Recent News
Aug 21, 2025 — U.S. FDA approved donidalorsen (branded Dawnzera) as a preventative treatment for hereditary angioedema, with a reported list price of $57,462 per dose and launch expected shortly. Sep 2, 2025 — Company announced positive pivotal Phase 3 CORE/CORE2 topline results for olezarsen in severe hypertriglyceridemia: up to a 72% placebo‑adjusted reduction in fasting triglycerides and an 85% reduction in acute pancreatitis events, with an sNDA planned by year‑end. Sep 11, 2025 — Ionis filed a patent infringement suit against Arrowhead Pharmaceuticals over competing FCS-related intellectual property; Arrowhead filed a countersuit seeking invalidation of Ionis patents.
Technical Analysis
ADX at 56.18 signals a very strong underlying trend; DI+ decreasing signals waning upward directional strength while DI- showing a peak-and-reversal indicates recent downward pressure has eased, together implying continued trend strength but elevated short-term volatility that can amplify moves tied to the company’s commercial catalysts.
MACD sits below its signal line with the MACD trend decreasing, indicating bearish momentum in the short term; that momentum loss contradicts the broader trend strength and increases the probability of consolidation before any sustained directional continuation that would support valuation realization.
MRO at 44.08 with a peak-and-reversal indicates price sits above a regression target and carries material potential to decline; that numeric placement suggests a meaningful near-term mean-reversion risk despite favorable fundamental news supporting longer-term value.
RSI at 67.83 and rising approaches overbought thresholds, increasing the chance of a pullback or sideways action before a fresh leg higher; momentum exhaustion here would reduce the immediacy of valuation capture tied to product launches and approvals.
Price structure shows current close $64.15 above the 12‑day EMA ($62.11, increasing), the 20‑day average ($62.62), 50‑day average ($50.23) and the 200‑day average ($38.00), with price sitting near the Bollinger upper band — a pattern that favors continuation only if volume and MACD recover. Volume today (≈1.45M) sits below the 10‑day and 50‑day averages, which weakens breakout conviction and ties near‑term moves more tightly to headline catalysts than to broad market participation.
Fundamental Analysis
Earnings and cash flow present a mixed but constructive corporate profile for a commercializing biotech. Net income reached $123,551,000 on total revenue $452,049,000; operating cash flow measured $151,338,000 and free cash flow reached $137,069,000, producing a free cash flow yield of 2.11%.
Profitability looks strong by several measures: EBIT $144,779,000 and EBIT margin 32.03%. That EBIT margin sits above the industry peer mean and industry peer median for comparable biotechnology companies. Operating margin at 30.93% and return on equity 19.56% also remain above the industry peer mean and median, while remaining below the industry peer high in those series.
EPS showed a sizable beat: reported EPS $0.85 versus estimate $0.16, an EPS surprise of +431.25% (difference $0.69), which materially outperformed consensus expectations and supports near‑term re‑rating potential tied to commercialization progress and regulatory wins.
Balance-sheet metrics give flexibility for launches. Cash and short‑term investments total $2,289,980,000 with a cash ratio of 2.55 and a current ratio of 2.87; the current ratio sits below the industry peer mean but still provides ample near‑term liquidity to fund launches and R&D. Total debt $1,419,991,000 produces debt/equity around 2.25x and net debt $958,308,000; leverage sits noticeably above industry peer means, which elevates capital structure sensitivity during any prolonged revenue ramp delays.
Valuation multiples present a mixed signal: trailing P/E stands at 44.73 and EV/Revenue implied enterprise multiple at 37.54. Price/book registers 10.30, above the industry peer mean and median. Forward EPS currently negative, producing a negative forward P/E, which reflects near-term modeling differences across analysts but does not negate current cash generation and recent positive trial outcomes. The current valuation as determined by WMDST: under‑valued, reflecting WMDST’s view of upside tied to approved launches and multi‑asset pipeline potential.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-30 |
| NEXT REPORT DATE: | 2025-10-29 |
| CASH FLOW | Begin Period Cash Flow | $ 264.2 M |
| Operating Cash Flow | $ 151.3 M | |
| Capital Expenditures | $ -14.27 M | |
| Change In Working Capital | $ -28.48 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 33.1 M | |
| End Period Cash Flow | $ 297.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 452.0 M | |
| Forward Revenue | $ -136.15 M | |
| COSTS | ||
| Cost Of Revenue | $ 4.2 M | |
| Depreciation | $ 4.9 M | |
| Depreciation and Amortization | $ 5.5 M | |
| Research and Development | $ 217.5 M | |
| Total Operating Expenses | $ 312.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 447.9 M | |
| EBITDA | $ 150.2 M | |
| EBIT | $ 144.8 M | |
| Operating Income | $ 139.8 M | |
| Interest Income | $ -1.50 M | |
| Interest Expense | $ 21.2 M | |
| Net Interest Income | $ -22.75 M | |
| Income Before Tax | $ 123.5 M | |
| Tax Provision | $ -20.00 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ 123.6 M | |
| Net Income From Continuing Operations | $ 123.6 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.16 | |
| EPS Actual | $ 0.85 | |
| EPS Difference | $ 0.69 | |
| EPS Surprise | 431.25 % | |
| Forward EPS | $ -0.94 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.0 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 631.7 M | |
| Total Current Assets | $ 2.6 B | |
| Cash and Short-Term Investments | $ 2.3 B | |
| Cash | $ 297.3 M | |
| Net Receivables | — | |
| Inventory | $ 8.5 M | |
| Long-Term Investments | $ 132.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 22.8 M | |
| Short-Term Debt | $ 630.1 M | |
| Total Current Liabilities | $ 897.2 M | |
| Net Debt | $ 958.3 M | |
| Total Debt | $ 1.4 B | |
| Total Liabilities | $ 2.4 B | |
| EQUITY | ||
| Total Equity | $ 631.7 M | |
| Retained Earnings | $ -2.27 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 3.97 | |
| Shares Outstanding | 159.197 M | |
| Revenue Per-Share | $ 2.84 | |
| VALUATION | Market Capitalization | $ 6.5 B |
| Enterprise Value | $ 5.6 B | |
| Enterprise Multiple | 37.539 | |
| Enterprise Multiple QoQ | -207.233 % | |
| Enterprise Multiple YoY | -130.958 % | |
| Enterprise Multiple IPRWA | high: 47.216 IONS: 37.539 median: 6.958 mean: 5.029 low: -68.907 |
|
| EV/R | 12.476 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 4.725 | |
| Asset To Liability | 1.268 | |
| Debt To Capital | 0.692 | |
| Debt To Assets | 0.476 | |
| Debt To Assets QoQ | -5.107 % | |
| Debt To Assets YoY | 2781.224 % | |
| Debt To Assets IPRWA | high: 0.995 IONS: 0.476 mean: 0.194 median: 0.062 low: 0.0 |
|
| Debt To Equity | 2.248 | |
| Debt To Equity QoQ | -24.166 % | |
| Debt To Equity YoY | 1234.323 % | |
| Debt To Equity IPRWA | IONS: 2.248 high: 1.577 mean: 0.256 median: 0.059 low: -1.039 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 10.305 | |
| Price To Book QoQ | -0.686 % | |
| Price To Book YoY | -58.967 % | |
| Price To Book IPRWA | high: 16.592 IONS: 10.305 median: 6.295 mean: 5.236 low: -9.599 |
|
| Price To Earnings (P/E) | 44.732 | |
| Price To Earnings QoQ | -233.978 % | |
| Price To Earnings YoY | -144.388 % | |
| Price To Earnings IPRWA | IONS: 44.732 high: 43.435 mean: -11.972 median: -19.507 low: -73.374 |
|
| PE/G Ratio | -0.234 | |
| Price To Sales (P/S) | 14.4 | |
| Price To Sales QoQ | -61.603 % | |
| Price To Sales YoY | -51.018 % | |
| Price To Sales IPRWA | high: 517.227 mean: 56.536 median: 19.711 IONS: 14.4 low: 0.25 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -36.701 | |
| Forward PE/G | 0.192 | |
| Forward P/S | -47.811 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.885 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.156 | |
| Asset Turnover Ratio QoQ | 244.597 % | |
| Asset Turnover Ratio YoY | 88.823 % | |
| Asset Turnover Ratio IPRWA | high: 0.388 IONS: 0.156 mean: 0.115 median: 0.113 low: -0.001 |
|
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | 0.415 | |
| Inventory Turnover Ratio QoQ | 232.546 % | |
| Inventory Turnover Ratio YoY | 194.228 % | |
| Inventory Turnover Ratio IPRWA | high: 2.946 mean: 0.607 median: 0.434 IONS: 0.415 low: 0.006 |
|
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.269 | |
| CapEx To Revenue | -0.032 | |
| CapEx To Depreciation | -2.938 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.3 B | |
| Net Invested Capital | $ 1.9 B | |
| Invested Capital | $ 1.9 B | |
| Net Tangible Assets | $ 631.7 M | |
| Net Working Capital | $ 1.7 B | |
| LIQUIDITY | ||
| Cash Ratio | 2.552 | |
| Current Ratio | 2.872 | |
| Current Ratio QoQ | -70.279 % | |
| Current Ratio YoY | -62.248 % | |
| Current Ratio IPRWA | high: 25.128 mean: 3.948 IONS: 2.872 median: 2.52 low: 0.021 |
|
| Quick Ratio | 2.863 | |
| Quick Ratio QoQ | -70.236 % | |
| Quick Ratio YoY | -61.902 % | |
| Quick Ratio IPRWA | high: 14.041 mean: 2.968 IONS: 2.863 median: 2.158 low: 0.021 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 9.452 | |
| Cost Of Debt | 1.186 % | |
| Interest Coverage Ratio | 6.814 | |
| Interest Coverage Ratio QoQ | -216.399 % | |
| Interest Coverage Ratio YoY | -457.614 % | |
| Interest Coverage Ratio IPRWA | high: 940.414 mean: 45.592 IONS: 6.814 median: 2.347 low: -1465.352 |
|
| Operating Cash Flow Ratio | 0.153 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 1224.453 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 6.121 % | |
| Revenue Growth | 243.471 % | |
| Revenue Growth QoQ | -680.896 % | |
| Revenue Growth YoY | 175.115 % | |
| Revenue Growth IPRWA | high: 269.352 % IONS: 243.471 % mean: 19.369 % median: 12.272 % low: -259.856 % |
|
| Earnings Growth | -191.398 % | |
| Earnings Growth QoQ | -567.863 % | |
| Earnings Growth YoY | 253.903 % | |
| Earnings Growth IPRWA | high: 155.0 % median: 11.33 % mean: 2.383 % low: -181.25 % IONS: -191.398 % |
|
| MARGINS | ||
| Gross Margin | 99.082 % | |
| Gross Margin QoQ | 0.225 % | |
| Gross Margin YoY | 0.949 % | |
| Gross Margin IPRWA | high: 100.0 % IONS: 99.082 % median: 80.103 % mean: 77.69 % low: -77.751 % |
|
| EBIT Margin | 32.027 % | |
| EBIT Margin QoQ | -133.614 % | |
| EBIT Margin YoY | -266.167 % | |
| EBIT Margin IPRWA | high: 338.783 % IONS: 32.027 % median: 23.755 % mean: -75.85 % low: -5123.44 % |
|
| Return On Sales (ROS) | 30.934 % | |
| Return On Sales QoQ | -132.466 % | |
| Return On Sales YoY | -260.496 % | |
| Return On Sales IPRWA | high: 89.247 % IONS: 30.934 % median: 28.85 % mean: -79.682 % low: -5698.0 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 137.1 M | |
| Free Cash Flow Yield | 2.106 % | |
| Free Cash Flow Yield QoQ | -163.376 % | |
| Free Cash Flow Yield YoY | -199.527 % | |
| Free Cash Flow Yield IPRWA | high: 36.371 % IONS: 2.106 % median: 0.516 % mean: -0.352 % low: -74.318 % |
|
| Free Cash Growth | -183.577 % | |
| Free Cash Growth QoQ | -1435.494 % | |
| Free Cash Growth YoY | 1740.555 % | |
| Free Cash Growth IPRWA | high: 157.51 % median: 13.585 % mean: 4.638 % IONS: -183.577 % low: -193.262 % |
|
| Free Cash To Net Income | 1.109 | |
| Cash Flow Margin | 30.388 % | |
| Cash Flow To Earnings | 1.112 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 4.262 % | |
| Return On Assets QoQ | -184.363 % | |
| Return On Assets YoY | -275.463 % | |
| Return On Assets IPRWA | high: 36.544 % IONS: 4.262 % median: 1.616 % mean: -1.409 % low: -68.545 % |
|
| Return On Capital Employed (ROCE) | 6.934 % | |
| Return On Equity (ROE) | 0.196 | |
| Return On Equity QoQ | -163.321 % | |
| Return On Equity YoY | -177.83 % | |
| Return On Equity IPRWA | high: 1.141 IONS: 0.196 median: 0.04 mean: 0.007 low: -1.572 |
|
| DuPont ROE | 22.312 % | |
| Return On Invested Capital (ROIC) | 6.06 % | |
| Return On Invested Capital QoQ | -239.055 % | |
| Return On Invested Capital YoY | 259.431 % | |
| Return On Invested Capital IPRWA | high: 53.785 % IONS: 6.06 % median: 3.175 % mean: 1.455 % low: -71.959 % |
|