stage study programs already, which means it expects to have 8 phase 3 programs in clinical development to move forward with. The main thing I want to highlight is the ability for Ionis to establish two potential firsts. What do I mean by that? As it relates to pelacarsen for patients with cardiovascular disease and elevated levels of Lp(A), there are no drugs specifically approved to lower this particle. As I will establish below, not even diet, exercise or lifestyle changes can even affect Lp(A). As such, if Ionis can achieve regulatory approval it will be the first drug of its type to reduce Lp(A) specifically. The second possible first type of achievement is with tofersen. If the company achieve regulatory approval for this, it would be the first drug of its type to specifically target a genetic cause of ALS. Therefore, such regulatory approvals for these indications wouldn't only be good for boosting shareholder value, they would also be good in achieving firsts in the medical community. With a few catalysts coming up (one in the 2nd half of 2022 and the other in early 2023, plus the potential advancement of pelacarsen in reducing Lp(A), these are the reasons why I believe Ionis Pharmaceuticals is a great long-term biotech to look into. Eplontersen Is Set For New Drug Application As It Advances Forward For Polyneuropathy Ionis and its partner AstraZeneca are gearing up to file a New Drug Application ((NDA)) to the FDA for the potential approval of eplontersen, which was developed to treat patients with hereditary ATTRv-PN. The reason for the filing is that positive results were achieved the phase 3 study known as NEURO-TTRansform. Before diving into the data, it's important to note what ATTRv-PN is and why it's a huge problem. Transthyretin (ATTR) amyloidosis results in nerve damage. It involves several symptoms such as: Not being able to walk Weak limbs Feeling pain in the body numbness of legs/feet In essence, ATTRv-PN lead to motor disability within 5 years of being diagnosed. More importantly, without any effective treatment option for these patients it can be fatal within 10 years. The phase 3 NEUROTTRansform study was an open-label randomized study which evaluated ATTRv-PN patients. In an interim analysis (at 35 weeks) it was shown that this study achieved both co-primary endpoints with statistical significance. The first endpoint established was percent change in serum Transthyretin ((TTR)) concentration. Why is this important for this disease? That's because a buildup of TTR protein causes nerve damage. Thus, eplontersen was shown to reduce TTR production. The second endpoint achieved was a change in baseline in modified Neuropathy Impairment Score +7 ((mNIS+7). Why was this outcome crucial for patients with this disease? That's because this score shows disease progression of ATTRv-PN. The higher the score, the greater disease impairment that exists. Thus, eplontersen was shown to achieve statistical significance compared to an external placebo group. Having said all that, Ionis and its partner AstraZeneca plan on submitting a New Drug Application ((NDA)) to the FDA for eplontersen for ATTRv-PN any day now in the 2nd half of 2022. Tofersen Potential To Address Patients With Genetically Defined Amyotrophic Lateral Sclerosis With respect to tofersen, this is what I was talking about above in the introduction as a possible "first." That's because this treatment is being developed for patients with SOD1-ALS. Amyotrophic lateral sclerosis ((ALS)), also known as Lou Gehrig's Disease, is a devastating disease because of the breakdown of nerve cells in the brain and spinal cord. When these cells are broken down, then the muscles themselves are no longer being supplied. As such, this causes a breakdown of muscle movement. In essence, SOD1 gene mutation causes the death of nerve cells. It is not exactly known what causes this cell death, but it is believed that toxic radicals and superoxide radicals could be responsible. Still, the key item to note is that positive results were observed in both the VALOR phase 3 study and its open-label extension study. At first the 6 month results were not as clear, but the 12 month data shed more light in that many improvements were observed. There were reductions in neurofilament light, reduced disease progression and reductions of the SOD1 protein. In addition, it was shown that starting treatment earlier helped in slowing disability progression. Having said all that, the NDA was accepted by the FDA for tofersen, which was given Priority Review. A PDUFA date has been established for potential approval of this drug for patients with SOD1 ALS of January 25, 2023. The study results being included involve results from these studies which are: Phase 1 study healthy volunteers Phase 1/2 dose ascending study Phase 3 VALOR study Phase 3 VALOR open label extension study

Aug 08

Ionis Pharmaceuticals Q2 2022 Earnings Preview

Ionis Pharmaceuticals (NASDAQ:IONS) is scheduled to announce Q2 earnings results on Tuesday, August 9th, before market open. The consensus EPS Estimate is -$0.47 (+17.5% Y/Y) and the consensus Revenue Estimate is $142.65M (+13.2% Y/Y). Over the last 1 year, IONS has beaten EPS estimates 50% of the time and has beaten revenue estimates 0% of the time. Over the last 3 months, EPS estimates have seen 1 upward revision and 1 downward. Revenue estimates have seen 2 upward revisions and 3 downward.

Shareholder Returns

IONSUS BiotechsUS Market
7D-1.5%1.0%-3.1%
1Y32.0%-25.8%-21.5%

Return vs Industry: IONS exceeded the US Biotechs industry which returned -24.2% over the past year.

Return vs Market: IONS exceeded the US Market which returned -20.3% over the past year.

Price Volatility

Is IONS's price volatile compared to industry and market?
IONS volatility
IONS Average Weekly Movement6.6%
Biotechs Industry Average Movement11.1%
Market Average Movement6.9%
10% most volatile stocks in US Market15.7%
10% least volatile stocks in US Market2.8%

Stable Share Price: IONS is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: IONS's weekly volatility (7%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1989660Brett Moniahttps://www.ionispharma.com

Ionis Pharmaceuticals, Inc. discovers and develops RNA-targeted therapeutics in the United States. The company offers SPINRAZA for spinal muscular atrophy (SMA) in pediatric and adult patients; TEGSEDI, an injection for the treatment of polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults; and WAYLIVRA, a treatment for familial chylomicronemia syndrome and familial partial lipodystrophy. It also develops medicines for various indications that are in phase 3 study, including Eplontersen as a monthly self-administered subcutaneous injection to treat all types of TTR amyloidosis; Olezarsen for patients with severe hypertriglyceridemia (SHTG); Donidalorsen for patients with hereditary angioedema; ION363 for patients with amyotrophic lateral sclerosis; Pelacarsen for patients with established cardiovascular disease and elevated lipoprotein(a); and Tofersen to inhibit the production of superoxide dismutase 1.

Ionis Pharmaceuticals Fundamentals Summary

How do Ionis Pharmaceuticals's earnings and revenue compare to its market cap?
IONS fundamental statistics
Market CapUS$6.29b
Earnings (TTM)-US$28.15m
Revenue (TTM)US$848.81m

7.4x

P/S Ratio

-223.3x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
IONS income statement (TTM)
RevenueUS$848.81m
Cost of RevenueUS$718.34m
Gross ProfitUS$130.47m
Other ExpensesUS$158.62m
Earnings-US$28.15m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)-0.20
Gross Margin15.37%
Net Profit Margin-3.32%
Debt/Equity Ratio196.3%

How did IONS perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

IONS key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue6.5x
Enterprise Value/EBITDA393.5x
PEG Ration/a

Price to Sales Ratio vs Peers

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

IONS PS Ratio vs Peers
The above table shows the PS ratio for IONS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average17.1x
LEGN Legend Biotech
56.6x50.1%US$6.7b
ALKS Alkermes
3.1x10.2%US$3.7b
UTHR United Therapeutics
5.3x12.4%US$9.5b
EXEL Exelixis
3.3x12.3%US$5.1b
IONS Ionis Pharmaceuticals
7.4x20.0%US$6.3b

Price-To-Sales vs Peers: IONS is good value based on its Price-To-Sales Ratio (7.4x) compared to the peer average (17.1x).


Price to Earnings Ratio vs Industry

How does IONS's PE Ratio compare vs other companies in the US Biotechs Industry?

Price-To-Sales vs Industry: IONS is good value based on its Price-To-Sales Ratio (7.4x) compared to the US Biotechs industry average (13.8x)


Price to Sales Ratio vs Fair Ratio

What is IONS'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.

IONS PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio7.4x
Fair PS Ratio4.4x

Price-To-Sales vs Fair Ratio: IONS is expensive based on its Price-To-Sales Ratio (7.4x) compared to the estimated Fair Price-To-Sales Ratio (4.4x).


Share Price vs Fair Value

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

Below Fair Value: IONS ($44.28) is trading below our estimate of fair value ($231.49)

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


Analyst Price Targets

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

Analyst Forecast: Target price is less than 20% higher than the current share price.


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Future Growth

How is Ionis Pharmaceuticals forecast to perform in the next 1 to 3 years based on estimates from 20 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


40.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: IONS is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: IONS is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: IONS is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: IONS's revenue (20% per year) is forecast to grow faster than the US market (7.7% per year).

High Growth Revenue: IONS's revenue (20% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: IONS is forecast to be unprofitable in 3 years.


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Past Performance

How has Ionis Pharmaceuticals performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-38.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: IONS is currently unprofitable.

Growing Profit Margin: IONS is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: IONS is unprofitable, and losses have increased over the past 5 years at a rate of 38% per year.

Accelerating Growth: Unable to compare IONS's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: IONS is unprofitable, making it difficult to compare its past year earnings growth to the Biotechs industry (29.2%).


Return on Equity

High ROE: IONS has a negative Return on Equity (-4.51%), as it is currently unprofitable.


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Financial Health

How is Ionis Pharmaceuticals's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Stable Cash Runway

  • Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: IONS's short term assets ($2.2B) exceed its short term liabilities ($267.8M).

Long Term Liabilities: IONS's short term assets ($2.2B) exceed its long term liabilities ($1.6B).


Debt to Equity History and Analysis

Debt Level: IONS has more cash than its total debt.

Reducing Debt: IONS's debt to equity ratio has reduced from 254.3% to 196.3% over the past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable IONS has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: IONS is unprofitable but has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by 2.8% per year.


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Dividend

What is Ionis Pharmaceuticals's current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Ionis Pharmaceuticals Dividend Yield vs Market
How does Ionis Pharmaceuticals dividend yield compare to the market?
SegmentDividend Yield
Company (Ionis Pharmaceuticals)n/a
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (Biotechs)2.8%
Analyst forecast in 3 Years (Ionis Pharmaceuticals)0%

Notable Dividend: Unable to evaluate IONS's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate IONS's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if IONS's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if IONS's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as IONS has not reported any payouts.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

2.7yrs

Average management tenure


CEO

Brett Monia (61 yo)

3.5yrs

Tenure

US$13,305,673

Compensation

Dr. Brett P. Monia, Ph D., is a Founder of Ionis Pharmaceuticals, Inc. in 1989 and has been its Chief Executive Officer since January 2020. His contributions at Ionis include research into the medicinal ch...


CEO Compensation Analysis

Brett Monia's Compensation vs Ionis Pharmaceuticals Earnings
How has Brett Monia's remuneration changed compared to Ionis Pharmaceuticals's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

-US$28m

Mar 31 2022n/an/a

-US$4m

Dec 31 2021US$13mUS$800k

-US$29m

Sep 30 2021n/an/a

-US$615m

Jun 30 2021n/an/a

-US$550m

Mar 31 2021n/an/a

-US$495m

Dec 31 2020US$11mUS$700k

-US$444m

Sep 30 2020n/an/a

US$94m

Jun 30 2020n/an/a

US$145m

Mar 31 2020n/an/a

US$169m

Dec 31 2019US$7mUS$528k

US$281m

Sep 30 2019n/an/a

US$433m

Jun 30 2019n/an/a

US$402m

Mar 31 2019n/an/a

US$366m

Dec 31 2018US$4mUS$508k

US$277m

Sep 30 2018n/an/a

-US$41m

Jun 30 2018n/an/a

-US$38m

Mar 31 2018n/an/a

US$9m

Dec 31 2017US$2mUS$443k

US$19m

Sep 30 2017n/an/a

US$42m

Jun 30 2017n/an/a

US$52m

Mar 31 2017n/an/a

-US$15m

Dec 31 2016US$2mUS$427k

-US$60m

Sep 30 2016n/an/a

-US$184m

Jun 30 2016n/an/a

-US$227m

Mar 31 2016n/an/a

-US$134m

Dec 31 2015US$2mUS$413k

-US$88m

Compensation vs Market: Brett's total compensation ($USD13.31M) is above average for companies of similar size in the US market ($USD8.58M).

Compensation vs Earnings: Brett's compensation has increased whilst the company is unprofitable.


Leadership Team

Experienced Management: IONS's management team is considered experienced (2.7 years average tenure).


Board Members

Experienced Board: IONS's board of directors are considered experienced (8.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

What is the ownership structure of IONS?
Owner TypeNumber of SharesOwnership Percentage
State or Government59,7420.04%
Individual Insiders1,371,6311.0%
General Public25,190,36017.7%
Institutions115,319,60581.2%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 65.01% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
14.98%
FMR LLC
21,269,560$941.8m-0.24%0.08%
8.6%
The Vanguard Group, Inc.
12,200,276$540.2m0.84%0.01%
6.89%
Bellevue Asset Management AG
9,776,528$432.9m-1.43%4.65%
6.22%
BlackRock, Inc.
8,831,390$391.1m4.59%0.01%
4.23%
ClearBridge Investments, LLC
6,005,818$265.9m-7.26%0.24%
3.39%
T. Rowe Price Group, Inc.
4,808,770$212.9m-68.06%0.02%
3.31%
ARK Investment Management LLC
4,701,297$208.2m-23.82%1.36%
2.96%
State Street Global Advisors, Inc.
4,202,874$186.1m4.27%0.01%
1.92%
Tweedy, Browne Company LLC
2,726,778$120.7m-6.78%1.63%
1.9%
Camber Capital Management LP
2,700,000$119.6m-10%5.04%
1.31%
Geode Capital Management, LLC
1,865,133$82.6m-1.71%0.01%
1.12%
First Trust Advisors LP
1,596,055$70.7m-1.25%0.08%
0.9%
Thrivent Investment Management, Inc.
1,276,783$56.5m-18.23%0.14%
0.9%
BVF Partners L.P.
1,276,574$56.5m0%2.21%
0.81%
Charles Schwab Investment Management, Inc.
1,154,025$51.1m1.42%0.01%
0.71%
J.P. Morgan Asset Management, Inc.
1,013,710$44.9m-3.65%0.01%
0.71%
Swedbank Robur Fonder AB
1,010,037$44.7m-8.59%0.07%
0.67%
Goldman Sachs Group, Investment Banking and Securities Investments
945,536$41.9m9.05%0.03%
0.59%
Norges Bank Investment Management
831,219$36.8m0%no data
0.57%
TD Asset Management, Inc.
803,664$35.6m-2.01%0.03%
0.5%
Two Sigma Advisers, LP
705,811$31.3m15.4%0.09%
0.48%
Wells Fargo & Company, Securities and Brokerage Investments
686,298$30.4m-5.36%0.01%
0.45%
BNY Mellon Asset Management
640,784$28.4m22.97%0.01%
0.44%
Northern Trust Global Investments
625,472$27.7m-3.56%0.01%
0.43%
Jacobs Levy Equity Management Inc
616,766$27.3m-61.89%0.21%

Company Information

Ionis Pharmaceuticals, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Ionis Pharmaceuticals, Inc.
  • Ticker: IONS
  • Exchange: NasdaqGS
  • Founded: 1989
  • Industry: Biotechnology
  • Sector: Pharmaceuticals & Biotech
  • Implied Market Cap: US$6.285b
  • Shares outstanding: 141.94m
  • Website: https://www.ionispharma.com

Number of Employees


Location

  • Ionis Pharmaceuticals, Inc.
  • 2855 Gazelle Court
  • Carlsbad
  • California
  • 92010
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
IONSNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDMay 1991
ISIDB (Deutsche Boerse AG)YesCommon StockDEEURMay 1991
0JDILSE (London Stock Exchange)YesCommon StockGBUSDMay 1991
IONS *BMV (Bolsa Mexicana de Valores)YesCommon StockMXMXNMay 1991

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/29 00:00
End of Day Share Price2022/09/29 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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 here.