Ionis Pharmaceuticals, Inc.

IONSNASDAQHealthcare● Active

$74.48

$-0.65(-0.87%)

Market Cap$12.3B

P/E Ratio—

52W High$86.74

52W Low$34.78

Avg Volume1.9M

Open$75.24

Beta0.37

Overview

Ionis Pharmaceuticals, Inc. (IONS) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

IONS · free cash flow · updated Jun 8, 2026

Core FCF metrics

IONS · FCF · TTM · margin & CAGR

Free cash flow was −$320.0M for FY2025 (fiscal year ending 2025-12-31), up 41.4% year-over-year The FCF margin was -33.9%.

FY2025 Free Cash Flow−$320.0M▲ +41.4% YoY

Trailing 12M (TTM)−$971.3Mtrailing 4 quarters sum

FCF Margin-33.9%−$320.0M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

IONS · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest−$268.6M(51M)−$320.0M▲ +41.4%-33.9%

FY2024−$500.9M(45M)−$546.2M▼ 62.8%-77.5%

FY2023−$307.5M(28M)−$335.5M▼ 13.9%-42.6%

FY2022−$274.4M(20M)−$294.5M▼ 2383.1%-50.1%

FY2021$30.8M(18M)$12.9M▲ +350.2%1.6%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

IONS · P/FCF · FCF yield · FCF per share

Ionis Pharmaceuticals, Inc. (IONS) reported negative free cash flow of −$0.32B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

IONS · cash flow statement · operating / investing / financing

For FY2025, Ionis Pharmaceuticals, Inc. generated −$268.6M in operating cash flow and spent 51M in capital expenditures, yielding −$320.0M in free cash flow.

Operating Activities

−$268.6M

Cash from core business operations

2025-12-31

Investing Activities

−$277.8M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$675.8M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF (−$268.6M) − |CapEx| (51M) = FCF (−$320.0M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

IONS vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Ionis Pharmaceuticals, Inc.YOU

IONS

−$320.0M+41.4%-33.9%

Loss

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Ionis Pharmaceuticals, Inc. (IONS) reported free cash flow of −$320.0M for FY2025 (fiscal year ending 2025-12-31), up 41.4% year-over-year. The FCF margin was -33.9%.

Based on available data, Ionis Pharmaceuticals, Inc. has maintained positive free cash flow for at least 6 fiscal year(s). FCF peaked at $585.2M in FY2018.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

IONS free cash flow · 8 questions

Ionis Pharmaceuticals, Inc. free cash flow was −$320.0M for FY2025, up 41.4% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$971.3M.

IONS free cash flowIONS FCFIONS FCF 2025IONS free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Ionis Pharmaceuticals, Inc. · Ionis Pharmaceuticals, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026