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Ionis Pharmaceuticals Valuation Multiples

Discover revenue and EBITDA valuation multiples for Ionis Pharmaceuticals and similar public comparables like Pharming, Julphar, and Benevolent AI.

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

United States of America
Employees

1.1K+

Website

ionis.com

Financials

LTM Revenue $690M

LTM EBITDA -$471M

EV

$3.7B

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Ionis Pharmaceuticals Financials

Ionis Pharmaceuticals has a last 12-month revenue of $690M and a last 12-month EBITDA of -$471M.

In the most recent fiscal year, Ionis Pharmaceuticals achieved revenue of $705M and an EBITDA of -$354M.

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

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Ionis Pharmaceuticals P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $788M $705M XXX XXX XXX
Gross Profit $573M $779M XXX XXX XXX
Gross Margin 73% 110% XXX XXX XXX
EBITDA -$236M -$354M XXX XXX XXX
EBITDA Margin -30% -50% XXX XXX XXX
Net Profit -$270M -$366M XXX XXX XXX
Net Margin -34% -52% XXX XXX XXX
Net Debt $914M $883M XXX XXX XXX

Financial data powered by Morningstar, Inc.

Ionis Pharmaceuticals Stock Performance

As of April 15, 2025, Ionis Pharmaceuticals's stock price is $29.

Ionis Pharmaceuticals has current market cap of $4.6B, and EV of $3.7B.

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Ionis Pharmaceuticals Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$3.7B $4.6B XXX XXX XXX XXX $-3.25

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Ionis Pharmaceuticals Valuation Multiples

As of April 15, 2025, Ionis Pharmaceuticals has market cap of $4.6B and EV of $3.7B.

Ionis Pharmaceuticals's trades at 5.3x LTM EV/Revenue multiple, and -7.8x LTM EBITDA.

Analysts estimate Ionis Pharmaceuticals's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Ionis Pharmaceuticals Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $3.7B XXX XXX XXX
EV/Revenue 5.2x XXX XXX XXX
EV/EBITDA -10.4x XXX XXX XXX
P/E -10.0x XXX XXX XXX
P/E/Growth n/a XXX XXX XXX
EV/FCF -6.7x XXX XXX XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Ionis Pharmaceuticals Valuation Multiples

Ionis Pharmaceuticals's NTM/LTM revenue growth is 4%

Ionis Pharmaceuticals's revenue per employee for the last fiscal year averaged $0.7M, while opex per employee averaged $1.1M for the same period.

Over next 12 months, Ionis Pharmaceuticals's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Ionis Pharmaceuticals's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Ionis Pharmaceuticals Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth -10% XXX XXX XXX XXX
EBITDA Margin -50% XXX XXX XXX XXX
EBITDA Growth 50% XXX XXX XXX XXX
Rule of 40 (SaaS-only) -46% XXX XXX XXX XXX
Revenue per Employee $0.7M XXX XXX XXX XXX
Opex per Employee $1.1M XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue 38% XXX XXX XXX XXX
R&D Expenses to Revenue 128% XXX XXX XXX XXX
Opex to Revenue 166% XXX XXX XXX XXX

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Ionis Pharmaceuticals Public Comps

See public comps and valuation multiples for Drug Development & Therapeutics comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Julphar XXX XXX XXX XXX XXX XXX
Benevolent AI XXX XXX XXX XXX XXX XXX
Galapagos XXX XXX XXX XXX XXX XXX
Pharming XXX XXX XXX XXX XXX XXX
Vivoryon Therapeutics XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Ionis Pharmaceuticals M&A and Investment Activity

Ionis Pharmaceuticals acquired  XXX companies to date.

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

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Latest Acquisitions by Ionis Pharmaceuticals

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Ionis Pharmaceuticals

When was Ionis Pharmaceuticals founded? Ionis Pharmaceuticals was founded in 1989.
Where is Ionis Pharmaceuticals headquartered? Ionis Pharmaceuticals is headquartered in United States of America.
How many employees does Ionis Pharmaceuticals have? As of today, Ionis Pharmaceuticals has 1.1K+ employees.
Who is the CEO of Ionis Pharmaceuticals? Ionis Pharmaceuticals's CEO is Dr. Brett P. Monia, PhD.
Is Ionis Pharmaceuticals publicy listed? Yes, Ionis Pharmaceuticals is a public company listed on NAS.
What is the stock symbol of Ionis Pharmaceuticals? Ionis Pharmaceuticals trades under IONS ticker.
When did Ionis Pharmaceuticals go public? Ionis Pharmaceuticals went public in 1991.
Who are competitors of Ionis Pharmaceuticals? Similar companies to Ionis Pharmaceuticals include e.g. Julphar, Benevolent AI, Galapagos, Pharming.
What is the current market cap of Ionis Pharmaceuticals? Ionis Pharmaceuticals's current market cap is $4.6B
What is the current revenue of Ionis Pharmaceuticals? Ionis Pharmaceuticals's last 12-month revenue is $690M.
What is the current EBITDA of Ionis Pharmaceuticals? Ionis Pharmaceuticals's last 12-month EBITDA is -$471M.
What is the current EV/Revenue multiple of Ionis Pharmaceuticals? Current revenue multiple of Ionis Pharmaceuticals is 5.3x.
What is the current EV/EBITDA multiple of Ionis Pharmaceuticals? Current EBITDA multiple of Ionis Pharmaceuticals is -7.8x.
What is the current revenue growth of Ionis Pharmaceuticals? Ionis Pharmaceuticals revenue growth between 2023 and 2024 was -10%.
Is Ionis Pharmaceuticals profitable? Yes, Ionis Pharmaceuticals is EBITDA-positive (as of the last 12 months).

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