# Ionis Pharmaceuticals, Inc. (IONS) · Edgar & Edgarette company card

> Ionis Pharmaceuticals (IONS) grew revenue 33.8% in FY2025 to $944 million, operating margin -40.4% against a -3.8% median for pharmaceutical preparations, equity 13.9% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 874015 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/IONS) · [JSON](https://www.pops4.com/boards/company/IONS.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $944M |
| Revenue growth, 1 year | 33.8% |
| Revenue growth per year | 3.9% |
| Operating margin | -40.4% (prior year -67.4%) |
| Net margin | -40.4% |
| Operating cash flow | −$269M |
| Capital spending | $51M |
| Free cash flow | −$320M |
| Cash | $372M |
| Long-term debt | $1.8B |
| Total assets | $3.5B |
| Total equity | $489M |
| Equity ÷ assets | 13.9% |
| Return on equity | -78.0% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: 1.12 (grey zone)
- Piotroski F: 4 of 9 (middling)
- Health Harbor boat: Old boat · three warning signs · operating cash flow was negative; operating loss: a margin of -40.4% in FY2025; revenue is hard to predict: its 80% range is ±36%
- Cash Compass: Fast, cash not yet · growing fast, but little cash arriving so far

## Edgarette's reading

Exposure: revenue $943.7M (FY2025), total debt $1.8B. Experience: revenue up 33.8% on the year, up 3.9% a year over 4 years; operating margin -40.4%, up from -67.4%. Soundness: equity 13.9% of assets, return on equity -78.0%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $802.1M and $1.7B next year (method v4.1: its own 4-year record of growth weighed at 50% against $100M–1B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $663.9M to $2.1B. A statistical range, not company guidance. Against peers (114 filers, $50M+ revenue, pharmaceutical preparations): operating margin -40.4% against a -3.8% median; growth 33.8% against 13.7%.

Range logged 2026-09-29, receipt 73fa3e09e9e374be, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 2, latest 2026-06-08 ([filing](https://www.sec.gov/Archives/edgar/data/874015/000114036126024407/0001140361-26-024407-index.htm))

## Recent filings

- 8-K · filed 2026-10-23 · 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/874015/000114036126040631/0001140361-26-040631-index.htm)
- 8-K · filed 2026-10-21 · 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/874015/000114036126040388/0001140361-26-040388-index.htm)
- 8-K · filed 2026-09-23 · 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/874015/000114036126037371/0001140361-26-037371-index.htm)
- 8-K · filed 2026-09-04 · 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/874015/000114036126035802/0001140361-26-035802-index.htm)
- 8-K · filed 2026-09-04 · 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/874015/000114036126035657/0001140361-26-035657-index.htm)
- 10-Q · filed 2026-07-29 · [filing](https://www.sec.gov/Archives/edgar/data/874015/000087401526000251/0000874015-26-000251-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0000874015.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=874015

## Cite

POPS4, Edgar & Edgarette: Ionis Pharmaceuticals, Inc. (IONS) company card, from the company's own SEC filings, accessed 2026-11-05, https://www.pops4.com/boards/company/IONS. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.