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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company. The details of how we calculate the intrinsic value of stocks are described in detail here.
The historical rank and industry rank for Ionis Pharmaceuticals's Intrinsic Value: Projected FCF or its related term are showing as below:
During the past 13 years, the highest Price-to-Intrinsic-Value-Projected-FCF of Ionis Pharmaceuticals was 66.93. The lowest was 1.59. And the median was 3.29.
IONS's Price-to-Projected-FCF is not ranked *
in the Biotechnology industry.
Industry Median: 2.19 * Ranked among companies with meaningful Price-to-Projected-FCF only.
The growth multiple is capped between 8.35 and 17.74.
Total Stockholders Equity weighting is more art than science and it should always be revisited in more detail when researching a company. Weightings from 0% to 100% to more than 100% are possible. 80% was chosen as a happy median after taking the above ideas into consideration.
Ionis Pharmaceuticals's Price-to-Intrinsic-Value-Projected-FCF for today is calculated as
Price-to-Intrinsic-Value-Projected-FCF
=
Share Price
/
Intrinsic Value: Projected FCF
=
44.665
/
-13.679739944343
=
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Ionis Pharmaceuticals Intrinsic Value: Projected FCF Related Terms
Ionis Pharmaceuticals Intrinsic Value: Projected FCF Historical Data
* Premium members only.
The historical data trend for Ionis Pharmaceuticals's Intrinsic Value: Projected FCF can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
IONS vs APGE, CYTK, KRYS: Intrinsic Value: Projected FCF Comparison
For the Biotechnology subindustry, Ionis Pharmaceuticals's Price-to-Projected-FCF, along with its competitors' market caps and Price-to-Projected-FCF data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Ionis Pharmaceuticals Price-to-Projected-FCF vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Ionis Pharmaceuticals's Price-to-Projected-FCF distribution charts can be found below:
* The bar in red indicates where Ionis Pharmaceuticals's Price-to-Projected-FCF falls into.
Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company.
The details of how we calculate the intrinsic value of stocks are described in detail here.
This method smooths out the free cash flow over the past 6-7 years, multiplies the results by a growth multiple, and adds a portion of Total Stockholders Equity.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Intrinsic Value: Projected FCF of $-13.99 mean?
Ionis Pharmaceuticals (IONS) has a Intrinsic Value: Projected FCF of $-13.99 as of Sep. 21, 2026. Intrinsic Value: Projected FCF is the stock value based on a projected free cash flow model. View historical data on Ionis Pharmaceuticals and its competitors. According to the industry distribution chart, Ionis Pharmaceuticals ranks #999999 out of 257 companies in the Biotechnology industry.
Is Ionis Pharmaceuticals' Intrinsic Value: Projected FCF too high?
Ionis Pharmaceuticals' current Intrinsic Value: Projected FCF is $-13.99. Based on the distribution chart, Ionis Pharmaceuticals ranks #999999 out of 257 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, Ionis Pharmaceuticals has a GF Score™ of 69/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Ionis Pharmaceuticals' Intrinsic Value: Projected FCF compare to APGE and CYTK?
According to the Biotechnology industry distribution chart, Ionis Pharmaceuticals ranks #999999 out of 257 companies for Intrinsic Value: Projected FCF. This places Ionis Pharmaceuticals in the lower half of its industry. The industry median Intrinsic Value: Projected FCF is 2.19. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Intrinsic Value: Projected FCF for a Biotechnology company?
The median Intrinsic Value: Projected FCF among Biotechnology companies is 2.19, based on 257 companies in the industry. Companies in the top quartile (top 25%) have a Intrinsic Value: Projected FCF significantly above this median, while those in the bottom quartile fall well below. However, Intrinsic Value: Projected FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Intrinsic Value: Projected FCF mean?
A high Intrinsic Value: Projected FCF can signal that a stock is expensive relative to its fundamentals. Intrinsic Value: Projected FCF is the stock value based on a projected free cash flow model. View historical data on Ionis Pharmaceuticals and its competitors. For the Biotechnology industry, the median Intrinsic Value: Projected FCF is 2.19 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ionis Pharmaceuticals's current Intrinsic Value: Projected FCF is $-13.99. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ionis Pharmaceuticals stock overvalued right now?
Based on GuruFocus' analysis, Ionis Pharmaceuticals (IONS) is currently considered Fairly Valued. The stock's GF Value™ is $48.26, compared to a current price of $44.67 — trading 7.4% below its estimated fair value. The current Intrinsic Value: Projected FCF is $-13.99. Ionis Pharmaceuticals' overall GF Score™ is 69/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Intrinsic Value: Projected FCF calculated?
Intrinsic Value: Projected FCF is calculated from a company's financial statements. For Ionis Pharmaceuticals (IONS), the current Intrinsic Value: Projected FCF is $-13.99 as of Sep. 21, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Ionis Pharmaceuticals (IONS) Overvalued in 2026?
Based on GuruFocus' analysis, Ionis Pharmaceuticals stock appears to be undervalued.
The current stock price of $44.67 is trading 7.4% below its estimated GF Value™ of $48.26.
GuruFocus considers Ionis Pharmaceuticals to be Fairly Valued.
Key valuation signals for IONS:
Intrinsic Value: Projected FCF: $-13.99
GF Value™: $48.26 vs. price of $44.67 (7.4% below fair value)
No single metric tells the full story. See the IONS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ionis Pharmaceuticals is the leading developer of antisense technology to discover and develop novel drugs. Its broad clinical and preclinical pipeline targets a wide variety of diseases, with an emphasis on cardiovascular, metabolic, neurological, and rare diseases. Ionis and Biogen brought Spinraza to market in 2016 as a treatment for spinal muscular atrophy, and Biogen launched ALS drug Qalsody in 2023. Ionis brought two additional drugs to market via its cardiovascular-focused subsidiary Akcea, including ATTR amyloidosis drug Tegsedi (2018) and cardiology drug Waylivra (Europe, 2019). Ionis and AstraZeneca launched polyneuropathy drug Wainua in 2024. Ionis marked its first two independent launches in 2025 for Tryngolza (for FCS) and Dawnzera (for HAE).
69GF Score
Get the complete analysis for IONS
Intrinsic Value: Projected FCF is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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