Ionis Pharma (IONS) Stock Forecast & Price Target

Ionis Pharmaceuticals has raised its 2025 financial guidance, projecting total revenue between $875-900 million, an increase from the previous estimate of $825-850 million, driven by strong product performance and demand for its drug Tryngolza, which reported $32 million in revenue for Q3 2025. The company also demonstrated solid performance from its partnered programs, with Spinraza generating $374 million and Wainua achieving $59 million, both exceeding consensus estimates. Additionally, Ionis's continued focus on expanding its regulatory submissions and product pipeline reinforces its positive growth outlook, as it prepares for further improvements in its therapeutic offerings such as olezarsen.

Ionis Pharmaceuticals has reported substantial financial losses, projecting a lack of profitability for an extended period, which raises concerns about its financial sustainability. The company ended the third quarter of 2025 with $2.24 billion in cash and equivalents, reflecting a decrease from $2.3 billion in the previous quarter, indicating potential cash flow issues. Additionally, significant risks affect Ionis's outlook, including competitive pressures leading to the erosion of Spinraza's market share, uncertainties regarding the clinical efficacy of its cardiovascular and amyloidosis treatments, and the potential for slower than expected product uptake and regulatory approval delays.