Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $373M | $514M | $600M | $1.12B | $729M | $810M | $587M | $788M | $705M | $944M |
| Revenue growth | — | 37.9% | 16.6% | 87.2% | -35.0% | 11.1% | -27.5% | 34.1% | -10.5% | 33.8% |
| Operating income | -$20.2M | $31.0M | -$61.4M | $366M | -$172M | -$30.2M | -$410M | -$354M | -$475M | -$382M |
| Operating margin | -5.4% | 6.0% | -10.2% | 32.6% | -23.6% | -3.7% | -69.8% | -44.9% | -67.4% | -40.4% |
| Net income | -$60.4M | $346K | $274M | $278M | -$444M | -$28.6M | -$270M | -$366M | -$454M | -$381M |
| Net margin | -16.2% | 0.1% | 45.6% | 24.8% | -60.9% | -3.5% | -45.9% | -46.5% | -64.4% | -40.4% |
| EPS (diluted) | -$0.50 | $0.15 | $2.07 | $1.90 | -$3.18 | -$0.20 | -$1.90 | -$2.56 | -$3.04 | -$2.38 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$112M | $174M | $603M | $346M | $35.9M | $30.8M | -$274M | -$308M | -$501M | -$269M |
| Capital expenditures | $7.11M | $34.8M | $13.6M | $30.9M | $35.1M | $12.0M | $15.7M | $23.8M | $45.3M | $51.4M |
| Free cash flow | -$119M | $139M | $589M | $315M | $772K | $18.8M | -$290M | -$331M | -$546M | -$320M |
| Share buybacks | — | $0.00 | $0.00 | $34.4M | $90.5M | $0.00 | $0.00 | — | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $84.7M | $130M | $279M | $683M | $398M | $869M | $276M | $399M | $242M | $372M |
| Total assets | $912M | $1.32B | $2.67B | $3.23B | $2.39B | $2.61B | $2.53B | $2.99B | $3.00B | $3.52B |
| Total liabilities | $813M | $957M | $1.48B | $1.55B | $1.65B | $1.84B | $1.96B | $2.60B | $2.42B | $3.03B |
| Long-term debt | — | — | — | — | — | — | $1.18B | $1.24B | $1.20B | $1.33B |
| Shareholders' equity | $99.6M | $281M | $1.05B | $1.47B | $743M | $772M | $573M | $387M | $588M | $489M |
| Retained earnings | -$1.18B | -$1.24B | -$967M | -$708M | -$1.13B | -$1.16B | -$1.43B | -$1.80B | -$2.25B | -$2.63B |
| Shares (wtd avg diluted) | 121M | 126M | 134M | 153M | 140M | 141M | 142M | 143M | 150M | 160M |
Every figure is extracted from IONIS PHARMACEUTICALS INC’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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