Pricing and mixnegative · 4 filings
“For example, Biogen has in the past disclosed that SPINRAZA revenue decreased in part due to lower pricing in the U.S.”10-Q · Jul 29, 2026 ↗
Ionis Pharmaceuticals, Inc.
IONS
Market read
Ionis Pharmaceuticals, Inc.'s current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 10 directly disclosed connections are confirming.
Company-1.6% todayVolume comparison unavailable
Market group0 of 1 activeRNA-Targeted Biotech · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Cash balance decreased due to repayment upon maturity of the company's 0% Notes due 2026 in April 2026.
Invalidation: The isolated read changes if IONS's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 10 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- Cash balance decreased due to repayment upon maturity of the company's 0% Notes due 2026 in April 2026.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements62
Verified relationships18
Evidence supporting the case
- Latest annual revenue changed +33.8% year over year.
- Operating margin changed +26.9 percentage points in the latest annual period.
- Net margin changed +24.0 percentage points in the latest annual period.
Evidence challenging the case
- Diluted shares increased 7.0% in the latest annual period.
- Pricing and mix has repeated adverse evidence across 4 filings.
Questions before a position
- EV/sales is 22% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
55.626m-25.6%12m-13.6%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$810.5M+11.1%$-0.20+1.0%
2022-12-31$587.4M-27.5%$-1.90+0.6%
2023-12-31$787.6M+34.1%$-2.56+0.9%
2024-12-31$705.1M-10.5%$-3.04+4.4%
2025-12-31$943.7M+33.8%$-2.38+7.0%
What management says matters
Persistent and emerging business drivers
Product pipeline and R&Dnegative · 2 filings
“Research and development, or R&D, revenue for the three and six months ended June 30, 2026 decreased compared to the same periods in 2025 due to the $280 million upfront payment we earned for the global license of sapablursen to Ono Pharmaceutical Co., Ltd.”10-Q · Jul 29, 2026 ↗
Restructuring and cost reductionsnegative · 1 filings
“This increase was partially offset by a loss of $ 18.2 million related to an impairment of our investment in another privately held company that we recorded in the second quarter of 2025.”10-K · Feb 26, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 9.4× · EV/sales 10.4×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
55.10-1.6% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 10:35 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for IONS. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for IONS. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind IONS
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
AZNAstraZeneca PLCpartnerApr 29, 2026 ▾
“WAINUA (Eplontersen) Collaboration with AstraZeneca Our financial results for the three months ended March 31, 2026 and 2025 reflected the cost-sharing provisions related to our collaboration with AstraZeneca to develop and commercialize WAINUA for the treatm…”
BIIBBiogen Inc.partnerApr 29, 2026 ▾
“Biogen Marketed Medicines SPINRAZA In 2012, we entered into a collaboration agreement with Biogen to develop and commercialize SPINRAZA.”
Depended on by
SRPTSarepta Therapeutics, Inc.competitorMar 2, 2026 ▾
“In addition, while Wave announced its intention to discontinue development of suvodirsen and suspend development of WVE-N531, it is conducting clinical trials for its exon 53 oligonucleotide, WVE-N531.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 9 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
IONS is currently a Leader in the organic co-movement group RNA-Targeted Biotech. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for IONS; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.