Ionis Pharmaceuticals Valuation Multiples

Ionis Pharmaceuticals Overview

About Ionis Pharmaceuticals

Ionis Pharmaceuticals is the leading developer of antisense technology to discover and develop novel drugs. Its broad clinical and preclinical pipeline targets a wide variety of diseases, with an emphasis on cardiovascular, metabolic, neurological, and rare diseases. Ionis and Biogen brought Spinraza to market in 2016 as a treatment for spinal muscular atrophy, and Biogen launched ALS drug Qalsody in 2023. Ionis brought two additional drugs to market via its cardiovascular-focused subsidiary Akcea, including ATTR amyloidosis drug Tegsedi (2018) and cardiology drug Waylivra (Europe, 2019). Ionis and AstraZeneca launched polyneuropathy drug Wainua in 2024. Ionis received FDA approval in 2024 for Tryngolza for a rare high-triglyceride syndrome, marking its first independent launch.

Founded

1989

HQ

Employees

1.1K

Website

ionis.com

Sectors

BiopharmaceuticalsBioTech

Financials (LTM)

Revenue: $910M

EBITDA: ($414M)

EV

$12B

Valuation Multiples

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Ionis Pharmaceuticals Financials

Ionis Pharmaceuticals reported last 12-month revenue of $910M and negative EBITDA of ($414M).

In the same LTM period, Ionis Pharmaceuticals generated $890M in gross profit, ($414M) in EBITDA losses, and had net loss of ($454M).

Ionis Pharmaceuticals P&L

In the most recent fiscal year, Ionis Pharmaceuticals reported revenue of $944M and EBITDA of ($273M).

Ionis Pharmaceuticals expects next 12-month revenue of XXX and NTM EBITDA of XXX

Ionis Pharmaceuticals Stock Performance

Ionis Pharmaceuticals has current market cap of $12B, and enterprise value of $12B.

Ionis Pharmaceuticals' stock price is $74.95.

Ionis Pharmaceuticals Valuation Multiples

Ionis Pharmaceuticals trades at 12.9x EV/Revenue multiple, and (28.4x) EV/EBITDA.

Ionis Pharmaceuticals Financial Valuation Multiples

As of April 14, 2026, Ionis Pharmaceuticals has market cap of $12B and EV of $12B.

Equity research analysts estimate Ionis Pharmaceuticals' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Ionis Pharmaceuticals has a P/E ratio of (27.3x).

Ionis Pharmaceuticals Margins & Growth Rates

Ionis Pharmaceuticals' revenue in the last 12 month grew by 10%.

Ionis Pharmaceuticals' revenue per employee in the last FY averaged $0.9M, while opex per employee averaged $1.2M for the same period.

Ionis Pharmaceuticals' rule of 40 is (88%) (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Ionis Pharmaceuticals' rule of X is (106%) (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Ionis Pharmaceuticals Public Comps

See public comps and valuation multiples for other Biopharmaceuticals comps.

Ionis Pharmaceuticals M&A Activity

Ionis Pharmaceuticals acquired XXX companies to date.

Last acquisition by Ionis Pharmaceuticals was on XXXXXXXX, XXXXX. Ionis Pharmaceuticals acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

Ionis Pharmaceuticals Investment Activity

Ionis Pharmaceuticals invested in XXX companies to date.

Ionis Pharmaceuticals made its latest investment on XXXXXXXX, XXXXX. Ionis Pharmaceuticals invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).