IONS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03

Price $42.93

Market Cap (MRQ) $7.11B

P/E (TTM) -12.4

EPS (TTM) $-3.46

Revenue (TTM) $874M

ROE (TTM) -105.5%

Debt/Equity 3.6

52W Range $42–$87

IONS Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04

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10-Year Performance Revenue, net income, margins and EPS trends

06

Revenue·

2016-12-31 → 2017-12-31

EPS$-2.38

2016-12-31 → 2025-12-31

Free Cash Flow$-320M

2016-12-31 → 2025-12-31

Net margin-64.7%

2016-12-31 → 2017-12-31

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	IONS	5Y avg	Peer Median	Verdict
P/E (TTM)	-12.45Y avg ≈-47.3	≈-47.3	·	·
P/S (TTM)	8.15Y avg ≈9.0	≈9.0	17.2	Fair value
P/B (MRQ)	16.25Y avg ≈13.9	≈13.9	19.3	Overvalued
EV / EBITDA	-16.05Y avg ≈-17.4	≈-17.4	·	·
Price / FCF (TTM)	-12.75Y avg ≈27.4	≈27.4	·	·
Price / Cash Flow (TTM)	-14.35Y avg ≈7.4	≈7.4	·	·
EV / Revenue	6.55Y avg ≈8.7	≈8.7	·	·
EV / FCF	-19.05Y avg ≈-20.0	≈-20.0	·	·
Price / Tangible Book	14.35Y avg ≈14.0	≈14.0	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	IONS	5Y avg	Peer Median	Verdict
Operating Margin (TTM)	-68.0%	·	-68.1%	Top tier
Pretax Margin (TTM)	-64.3%	·	-58.8%	Top tier
Net Profit Margin (TTM)	-64.7%	·	-69.2%	Top tier
ROA (TTM)	-18.9%5Y avg ≈-10.3%	≈-10.3%	-32.5%	Top tier
ROE (TTM)	-105.5%5Y avg ≈-57.6%	≈-57.6%	-51.6%	Weak
ROIC	-17.1%5Y avg ≈-19.0%	≈-19.0%	-33.2%	Top tier

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	IONS	5Y avg	Peer Median	Verdict
Debt / Equity	3.65Y avg ≈2.7	≈2.7	1.1	High debt
Current Ratio (MRQ)	7.95Y avg ≈7.0	≈7.0	5.1	Strong liquidity
Quick Ratio	3.45Y avg ≈5.2	≈5.2	3.3	Strong liquidity
Long-Term Debt / Equity	2.75Y avg ≈2.5	≈2.5	·	·
Interest Coverage	-22.15Y avg ≈-26.3	≈-26.3	-17.7	Low liquidity

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	IONS	5Y avg	Peer Median	Verdict
EPS (Diluted)	$-2.385Y avg ≈$-2.02	≈$-2.02	·	·
Cash Flow / Share	$-1.685Y avg ≈$-1.78	≈$-1.78	·	·
Cash / Share	$2.285Y avg ≈$2.94	≈$2.94	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	5Y trend	IONS	5Y avg	Peer Median	Verdict
Inventory Turnover		1.45Y avg ≈0.8	≈0.8	1.1	Top tier

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14

Avg Surprise 64.3%

Next Report Oct 27, 2026

Period	Report	EPS Actual	EPS Est	Surprise
June 30, 2026	Jul 28, 2026	$-0.69	$-1.09	36.7%
March 31, 2026		$-0.56	$-0.93	39.7%
Dec. 31, 2025		$-1.41	$-1.35	-4.6%
Sept. 30, 2025		$-0.80	$-1.26	36.4%
June 30, 2025		$0.70	$-0.44	259.6%
March 31, 2025		$-0.93	$-1.14	18.4%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15

Income Statement 16

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	·	·	·	·	·	·	·	·	$508M	$347M	$284M	$214M
Cost of Revenue	$16M	$11M	$9M	$14M	$11M	$12M	$4M	$2M	$0	$0	·	·
R&D Expense	$916M	$902M	$900M	·	$638M	$531M	$462M	$412M	$372M	$340M	$320M	$239M
SG&A Expense	$394M	$267M	$233M	$150M	$186M	$354M	$287M	$245M	$108M	$49M	$37M	$20M
Operating Expenses	$1.33B	$1.18B	$1.14B	$998M	$841M	$901M	$757M	$661M	$483M	$393M	$359M	$262M
Operating Income	$-382M	$-475M	$-354M	$-410M	$-30M	$-172M	$366M	$-61M	$31M	$-20M	$-76M	$-48M
Interest Expense	$17M	$17M	$13M	$8M	$9M	$10M	$12M	$45M	$45M	$39M	$37M	$22M
Other Non-op	$-15M	$1M	$14M	$-7M	$-10M	$-62.0K	$-686.0K	$-182.0K	$-4M	$0	·	·
Pretax Income	$-380M	$-460M	$-334M	$-258M	$-29M	$-135M	$339M	$-76M	$-17M	$-57M	$-88M	$-54M
Income Tax	$2M	$-6M	$32M	$12M	$-551.0K	$345M	$52M	$-291M	$-6M	$3M	$372.0K	$-15M
Net Income	$-381M	$-454M	$-366M	$-270M	$-29M	$-444M	$278M	$274M	$346.0K	$-60M	$-88M	$-39M
EPS (Basic)	$-2.38	$-3.04	$-2.56	$-1.90	$-0.20	$-3.18	$2.00	$2.09	$0.15	$-0.50	$-0.74	·
EPS (Diluted)	$-2.38	$-3.04	$-2.56	$-1.90	$-0.20	$-3.18	$1.90	$2.07	$0.15	$-0.50	$-0.74	·
Shares (Basic)	160,010,000	149,514,000	143,190,000	141,848,000	141,021,000	139,612,000	139,998,000	132,320,000	124,016,000	120,933,000	119,719,000	·
Shares (Diluted)	160,010,000	149,514,000	143,190,000	141,848,000	141,021,000	139,612,000	153,164,000	134,056,000	126,098,000	120,933,000	119,719,000	·
EBITDA	$-382M	$-475M	$-354M	$-410M	$-30M	$-172M	$366M	$-61M	$25M	$-46M	$-76M	$-48M

Balance Sheet 24

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$372M	$242M	$399M	$276M	$869M	$398M	$683M	$279M	$130M	$85M	$129M	$143M
Short-term Investments	$2.31B	$2.06B	$1.93B	$1.71B	$1.25B	·	·	·	·	·	·	·
Inventory	$10M	$13M	$7M	$22M	$25M	$22M	$18M	$9M	$10M	·	·	·
Other Current Assets	$237M	$218M	$205M	$168M	$143M	$140M	$140M	$102M	$73M	$17M	$15M	$16M
Current Assets	$2.99B	$2.62B	$2.64B	$2.20B	$2.35B	$2.13B	$2.72B	$2.21B	$1.17B	$798M	$837M	$837M
PP&E (Net)	$123M	$94M	$71M	$74M	$178M	$181M	$154M	$132M	$122M	$93M	$90M	$89M
Accum. Depreciation	$109M	$106M	$97M	$88M	$103M	$87M	$74M	$61M	$88M	$80M	$73M	$66M
Intangibles	·	·	·	·	$29M	$28M	$26M	$24M	$22M	$20M	·	·
Other Non-current Assets	$172M	$127M	$105M	$75M	$71M	$50M	$28M	$13M	$10M	$1M	·	·
Total Assets	$3.52B	$3.00B	$2.99B	$2.53B	$2.61B	$2.39B	$3.23B	$2.67B	$1.32B	$912M	$948M	$956M
Accounts Payable	$28M	$43M	$26M	$18M	$12M	$17M	$16M	$29M	$25M	$21M	$28M	$18M
Accrued Liabilities	$106M	$108M	$148M	$140M	$89M	$90M	$67M	$48M	$67M	$36M	$28M	$30M
Current Liabilities	$782M	$309M	$448M	$312M	$241M	$599M	$273M	$280M	$244M	$134M	$149M	$115M
Capital Leases	$262M	$162M	$171M	$179M	$19M	·	·	·	·	·	·	·
Other Non-current Liabilities	$28M	$52M	$42M	$16M	$7M	·	·	·	·	·	·	·
Total Liabilities	$3.03B	$2.42B	$2.60B	$1.96B	$1.84B	$1.65B	$1.55B	$1.48B	$957M	$813M	$747M	$698M
Long-term Debt	$1.81B	$1.25B	$1.31B	$1.19B	·	·	·	·	·	·	·	·
Total Debt	$1.76B	$1.20B	$1.24B	$1.18B	·	·	·	·	·	·	·	·
Common Stock	$163.0K	$158.0K	$144.0K	$142.0K	$141.0K	$140.0K	$140.0K	$138.0K	$125.0K	$122.0K	$120.0K	$118.0K
Retained Earnings	$-2.63B	$-2.25B	$-1.80B	$-1.43B	$-1.16B	$-1.13B	$-708M	$-967M	$-1.24B	$-1.18B	$-1.09B	$-1.01B
AOCI	$-25M	$-31M	$-33M	$-57M	$-33M	$-21M	$-25M	$-32M	$-32M	$-30M	$-14M	$40M
Stockholders' Equity	$489M	$588M	$387M	$573M	$772M	$743M	$1.47B	$1.05B	$281M	$100M	$201M	$258M
Liabilities + Equity	$3.52B	$3.00B	$2.99B	$2.53B	$2.61B	$2.39B	$3.23B	$2.67B	$1.32B	$912M	$948M	$956M
Shares Outstanding	163,304,875	157,908,815	144,340,526	142,057,736	141,210,015	140,365,594	140,339,615	137,928,828	124,976,373	121,636,273	120,351,480	118,442,726

Cash Flow 14

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Stock-based Comp	$134M	$130M	$106M	$100M	$121M	$230M	$147M	$131M	$86M	$72M	$59M	$31M
Deferred Tax	$0	$0	$0	$0	$0	$342M	$904.0K	$-291M	$0	$0	$0	$-11M
Amort. of Intangibles	$2M	$2M	$3M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	·	·
Operating Cash Flow	$-269M	$-501M	$-308M	$-274M	$31M	$36M	$346M	$603M	$174M	$-112M	$21M	$6M
CapEx	$51M	$45M	$24M	$16M	$12M	$35M	$31M	$14M	$35M	$7M	$8M	$8M
Investing Cash Flow	$-278M	$-134M	$-214M	$-263M	$195M	$274M	$-41M	$-930M	$-358M	$57M	$-60M	·
Stock Issued	$0	$489M	$0	$0	·	$0	$0	$448M	$72M	$0	$0	$0
Stock Repurchased	·	·	·	$0	$0	$91M	$34M	$0	$0	·	·	·
Net Stock Activity	$0	$489M	·	$0	$0	$-91M	$-34M	·	$72M	·	$0	$0
Financing Cash Flow	$676M	$478M	$644M	$-55M	$246M	$-597M	$100M	$476M	$229M	$11M	$25M	·
Net Change in Cash	$130M	$-157M	$123M	$-593M	$472M	$-286M	$404M	$149M	$45M	$-44M	$-14M	·
Taxes Paid	$-639.0K	$-6M	$48M	$5M	·	$26M	$9M	$0	$0	·	·	·
Free Cash Flow	$-320M	$-546M	$-331M	$-290M	$19M	$772.0K	$315M	$589M	$139M	$-119M	$13M	$-1M
Levered FCF	$-337M	$-563M	$-345M	$-299M	$10M	$-128M	$272M	$716M	$106M	$-159M	$-23M	$-17M

Profitability 7

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Operating Margin	·	·	·	·	·	·	·	·	4.8%	-13.4%	-26.7%	-22.3%
Net Margin	·	·	·	·	·	·	·	·	-1.2%	-25.0%	-31.1%	-18.2%
Pretax Margin	·	·	·	·	·	·	·	·	-4.6%	-24.1%	-31.0%	-25.4%
EBITDA Margin	·	·	·	·	·	·	·	·	4.8%	-13.4%	-26.7%	-22.3%
ROA	-11.7%	-15.2%	-13.3%	-10.5%	-1.1%	-16.1%	10.0%	13.7%	-0.53%	-9.3%	-9.2%	-4.3%
ROE	-68.1%	-71.9%	-104.3%	-40.1%	-3.8%	-39.0%	23.4%	41.2%	-2.8%	-57.6%	-38.5%	-12.3%
ROIC	-17.1%	-26.0%	-23.8%	-24.5%	-3.8%	-58.4%	21.8%	16.5%	5.5%	-48.1%	-37.9%	-13.3%

Liquidity & Solvency 5

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	3.8	8.5	5.9	7.1	9.7	3.7	10.0	7.9	5.2	6.0	5.6	7.3
Quick Ratio	3.4	7.4	5.2	6.4	3.6	0.7	2.5	1.0	0.6	0.6	0.9	1.2
Debt / Equity	3.6	2.0	3.2	2.1	·	·	·	·	·	·	·	·
LT Debt / Equity	2.7	2.0	3.2	2.1	·	·	·	·	·	·	·	·
Interest Coverage	-22.1	-28.0	-27.9	-50.5	-3.2	-3.8	7.5	-1.4	0.5	-1.2	-2.1	-2.1

Efficiency 2

Metric	Trend	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover		·	·	·	·	·	·	·	·	0.5	0.4	0.3	0.2
Inventory Turnover		1.4	1.1	0.4	0.6	0.5	0.6	0.3	0.2	·	·	·	·

Per Share 5

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$2.99	$3.80	$2.68	$4.03	$5.47	$6.01	$10.48	$7.60	$2.65	$0.82	$1.67	$2.18
Revenue / Share	·	·	·	·	·	·	·	·	$4.03	·	·	·
Cash Flow / Share	$-1.68	$-3.35	$-2.15	$-1.93	$0.22	$0.26	$2.42	$4.50	$1.38	·	·	·
Cash / Share	$2.28	$1.53	$2.77	$1.95	$6.16	$2.83	$4.87	$2.02	$1.04	$0.70	$1.07	$1.21
EPS (TTM)	$-2.38	$-3.04	$-2.56	$-1.90	$-0.20	$-3.18	$1.90	$2.07	$0.15	$-0.50	$-0.74	$-0.35

Valuation (TTM) 14

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$944M	$705M	$788M	$587M	$810M	$729M	$1.12B	$600M	$508M	$347M	$284M	$214M
Net Income TTM	$-381M	$-454M	$-366M	$-270M	$-29M	$-444M	$278M	$274M	$346.0K	$-60M	$-88M	$-39M
Market Cap	$12.92B	$5.52B	$7.30B	$5.37B	$4.30B	$7.94B	$8.48B	$7.46B	$6.29B	$5.82B	$7.45B	$7.31B
Enterprise Value	$12.00B	$4.43B	$6.21B	$4.55B	·	·	·	·	·	·	·	·
P/E	-33.2	-11.5	-19.8	-19.9	-152.2	-17.8	31.8	26.1	335.3	-95.7	-83.7	-176.4
P/S	13.7	7.8	9.3	9.1	5.3	10.9	7.6	12.4	12.4	16.8	26.3	34.1
P/B	26.4	9.2	18.9	9.4	5.6	9.4	5.8	7.1	19.0	58.4	37.1	28.4
P / Tangible Book	26.4	9.4	18.9	9.4	5.8	11.1	·	·	·	·	·	·
P / Cash Flow	-48.1	-11.0	-23.7	-19.6	139.5	221.1	24.5	12.4	36.1	-51.9	352.8	1163.5
P / FCF	-40.4	-10.1	-22.0	-18.5	228.0	10280.1	26.9	12.7	45.1	-48.8	554.9	-5930.8
EV / EBITDA	-31.4	-9.3	-17.6	-11.1	·	·	·	·	·	·	·	·
EV / FCF	-37.5	-8.1	-18.7	-15.7	·	·	·	·	·	·	·	·
EV / Revenue	12.7	6.3	7.9	7.8	·	·	·	·	·	·	·	·
Earnings Yield	-3.0%	-8.7%	-5.1%	-5.0%	-0.66%	-5.6%	3.1%	3.8%	0.30%	-1.1%	-1.2%	-0.57%

Income Statement 15

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$268M	$246M	$203M	$157M	$452M	$132M	$227M	$134M	$225M	$119M	$325M	$144M	$188M	$131M	$152M	$160M
Cost of Revenue	$3M	$3M	$8M	$2M	$4M	$1M	$4M	$1M	$4M	$2M	$3M	$2M	$3M	$1M	$4M	$2M
SG&A Expense	$150M	$150M	$130M	$97M	$91M	$76M	$88M	$62M	$65M	$53M	$71M	$70M	$46M	$46M	$48M	$34M
Operating Expenses	$370M	$364M	$418M	$317M	$312M	$278M	$337M	$282M	$291M	$269M	$331M	$287M	$279M	$245M	$360M	$219M
Operating Income	$-102M	$-117M	$-214M	$-160M	$140M	$-147M	$-111M	$-149M	$-66M	$-150M	$-6M	$-143M	$-90M	$-114M	$-208M	$-59M
Interest Expense	$5M	$5M	$5M	$4M	$4M	$4M	$4M	$4M	$4M	$4M	$5M	$4M	$2M	$2M	$2M	$2M
Other Non-op	$987.0K	$-456.0K	$-16M	$363.0K	$102.0K	$465.0K	$302.0K	$142.0K	$610.0K	$277.0K	$235.0K	$2M	$11M	$230.0K	$123.0K	$5M
Pretax Income	$-113M	$-92M	$-228M	$-128M	$124M	$-147M	$-107M	$-144M	$-66M	$-143M	$-3M	$-141M	$-77M	$-113M	$-44M	$-47M
Income Tax	$1M	$218.0K	$1M	$213.0K	$-20.0K	$116.0K	$-3M	$-4M	$64.0K	$75.0K	$6M	$7M	$8M	$11M	$8M	$283.0K
Net Income	$-115M	$-93M	$-229M	$-129M	$124M	$-147M	$-104M	$-140M	$-66M	$-143M	$-9M	$-147M	$-85M	$-124M	$-52M	$-47M
EPS (Basic)	$-0.69	$-0.56	$-1.41	$-0.80	$0.78	$-0.93	$-0.66	$-0.95	$-0.45	$-0.98	$-0.06	$-1.03	$-0.60	$-0.87	$-0.37	$-0.33
EPS (Diluted)	$-0.69	$-0.56	$-1.41	$-0.80	$0.70	$-0.93	$-0.66	$-0.95	$-0.45	$-0.98	$-0.06	$-1.03	$-0.60	$-0.87	$-0.37	$-0.33
Shares (Basic)	165,419,000	164,874,000	·	159,765,000	159,137,000	158,735,000	·	148,593,000	145,958,000	145,538,000	·	143,317,000	143,098,000	142,735,000	·	141,950,000
Shares (Diluted)	165,419,000	164,874,000	·	159,765,000	182,331,000	158,735,000	·	148,593,000	145,958,000	145,538,000	·	143,317,000	143,098,000	142,735,000	·	141,950,000
EBITDA	$-102M	$-117M	·	$-160M	$140M	$-147M	·	$-149M	$-66M	$-150M	·	$-143M	$-90M	$-114M	·	$-59M

Balance Sheet 23

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$350M	$173M	$372M	$338M	$297M	$264M	$242M	$335M	$294M	$349M	·	$352M	$425M	$309M	·	$315M
Short-term Investments	$1.70B	$1.75B	$2.31B	$1.90B	$1.99B	$1.88B	$2.06B	$2.15B	$1.78B	$1.86B	·	$1.88B	$1.96B	$2.04B	·	$1.67B
Inventory	$51M	$6M	$10M	$10M	$8M	$12M	$13M	$28M	$29M	$30M	·	$26M	$26M	$22M	·	$21M
Other Current Assets	$327M	$306M	$237M	$244M	$226M	$223M	$218M	$184M	$195M	$174M	·	$181M	$178M	$160M	·	$143M
Current Assets	$2.49B	$2.94B	$2.99B	$2.52B	$2.58B	$2.42B	$2.62B	$2.71B	$2.33B	$2.42B	·	$2.58B	$2.62B	$2.54B	·	$2.15B
PP&E (Net)	$155M	$142M	$123M	$106M	$112M	$103M	$94M	$83M	$76M	$73M	·	$71M	$92M	$85M	·	$181M
Accum. Depreciation	·	·	$109M	·	·	·	$106M	·	·	·	·	·	·	·	·	·
Intangibles	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$30M
Other Non-current Assets	$117M	$136M	$172M	$166M	$132M	$132M	$127M	$120M	$119M	$106M	·	$104M	$86M	$78M	·	$59M
Total Assets	$2.99B	$3.45B	$3.52B	$3.03B	$2.99B	$2.81B	$3.00B	$3.08B	$2.69B	$2.76B	·	$2.93B	$2.97B	$2.89B	·	$2.42B
Accounts Payable	$48M	$26M	$28M	$14M	$23M	$17M	$43M	$9M	$9M	$13M	·	$6M	$24M	$10M	·	$21M
Accrued Liabilities	$116M	$127M	$106M	$99M	$99M	$103M	$108M	$124M	$114M	$106M	·	$119M	$105M	$113M	·	$128M
Current Liabilities	$316M	$717M	$782M	$903M	$897M	$250M	$309M	$305M	$306M	$328M	·	$404M	$288M	$259M	·	$283M
Capital Leases	$262M	$259M	$262M	$263M	$164M	$159M	$162M	$168M	$166M	$169M	·	$173M	$175M	$177M	·	·
Other Non-current Liabilities	$28M	$28M	·	$29M	$59M	$56M	·	$42M	$42M	$42M	·	$49M	$16M	$7M	·	·
Total Liabilities	$2.55B	$2.96B	$3.03B	$2.42B	$2.35B	$2.34B	$2.42B	$2.42B	$2.43B	$2.47B	·	$2.62B	$2.54B	$2.40B	·	$1.83B
Long-term Debt	·	·	$1.81B	·	·	·	·	·	·	·	·	·	·	·	·	·
Common Stock	$166.0K	$166.0K	$163.0K	$161.0K	$159.0K	$159.0K	$158.0K	$158.0K	$146.0K	$146.0K	·	$143.0K	$143.0K	$143.0K	·	$142.0K
Retained Earnings	$-2.84B	$-2.72B	$-2.63B	$-2.40B	$-2.27B	$-2.40B	$-2.25B	$-2.15B	$-2.00B	$-1.94B	·	$-1.79B	$-1.64B	$-1.55B	·	$-1.38B
AOCI	$-34M	$-31M	$-25M	$-26M	$-28M	$-29M	$-31M	$-24M	$-35M	$-35M	·	$-46M	$-51M	$-49M	·	$-63M
Stockholders' Equity	$440M	$491M	$489M	$618M	$632M	$476M	$588M	$662M	$264M	$297M	$387M	$315M	$428M	$487M	$573M	$594M
Liabilities + Equity	$2.99B	$3.45B	$3.52B	$3.03B	$2.99B	$2.81B	$3.00B	$3.08B	$2.69B	$2.76B	·	$2.93B	$2.97B	$2.89B	·	$2.42B
Shares Outstanding	165,636,792	165,902,064	163,304,875	161,137,930	159,196,782	159,041,259	157,908,815	157,813,136	146,025,246	145,844,719	·	143,393,493	143,167,414	143,022,539	·	142,017,411

Cash Flow 11

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Stock-based Comp	$46M	$43M	$43M	$31M	$30M	$30M	$36M	$32M	$31M	$31M	$26M	$26M	$27M	$27M	$26M	$24M
Amort. of Intangibles	$700.0K	$661.0K	$638.0K	$621.0K	$598.0K	$582.0K	$459.0K	$617.0K	$621.0K	$639.0K	$655.0K	$660.0K	$637.0K	$607.0K	$610.0K	$608.0K
Operating Cash Flow	$566M	$-793M	$-138M	$-131M	$151M	$-151M	$-116M	$-115M	$-120M	$-150M	$33M	$-109M	$-97M	$-134M	$-200M	$-24M
CapEx	$16M	$22M	$21M	$5M	$12M	$13M	$25M	$9M	$6M	$4M	$-819.0K	$2M	$12M	$10M	$4M	$6M
Investing Cash Flow	$23M	$537M	$-420M	$91M	$-120M	$170M	$68M	$-341M	$62M	$76M	$-27M	$69M	$70M	$-326M	$212M	$-184M
Stock Issued	·	·	$0	·	·	·	$27.0K	·	·	·	$0	·	·	·	·	·
Financing Cash Flow	$-412M	$57M	$591M	$81M	$1M	$2M	$-44M	$496M	$3M	$24M	$41M	$-32M	$144M	$492M	$-51M	$2M
Net Change in Cash	$177M	$-199M	$34M	$41M	$33M	$22M	$-93M	$41M	$-55M	$-50M	$47M	$-73M	$116M	$33M	$-39M	$-207M
Taxes Paid	$1M	$-8.0K	$22.0K	$-278.0K	$17.0K	$-400.0K	$-8M	$80.0K	$2M	$13.0K	·	·	·	·	·	·
Free Cash Flow	·	$-815M	·	·	·	$-163M	·	·	·	$-154M	·	·	·	$-144M	·	·
Levered FCF	·	$-820M	·	·	·	$-167M	·	·	·	$-159M	·	·	·	$-146M	·	·

Profitability 7

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Operating Margin	-38.2%	-47.7%	·	-102.2%	30.9%	-111.6%	·	-111.1%	-29.3%	-125.1%	·	-99.4%	-47.9%	-87.5%	·	-37.0%
Net Margin	-42.8%	-37.6%	·	-82.1%	27.3%	-111.6%	·	-105.0%	-29.4%	-119.5%	·	-102.2%	-45.3%	-95.2%	·	-29.4%
Pretax Margin	-42.3%	-37.5%	·	-81.9%	27.3%	-111.6%	·	-107.7%	-29.4%	-119.4%	·	-97.6%	-41.1%	-86.5%	·	-29.2%
EBITDA Margin	-38.2%	-47.7%	·	-102.2%	30.9%	-111.6%	·	-111.1%	-29.3%	-125.1%	·	-99.4%	-47.9%	-87.5%	·	-37.0%
ROA	-3.8%	-2.9%	·	-4.2%	4.3%	-5.3%	·	-4.7%	-2.3%	-5.1%	·	-5.5%	-3.1%	-4.6%	·	-1.9%
ROE	-21.4%	-19.1%	·	-20.1%	27.6%	-38.0%	·	-28.7%	-19.1%	-36.5%	·	-32.4%	-16.2%	-20.8%	·	-8.3%
ROIC	-23.5%	-23.9%	·	-26.0%	22.1%	-30.9%	·	-21.9%	-25.1%	-50.4%	·	-47.5%	-23.2%	-25.8%	·	-10.0%

Liquidity & Solvency 3

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio	7.9	4.1	·	2.8	2.9	9.7	·	8.9	7.6	7.4	·	6.4	9.1	9.8	·	7.6
Quick Ratio	6.5	2.7	·	2.5	2.6	8.6	·	8.2	6.8	6.7	·	5.5	8.3	9.1	·	7.0
Interest Coverage	-22.2	-22.8	·	-38.0	34.0	-35.7	·	-35.7	-14.7	-36.0	·	-34.1	-39.4	-71.0	·	-27.7

Efficiency 2

Metric	Trend	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover		0.1	0.1	·	0.1	0.2	0.0	·	0.0	0.1	0.0	·	0.1	0.1	0.0	·	0.1
Inventory Turnover		0.1	0.3	·	0.1	0.2	0.1	·	0.0	0.2	0.1	·	0.1	0.1	0.1	·	0.1

Per Share 5

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Book Value / Share	$2.65	$2.96	·	$3.83	$3.97	$2.99	·	$4.20	$1.81	$2.03	·	$2.20	$2.99	$3.40	·	$4.19
Revenue / Share	$1.62	$1.49	·	$0.98	$2.48	$0.83	·	$0.90	$1.54	$0.82	·	$1.01	$1.32	$0.91	·	$1.13
Cash Flow / Share	·	$-4.81	·	·	·	$-0.95	·	·	·	$-1.03	·	·	·	$-0.94	·	·
Cash / Share	$2.11	$1.05	·	$2.10	$1.87	$1.66	·	$2.12	$2.01	$2.39	·	$2.46	$2.97	$2.16	·	$2.22
EPS (TTM)	$-3.46	$-2.07	·	$-1.69	$-1.84	$-2.99	·	$-2.44	$-2.52	$-2.67	·	$-2.87	$-2.17	$-2.31	·	$0.06

Valuation (TTM) 9

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	$874M	$1.06B	·	$967M	$944M	$717M	·	$803M	$813M	$777M	·	$615M	$631M	$576M	·	$875M
Net Income TTM	$-565M	$-327M	·	$-256M	$-268M	$-458M	·	$-359M	$-366M	$-385M	·	$-409M	$-309M	$-329M	·	$7M
Market Cap	$13.13B	$12.46B	·	$10.54B	$6.29B	$4.80B	·	$6.32B	$6.96B	$6.32B	·	$6.50B	$5.87B	$5.11B	·	$6.28B
P/E	-22.9	-36.3	·	-38.7	-21.5	-10.1	·	-16.4	-18.9	-16.2	·	-15.8	-18.9	-15.5	·	737.2
P/S	15.0	11.8	·	10.9	6.7	6.7	·	7.9	8.6	8.1	·	10.6	9.3	8.9	·	7.2
P/B	29.9	25.4	·	17.1	10.0	10.1	·	9.5	26.4	21.3	·	20.6	13.7	10.5	·	10.6
P / Tangible Book	29.9	25.4	·	17.1	10.0	10.1	·	9.5	26.4	21.3	·	20.6	13.7	10.5	·	11.1
P / Cash Flow	·	-15.7	·	·	·	-31.8	·	·	·	-42.2	·	·	·	-38.1	·	·
Earnings Yield	-4.4%	-2.8%	·	-2.6%	-4.7%	-9.9%	·	-6.1%	-5.3%	-6.2%	·	-6.3%	-5.3%	-6.5%	·	0.14%

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Net Income	$-381M	$-454M	$-366M	$-270M	$-29M
Diluted EPS	$-2.38	$-3.04	$-2.56	$-1.90	$-0.20

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	3.6	2.0	3.2	2.1	·
Current Ratio	3.8	8.5	5.9	7.1	9.7
Quick Ratio	3.4	7.4	5.2	6.4	3.6

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$-320M	$-546M	$-331M	$-290M	$19M

Institutional owners (13F) 554 filers · $15.6B total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 554

Value held $15.6B

New positions 75

Exited positions 41

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
75 (-17 vs prior Q)	41 (-24 vs prior Q)	213 (+26 vs prior Q)	159 (+3 vs prior Q)	+10.5M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
FMR LLC	$1,953,067,764	24,631,956	12.51%	Shares
Capital World Investors	$1,718,152,930	21,669,226	11.01%	Shares
VANGUARD GROUP INC	$1,300,604,712	16,440,459	8.33%	Shares
BlackRock, Inc.	$848,772,532	10,704,660	5.44%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$623,182,054	7,859,529	3.99%	Shares
WELLINGTON MANAGEMENT GROUP LLP	$606,680,694	7,651,415	3.89%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$571,799,597	7,211,497	3.66%	Shares
TWO SIGMA INVESTMENTS, LP	$495,748,197	6,252,342	3.18%	Shares
ROYAL BANK OF CANADA	$490,209,000	6,182,479	3.14%	Shares
STATE STREET CORP	$343,710,098	4,334,848	2.20%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$294,752,810	3,584,024	1.89%	Shares
TWO SIGMA ADVISERS, LP	$241,452,501	3,052,111	1.55%	Shares
JPMORGAN CHASE & CO	$216,198,792	2,671,717	1.39%	Shares
Artisan Partners Limited Partnership	$209,327,536	2,640,024	1.34%	Shares
Tweedy, Browne Co LLC	$180,805,859	2,280,311	1.16%	Shares
Deep Track Capital, LP	$174,438,000	2,200,000	1.12%	Shares
GOLDMAN SACHS GROUP INC	$167,297,540	2,109,945	1.07%	Shares
BAKER BROS. ADVISORS LP	$162,364,274	2,047,727	1.04%	Shares
DEERFIELD MANAGEMENT COMPANY, L.P.	$156,967,955	1,979,669	1.01%	Shares
AMERICAN CENTURY COMPANIES INC	$154,383,816	1,947,076	0.99%	Shares
FRANKLIN RESOURCES INC	$128,717,601	1,623,377	0.82%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$127,264,731	1,605,054	0.82%	Shares
BARCLAYS PLC	$127,112,653	1,603,136	0.81%	Shares
Pictet Asset Management Holding SA	$126,981,913	1,596,998	0.81%	Shares
Polar Capital Holdings Plc	$115,289,325	1,454,021	0.74%	Shares
Alyeska Investment Group, L.P.	$112,426,560	1,417,916	0.72%	Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	$110,805,207	1,475,632	0.71%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$103,108,716	1,300,400	0.66%	Call option
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	$103,108,000	1,300,392	0.66%	Shares
MORGAN STANLEY	$101,605,768	1,281,444	0.65%	Shares
Invesco Ltd.	$88,860,858	1,120,707	0.57%	Shares
VANGUARD FIDUCIARY TRUST CO	$84,114,400	1,060,845	0.54%	Shares
Bellevue Group AG	$77,090,336	972,258	0.49%	Shares
GROUPAMA ASSET MANAGMENT	$75,195,315	937,083	0.48%	Shares
NORTHERN TRUST CORP	$72,440,137	913,610	0.46%	Shares
Capital International Investors	$65,316,248	823,764	0.42%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$65,184,309	822,100	0.42%	Put option
Davern Capital Partners, LP	$63,329,637	798,709	0.41%	Shares
BANK OF AMERICA CORP /DE/	$62,717,591	790,990	0.40%	Shares
SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC	$62,422,083	787,263	0.40%	Shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A.	$58,216,225	734,219	0.37%	Shares
Nuveen, LLC	$57,586,900	726,282	0.37%	Shares
Connor, Clark & Lunn Investment Management Ltd.	$54,253,072	684,236	0.35%	Shares
Eversept Partners, LP	$52,702,794	664,684	0.34%	Shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC	$51,970,948	655,454	0.33%	Shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	$51,682,490	651,816	0.33%	Shares
NEUBERGER BERMAN GROUP LLC	$50,232,832	633,533	0.32%	Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	$50,113,500	632,028	0.32%	Shares
Caption Management, LLC	$49,952,700	630,000	0.32%	Call option
UBS Group AG	$49,546,260	624,874	0.32%	Shares

Show all 554 institutional owners →

Activists & 5%+ owners 5 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
Ionis Pharmaceuticals, Inc. (“Ionis”) ×8 filings	Oct. 13, 2020	·	Initial filing	M&A / sale	SEC
Isis Pharmaceuticals, Inc. (“ Isis ”)	July 31, 2015	·	Initial filing	·	SEC
Isis Pharmaceuticals, Inc. (“Isis”), Stanley T. Crooke (“Crooke”), B. Lynne Parshall (“Parshall”) ×2 filings	Nov. 6, 2014	·	Initial filing	·	SEC
Genzyme Corporation	Jan. 15, 2008	·	Initial filing	Passive investment	SEC
Undisclosed reporting person	April 12, 2001	·	Initial filing	Passive investment	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 47 insiders · 30 officers · 19 directors

19

Insider	Role	Last activity	Shares owned	Buys 12m	Sells 12m	Net 12m
Brett P Monia	Chief Executive Officer	Aug. 31, 2026 J	242,760	0	13	$-30,324,088
HOUGEN ELIZABETH L	EVP, Finance & CFO	March 16, 2026 M	82,660	0	5	$-17,867,127
Kleanthis G Xanthopoulos	President of Regulus	Dec. 3, 2007 A	·	0	0	$0
Shannon L. Devers	EVP, Chief Human Resources Ofc	Oct. 15, 2026 M	17,811	0	13	$-8,189,947
Eric Swayze	EVP Research	Oct. 15, 2026 M	390	0	9	$-5,237,833
Brian Birchler	EVP, Corp and Development Ops	Aug. 31, 2026 J	102,883	0	4	$-1,832,349
O'NEIL PATRICK R.	EVP CLO & General Counsel	Aug. 31, 2026 J	59,205	0	4	$-2,222,334
BENNETT C FRANK	EVP, Chief Scientific Officer	Aug. 31, 2026 J	60,128	0	10	$-16,705,490
Holly B. Kordasiewicz	EVP, Chief Development Officer	July 7, 2026 S	22,096	0	4	$-4,810,107
Eugene Schneider	EVP, Chf Clinical Develop Ofcr	June 26, 2026 M	77,114	0	4	$-3,738,554
Joseph Baroldi	EVP, Chief Business Officer	June 26, 2026 M	4,669	0	11	$-2,568,009
Kyle Jenne	EVP, Chf GL Pdt Str Ofcr	April 15, 2026 M	23,713	0	4	$-3,334,240
Richard S Geary	EVP, Chief Development Officer	Nov. 6, 2025 M	59,657	0	11	$-9,577,499
Onaiza Cadoret-Manier	EVP,Chf GL Pdt Str & Oper Ofc	Feb. 2, 2024 S	35,788	0	0	$0
Stanley T Crooke	Exec Chairman of the Board	Jan. 26, 2021 S	2,021	0	0	$0
Damien Mcdevitt	Chief Business Officer	July 15, 2019 M	2,573	0	0	$0
Sarah Boyce	Chief Business Officer	Jan. 15, 2018 M	8,931	0	0	$0
ECKER DAVID J	Vice President	Sept. 2, 2008 M	0	0	0	$0
Michael J Treble	Vice President, Pres of Ibis	Aug. 11, 2008 M	0	0	0	$0
Jeffrey M Jonas	Executive Vice President	Jan. 2, 2008 A	·	0	0	$0
Mark K Wedel	VP & Chief Medical Officer	July 6, 2007 M	6,603	0	0	$0
LEVIN ARTHUR A	Vice President	April 25, 2007 M	1,674	0	0	$0
BROWN RICHARD K	Vice President	March 8, 2006 M	2,348	0	0	$0
MCNEIL JOHN A	Vice President	Jan. 3, 2005 A	·	0	0	$0
LOWENSTAM PATRICIA	Vice President	Jan. 3, 2005 A	603	0	0	$0
STEIN ARON	Vice President	July 1, 2004 J	1,536	0	0	$0
Hans A De Haan	VP, Drug Development	April 27, 2004 S	0	0	0	$0
LUNDSTEDT KAREN S	Vice President	March 10, 2004 M	5,407	0	0	$0
COLE DOUGLAS L	Vice President	March 9, 2004 M	9,616	0	0	$0
HOLMLUND JON T	Vice President	July 1, 2003 J	983	0	0	$0
Michael R Hayden	Director	July 31, 2026 P	24,000	2	0	$1,058,700
Peter N Reikes	Director	July 15, 2026 A	14,222	0	0	$0
Ludwig Hantson	Director	July 15, 2026 A	·	0	0	$0
Joan E Herman	Director	July 15, 2026 M	51,306	0	2	$-3,173,720
BERTHELSEN SPENCER R	Director	July 15, 2026 M	161,233	0	2	$-1,193,280
Allene M. Diaz	Director	July 7, 2026 M	3,811	0	4	$-5,218,027
Michael J. Yang	Director	July 1, 2026 A	7,940	0	0	$0
Joseph Loscalzo	Director	July 1, 2026 A	36,330	0	5	$-7,085,472
Joseph Klein III	Director	July 1, 2026 A	11,014	0	12	$-5,996,036
Lynne B Parshall	Director	April 15, 2026 S	51,344	0	3	$-794,967
Joseph H Wender	Director	Dec. 1, 2025 S	36,035	0	6	$-4,335,515
MUTO FREDERICK T	Director	July 15, 2022 M	59,597	0	0	$0
Breaux Castleman	Director	July 1, 2020 A	19,183	0	0	$0
REED JOHN C	Director	Sept. 6, 2012 M	0	0	0	$0
Richard D Dimarchi	Director	July 1, 2010 A	·	0	0	$0
GARIELI CHRISTOPHER	Director	July 1, 2005 A	155,431	0	0	$0
SKALETSKY MARK B	Director	July 1, 2004 A	·	0	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 62 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
ARKG · ARK ETF Trust	1.77%	531,633 NS	July 31, 2026	N-PORT
BBP · ETFis Series Trust I	0.97%	18,522 NS	July 31, 2026	N-PORT
FXH · First Trust Exchange-Traded AlphaDE…	0.89%	179,574 NS	July 31, 2026	N-PORT
SSMG · Virtus ETF Trust II	0.87%	540 NS	July 31, 2026	N-PORT
IBB · iShares Trust	0.67%	1,239,007 SH	Sept. 11, 2026	Daily
NUSC · Nushares ETF Trust	0.61%	151,535 NS	July 31, 2026	N-PORT
LABU · Direxion Shares ETF Trust	0.48%	46,023 NS	July 31, 2026	N-PORT
IBBQ · Invesco Exchange-Traded Fund Trust …	0.48%	12,466 SH	Oct. 23, 2026	Daily
QQQJ · Invesco Exchange-Traded Fund Trust …	0.37%	98,330 SH	Oct. 23, 2026	Daily
VBK · VANGUARD INDEX FUNDS	0.34%	2,078,639 SH	Aug. 19, 2026	Daily
FNY · First Trust Exchange-Traded AlphaDE…	0.31%	34,728 NS	July 31, 2026	N-PORT
ISCG · iShares Trust	0.30%	52,262 SH	Sept. 11, 2026	Daily
IWP · iShares Trust	0.25%	873,674 SH	Sept. 11, 2026	Daily
BKMC · BNY Mellon ETF Trust	0.21%	26,705 NS	July 31, 2026	N-PORT
MEDI · Harbor ETF Trust	0.20%	1,631 NS	July 31, 2026	N-PORT
VFMO · VANGUARD WELLINGTON FUND	0.20%	50,927 SH	Aug. 19, 2026	Daily
BBMC · J.P. Morgan Exchange-Traded Fund Tr…	0.18%	72,134 NS	July 31, 2026	N-PORT
VHT · VANGUARD WORLD FUND	0.18%	471,609 SH	Aug. 19, 2026	Daily
PRFZ · Invesco Exchange-Traded Fund Trust	0.17%	103,750 SH	Oct. 23, 2026	Daily
ESML · iShares Trust	0.16%	78,845 SH	Sept. 11, 2026	Daily
FSMD · FIDELITY COVINGTON TRUST	0.15%	74,249 NS	July 31, 2026	N-PORT
VXF · VANGUARD INDEX FUNDS	0.15%	1,895,610 SH	Aug. 19, 2026	Daily
VB · VANGUARD INDEX FUNDS	0.15%	3,600,281 SH	Aug. 19, 2026	Daily
JMOM · J.P. Morgan Exchange-Traded Fund Tr…	0.15%	71,364 NS	July 31, 2026	N-PORT
IYH · iShares Trust	0.15%	96,087 SH	Sept. 11, 2026	Daily
FFLG · FIDELITY COVINGTON TRUST	0.14%	16,403 NS	July 31, 2026	N-PORT
PWS · Pacer Funds Trust	0.14%	629 NS	July 31, 2026	N-PORT
SMMD · iShares Trust	0.13%	87,867 SH	Sept. 11, 2026	Daily
FHLC · FIDELITY COVINGTON TRUST	0.12%	74,568 NS	July 31, 2026	N-PORT
WSGE · EA Series Trust	0.11%	1,255 NS	July 31, 2026	N-PORT
FNX · First Trust Exchange-Traded AlphaDE…	0.10%	25,981 NS	July 31, 2026	N-PORT
FAD · First Trust Exchange-Traded AlphaDE…	0.09%	10,429 NS	July 31, 2026	N-PORT
WSML · iShares Trust	0.08%	9,648 SH	Sept. 11, 2026	Daily
EQAL · Invesco Exchange-Traded Fund Trust …	0.07%	13,535 SH	Oct. 23, 2026	Daily
IWR · iShares Trust	0.07%	673,792 SH	Sept. 11, 2026	Daily
LRND · New York Life Investments ETF Trust	0.05%	3,731 NS	July 31, 2026	N-PORT
VONG · VANGUARD SCOTTSDALE FUNDS	0.04%	244,940 SH	Aug. 19, 2026	Daily
MNZL · EA Series Trust	0.04%	194 NS	July 31, 2026	N-PORT
DYNF · BlackRock ETF Trust	0.04%	269,218 SH	Sept. 11, 2026	Daily
IWF · iShares Trust	0.03%	582,970 SH	Sept. 11, 2026	Daily
VTI · VANGUARD INDEX FUNDS	0.02%	4,990,066 SH	Aug. 19, 2026	Daily
VONE · VANGUARD SCOTTSDALE FUNDS	0.02%	27,263 SH	Aug. 19, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.02%	13,860 SH	Aug. 19, 2026	Daily
ESGV · VANGUARD WORLD FUND	0.02%	37,171 SH	Aug. 19, 2026	Daily
TILT · FlexShares Trust	0.01%	6,110 NS	July 31, 2026	N-PORT
IWB · iShares Trust	0.01%	113,547 SH	Sept. 11, 2026	Daily
IYY · iShares Trust	0.01%	6,926 SH	Sept. 10, 2026	Daily
ITOT · iShares Trust	0.01%	218,402 SH	Sept. 11, 2026	Daily
IWV · iShares Trust	0.01%	45,548 SH	Sept. 10, 2026	Daily
RECS · Columbia ETF Trust I	0.01%	14,074 NS	July 31, 2026	N-PORT
VT · VANGUARD INTERNATIONAL EQUITY INDEX…	0.01%	144,631 SH	Aug. 19, 2026	Daily
IWS · iShares Trust	0.01%	13,733 SH	Sept. 10, 2026	Daily
DCOR · Dimensional ETF Trust	0.00%	2,712 NS	July 31, 2026	N-PORT
IWD · iShares Trust	0.00%	20,479 SH	Sept. 11, 2026	Daily
DFUS · Dimensional ETF Trust	0.00%	5,654 NS	July 31, 2026	N-PORT
REVS · Columbia ETF Trust I	0.00%	82 NS	July 31, 2026	N-PORT
DFAU · Dimensional ETF Trust	0.00%	1,669 NS	July 31, 2026	N-PORT
DFSU · Dimensional ETF Trust	0.00%	236 NS	July 31, 2026	N-PORT
VONV · VANGUARD SCOTTSDALE FUNDS	0.00%	5,617 SH	Aug. 19, 2026	Daily
ISCB · iShares Trust	·	7,426 SH	Sept. 11, 2026	Daily
SMLF · iShares Trust	·	134,548 SH	Sept. 11, 2026	Daily
SMMV · iShares Trust	·	15,473 SH	Sept. 1, 2026	Daily

IONS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21

rating · 31 analysts BUY

Median target $85.00 +98.0%

8 25.8% Strong Buy

17 54.8% Buy

6 19.4% Hold

0 0.0% Sell

0 0.0% Strong Sell

12-Month Price Target

23 analysts · 2026-10-20

Mean target $83.83 +95.3%

← Below all targets Current price $42.93

Low$54.00 Mean$83.83 High$105.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
IONS	$12.92B	-33.2	·	·	-68.1%	·
SYRE	$2.56B	10.1	-62.0%	·	-26.5%	·
ARWR	$4.68B	-3449.0	23258.2%	-0.20%	-0.50%	·
PRAX	$7.43B	-21.9	249.5%	·	-47.3%	·
IOVA	$1.12B	-2.5	60.6%	-148.4%	-56.0%	·
RYTM	$7.19B	-34.4	45.8%	-103.6%	-309.1%	·
GRAL	$3.45B	-7.7	17.2%	-277.5%	-16.7%	·

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

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IONS Ionis Pharmaceuticals, Inc. - Common Stock