Intrinsic value of Ionis Pharmaceuticals - IONS

Previous Close

$46.50

  Intrinsic Value

$128.06

stock screener

  Rating & Target

str. buy

+175%

Previous close

$46.50

 
Intrinsic value

$128.06

 
Up/down potential

+175%

 
Rating

str. buy

We calculate the intrinsic value of IONS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  22.18
  46.50
  42.35
  38.62
  35.25
  32.23
  29.51
  27.05
  24.85
  22.86
  21.08
  19.47
  18.02
  16.72
  15.55
  14.49
  13.54
  12.69
  11.92
  11.23
  10.61
  10.05
  9.54
  9.09
  8.68
  8.31
  7.98
  7.68
  7.41
  7.17
  6.95
Revenue, $m
  347
  744
  1,059
  1,468
  1,986
  2,626
  3,401
  4,321
  5,395
  6,629
  8,026
  9,589
  11,317
  13,209
  15,263
  17,475
  19,842
  22,360
  25,026
  27,836
  30,788
  33,881
  37,113
  40,486
  43,999
  47,655
  51,458
  55,411
  59,518
  63,787
  68,223
Variable operating expenses, $m
 
  415
  590
  817
  1,104
  1,459
  1,889
  2,399
  2,995
  3,679
  4,454
  5,319
  6,277
  7,327
  8,466
  9,693
  11,006
  12,402
  13,881
  15,440
  17,077
  18,793
  20,586
  22,456
  24,405
  26,433
  28,542
  30,735
  33,013
  35,381
  37,841
Fixed operating expenses, $m
 
  207
  212
  217
  221
  226
  231
  236
  242
  247
  252
  258
  264
  269
  275
  281
  288
  294
  300
  307
  314
  321
  328
  335
  342
  350
  357
  365
  373
  382
  390
Total operating expenses, $m
  397
  622
  802
  1,034
  1,325
  1,685
  2,120
  2,635
  3,237
  3,926
  4,706
  5,577
  6,541
  7,596
  8,741
  9,974
  11,294
  12,696
  14,181
  15,747
  17,391
  19,114
  20,914
  22,791
  24,747
  26,783
  28,899
  31,100
  33,386
  35,763
  38,231
Operating income, $m
  -50
  122
  258
  435
  661
  941
  1,281
  1,686
  2,159
  2,703
  3,320
  4,012
  4,776
  5,613
  6,522
  7,501
  8,549
  9,664
  10,844
  12,089
  13,397
  14,767
  16,200
  17,695
  19,252
  20,873
  22,558
  24,311
  26,132
  28,025
  29,992
EBITDA, $m
  -41
  143
  287
  474
  713
  1,010
  1,369
  1,797
  2,298
  2,873
  3,525
  4,255
  5,062
  5,947
  6,908
  7,943
  9,051
  10,229
  11,477
  12,793
  14,176
  15,625
  17,139
  18,719
  20,365
  22,078
  23,860
  25,713
  27,638
  29,639
  31,718
Interest expense (income), $m
  7
  45
  23
  45
  74
  110
  154
  208
  272
  347
  433
  530
  639
  760
  891
  1,034
  1,189
  1,353
  1,529
  1,714
  1,910
  2,116
  2,331
  2,557
  2,791
  3,036
  3,291
  3,556
  3,831
  4,117
  4,415
Earnings before tax, $m
  -84
  76
  234
  390
  587
  831
  1,127
  1,478
  1,887
  2,356
  2,887
  3,482
  4,137
  4,853
  5,630
  6,466
  7,360
  8,310
  9,315
  10,375
  11,487
  12,652
  13,869
  15,138
  16,460
  17,836
  19,267
  20,755
  22,301
  23,907
  25,577
Tax expense, $m
  3
  21
  63
  105
  159
  224
  304
  399
  509
  636
  779
  940
  1,117
  1,310
  1,520
  1,746
  1,987
  2,244
  2,515
  2,801
  3,101
  3,416
  3,745
  4,087
  4,444
  4,816
  5,202
  5,604
  6,021
  6,455
  6,906
Net income, $m
  -87
  56
  171
  285
  429
  607
  823
  1,079
  1,377
  1,720
  2,107
  2,542
  3,020
  3,543
  4,110
  4,720
  5,373
  6,067
  6,800
  7,573
  8,385
  9,236
  10,124
  11,051
  12,016
  13,021
  14,065
  15,151
  16,280
  17,452
  18,671

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  668
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  912
  768
  1,093
  1,515
  2,050
  2,710
  3,510
  4,460
  5,568
  6,841
  8,283
  9,895
  11,679
  13,632
  15,751
  18,034
  20,477
  23,075
  25,826
  28,726
  31,773
  34,965
  38,300
  41,781
  45,407
  49,180
  53,104
  57,183
  61,422
  65,828
  70,406
Adjusted assets (=assets-cash), $m
  244
  768
  1,093
  1,515
  2,050
  2,710
  3,510
  4,460
  5,568
  6,841
  8,283
  9,895
  11,679
  13,632
  15,751
  18,034
  20,477
  23,075
  25,826
  28,726
  31,773
  34,965
  38,300
  41,781
  45,407
  49,180
  53,104
  57,183
  61,422
  65,828
  70,406
Revenue / Adjusted assets
  1.422
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
Average production assets, $m
  66
  188
  268
  372
  503
  664
  860
  1,093
  1,365
  1,677
  2,031
  2,426
  2,863
  3,342
  3,862
  4,421
  5,020
  5,657
  6,331
  7,042
  7,789
  8,572
  9,390
  10,243
  11,132
  12,057
  13,019
  14,019
  15,058
  16,138
  17,260
Working capital, $m
  664
  -22
  -31
  -43
  -58
  -76
  -99
  -125
  -156
  -192
  -233
  -278
  -328
  -383
  -443
  -507
  -575
  -648
  -726
  -807
  -893
  -983
  -1,076
  -1,174
  -1,276
  -1,382
  -1,492
  -1,607
  -1,726
  -1,850
  -1,978
Total debt, $m
  589
  308
  600
  980
  1,461
  2,056
  2,775
  3,630
  4,627
  5,773
  7,071
  8,522
  10,127
  11,885
  13,793
  15,847
  18,046
  20,384
  22,860
  25,470
  28,212
  31,085
  34,087
  37,219
  40,482
  43,878
  47,410
  51,081
  54,897
  58,861
  62,982
Total liabilities, $m
  813
  691
  984
  1,364
  1,845
  2,439
  3,159
  4,014
  5,011
  6,157
  7,454
  8,906
  10,511
  12,268
  14,176
  16,231
  18,429
  20,768
  23,244
  25,854
  28,596
  31,468
  34,470
  37,603
  40,866
  44,262
  47,794
  51,465
  55,280
  59,245
  63,365
Total equity, $m
  100
  77
  109
  152
  205
  271
  351
  446
  557
  684
  828
  990
  1,168
  1,363
  1,575
  1,803
  2,048
  2,308
  2,583
  2,873
  3,177
  3,496
  3,830
  4,178
  4,541
  4,918
  5,310
  5,718
  6,142
  6,583
  7,041
Total liabilities and equity, $m
  913
  768
  1,093
  1,516
  2,050
  2,710
  3,510
  4,460
  5,568
  6,841
  8,282
  9,896
  11,679
  13,631
  15,751
  18,034
  20,477
  23,076
  25,827
  28,727
  31,773
  34,964
  38,300
  41,781
  45,407
  49,180
  53,104
  57,183
  61,422
  65,828
  70,406
Debt-to-equity ratio
  5.890
  4.010
  5.490
  6.470
  7.130
  7.580
  7.910
  8.140
  8.310
  8.440
  8.540
  8.610
  8.670
  8.720
  8.760
  8.790
  8.810
  8.830
  8.850
  8.870
  8.880
  8.890
  8.900
  8.910
  8.920
  8.920
  8.930
  8.930
  8.940
  8.940
  8.950
Adjusted equity ratio
  -2.328
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -87
  56
  171
  285
  429
  607
  823
  1,079
  1,377
  1,720
  2,107
  2,542
  3,020
  3,543
  4,110
  4,720
  5,373
  6,067
  6,800
  7,573
  8,385
  9,236
  10,124
  11,051
  12,016
  13,021
  14,065
  15,151
  16,280
  17,452
  18,671
Depreciation, amort., depletion, $m
  9
  21
  29
  39
  52
  69
  88
  112
  139
  170
  205
  243
  286
  334
  386
  442
  502
  566
  633
  704
  779
  857
  939
  1,024
  1,113
  1,206
  1,302
  1,402
  1,506
  1,614
  1,726
Funds from operations, $m
  -264
  77
  200
  324
  481
  676
  911
  1,190
  1,516
  1,890
  2,313
  2,784
  3,306
  3,877
  4,496
  5,163
  5,875
  6,632
  7,433
  8,278
  9,164
  10,093
  11,063
  12,075
  13,129
  14,226
  15,367
  16,553
  17,785
  19,066
  20,397
Change in working capital, $m
  -152
  -7
  -9
  -12
  -15
  -19
  -22
  -27
  -31
  -36
  -41
  -45
  -50
  -55
  -60
  -64
  -69
  -73
  -77
  -81
  -86
  -90
  -94
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -129
Cash from operations, $m
  -112
  84
  209
  336
  496
  694
  933
  1,217
  1,547
  1,925
  2,353
  2,830
  3,356
  3,932
  4,556
  5,227
  5,944
  6,705
  7,511
  8,359
  9,250
  10,183
  11,157
  12,173
  13,231
  14,332
  15,477
  16,668
  17,905
  19,190
  20,526
Maintenance CAPEX, $m
  0
  -13
  -19
  -27
  -37
  -50
  -66
  -86
  -109
  -136
  -168
  -203
  -243
  -286
  -334
  -386
  -442
  -502
  -566
  -633
  -704
  -779
  -857
  -939
  -1,024
  -1,113
  -1,206
  -1,302
  -1,402
  -1,506
  -1,614
New CAPEX, $m
  -7
  -60
  -80
  -103
  -131
  -162
  -196
  -233
  -272
  -312
  -353
  -395
  -437
  -479
  -520
  -560
  -599
  -637
  -674
  -711
  -747
  -782
  -818
  -853
  -889
  -925
  -962
  -1,000
  -1,039
  -1,080
  -1,122
Cash from investing activities, $m
  57
  -73
  -99
  -130
  -168
  -212
  -262
  -319
  -381
  -448
  -521
  -598
  -680
  -765
  -854
  -946
  -1,041
  -1,139
  -1,240
  -1,344
  -1,451
  -1,561
  -1,675
  -1,792
  -1,913
  -2,038
  -2,168
  -2,302
  -2,441
  -2,586
  -2,736
Free cash flow, $m
  -55
  11
  111
  206
  328
  482
  671
  898
  1,166
  1,477
  1,832
  2,231
  2,677
  3,167
  3,702
  4,281
  4,903
  5,566
  6,271
  7,015
  7,799
  8,621
  9,482
  10,381
  11,318
  12,294
  13,310
  14,366
  15,463
  16,604
  17,790
Issuance/(repayment) of debt, $m
  -3
  -298
  293
  380
  481
  595
  720
  855
  997
  1,146
  1,298
  1,451
  1,605
  1,758
  1,908
  2,055
  2,198
  2,339
  2,476
  2,610
  2,742
  2,873
  3,002
  3,132
  3,263
  3,396
  3,532
  3,671
  3,815
  3,965
  4,120
Issuance/(repurchase) of shares, $m
  13
  486
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  11
  188
  293
  380
  481
  595
  720
  855
  997
  1,146
  1,298
  1,451
  1,605
  1,758
  1,908
  2,055
  2,198
  2,339
  2,476
  2,610
  2,742
  2,873
  3,002
  3,132
  3,263
  3,396
  3,532
  3,671
  3,815
  3,965
  4,120
Total cash flow (excl. dividends), $m
  -44
  200
  403
  586
  809
  1,076
  1,391
  1,753
  2,163
  2,623
  3,130
  3,683
  4,282
  4,925
  5,610
  6,336
  7,101
  7,905
  8,746
  9,625
  10,541
  11,494
  12,484
  13,513
  14,581
  15,690
  16,841
  18,037
  19,279
  20,569
  21,910
Retained Cash Flow (-), $m
  101
  -542
  -33
  -42
  -53
  -66
  -80
  -95
  -111
  -127
  -144
  -161
  -178
  -195
  -212
  -228
  -244
  -260
  -275
  -290
  -305
  -319
  -334
  -348
  -363
  -377
  -392
  -408
  -424
  -441
  -458
Prev. year cash balance distribution, $m
 
  796
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  86
  126
  179
  248
  336
  444
  575
  730
  912
  1,120
  1,356
  1,620
  1,913
  2,232
  2,579
  2,953
  3,353
  3,779
  4,229
  4,704
  5,203
  5,726
  6,272
  6,842
  7,436
  8,054
  8,696
  9,364
  10,059
  10,780
Cash available for distribution, $m
 
  453
  371
  543
  755
  1,010
  1,311
  1,658
  2,053
  2,495
  2,985
  3,521
  4,103
  4,729
  5,398
  6,107
  6,857
  7,645
  8,471
  9,335
  10,236
  11,175
  12,151
  13,165
  14,219
  15,313
  16,449
  17,629
  18,855
  20,128
  21,452
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  435
  340
  473
  622
  783
  951
  1,120
  1,283
  1,433
  1,565
  1,672
  1,751
  1,798
  1,812
  1,793
  1,742
  1,663
  1,560
  1,437
  1,301
  1,156
  1,008
  863
  724
  596
  480
  378
  292
  220
  162
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Ionis Pharmaceuticals, Inc. is engaged in discovering and developing ribonucleic acid (RNA)-targeted therapeutics. The Company, using its drug discovery platform, has developed a pipeline of drugs for patients with unmet medical needs. The Company's segments include Ionis Core and Akcea Therapeutics. In the Ionis Core segment, the Company is engaged in exploiting a drug discovery platform to generate a pipeline of drugs for the Company and its partners. The Akcea Therapeutics segment includes the operations of the Company's subsidiary, Akcea Therapeutics, Inc. (Akcea Therapeutics). Akcea Therapeutics is focused on developing and commercializing volanesorsen and other clinical-stage drugs for serious cardiometabolic diseases caused by lipid disorders. The Company is developing volanesorsen to treat two severe and rare, genetically defined diseases, familial chylomicronemia (FCS) and familial partial lipodystrophy (FPL). The Company offers SPINRAZA, a Generation 2.0+ antisense drug.

FINANCIAL RATIOS  of  Ionis Pharmaceuticals (IONS)

Valuation Ratios
P/E Ratio -65
Price to Sales 16.3
Price to Book 56.6
Price to Tangible Book
Price to Cash Flow -50.5
Price to Free Cash Flow -47.5
Growth Rates
Sales Growth Rate 22.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12.5%
Cap. Spend. - 3 Yr. Gr. Rate 28.5%
Financial Strength
Quick Ratio 668
Current Ratio 0.1
LT Debt to Equity 588%
Total Debt to Equity 589%
Interest Coverage -11
Management Effectiveness
Return On Assets -8.6%
Ret/ On Assets - 3 Yr. Avg. -7%
Return On Total Capital -12.8%
Ret/ On T. Cap. - 3 Yr. Avg. -10.4%
Return On Equity -57.8%
Return On Equity - 3 Yr. Avg. -36.1%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 16.4%
Gross Margin - 3 Yr. Avg. 5.8%
EBITDA Margin -19.6%
EBITDA Margin - 3 Yr. Avg. -20.9%
Operating Margin -14.4%
Oper. Margin - 3 Yr. Avg. -22.3%
Pre-Tax Margin -24.2%
Pre-Tax Margin - 3 Yr. Avg. -26.8%
Net Profit Margin -25.1%
Net Profit Margin - 3 Yr. Avg. -24.8%
Effective Tax Rate -3.6%
Eff/ Tax Rate - 3 Yr. Avg. 8.1%
Payout Ratio 0%

IONS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IONS stock intrinsic value calculation we used $508 million for the last fiscal year's total revenue generated by Ionis Pharmaceuticals. The default revenue input number comes from 2016 income statement of Ionis Pharmaceuticals. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our IONS stock valuation model: a) initial revenue growth rate of 46.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for IONS is calculated based on our internal credit rating of Ionis Pharmaceuticals, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Ionis Pharmaceuticals.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of IONS stock the variable cost ratio is equal to 55.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $203 million in the base year in the intrinsic value calculation for IONS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7.5% for Ionis Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Ionis Pharmaceuticals. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the IONS stock is equal to 16.9%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for IONS are equal to 25.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Ionis Pharmaceuticals operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for IONS is equal to -2.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $331 million for Ionis Pharmaceuticals - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 124 million for Ionis Pharmaceuticals is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Ionis Pharmaceuticals at the current share price and the inputted number of shares is $5.8 billion.

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COMPANY NEWS

▶ Is Ionis Pharmaceuticals, Inc. a Buy?   [08:46AM  Motley Fool]
▶ [$$] Dynacure Pumps War Chest to Beat Rare Muscle Diseases   [Jul-06-18 04:00AM  The Wall Street Journal]
▶ Why This Biotech Company 'Dominates' Its Rival In Drug Study   [Jul-05-18 04:27PM  Investor's Business Daily]
▶ Why Biogen, Ionis Could Be In Trouble As Others Move Into SMA Drugs   [Jun-20-18 03:35PM  Investor's Business Daily]
▶ Biogen Buys $625 Million in Ionis Stock   [Jun-11-18 01:29PM  Barrons.com]
▶ 3 Top Biotech Stocks to Buy in June   [Jun-04-18 11:36AM  Motley Fool]
▶ Better Buy: Biogen Inc. vs. Celgene   [Jun-03-18 07:18AM  Motley Fool]
▶ 3 Top Biotech Stocks to Buy Right Now   [May-19-18 09:12AM  Motley Fool]
▶ Why Akcea Therapeutics Rocketed Higher Today   [May-11-18 12:13PM  Motley Fool]
▶ Akcea and Ionis Just Got A Major Boost   [09:53AM  Market Exclusive]
▶ Ionis Pharmaceuticals Prepares for Launch   [May-09-18 04:11PM  Motley Fool]
▶ 10 Ionis Pharmaceuticals Inc Earnings Highlights   [May-04-18 01:16PM  InvestorPlace]
▶ Ionis Pharmaceuticals: 1Q Earnings Snapshot   [07:21AM  Associated Press]
▶ Biogen's $1 Billion Bet on Ionis   [04:26PM  Motley Fool]
▶ Is Biogen Inc. a Buy?   [Apr-28-18 06:27PM  Motley Fool]
▶ A Promising Step for Medical Marijuana   [Apr-26-18 06:40PM  Motley Fool]
▶ Why Ionis Pharmaceuticals Crashed Today   [Apr-24-18 04:38PM  Motley Fool]
▶ Ahead of earnings, Biogens Ionis deal perplexes   [Apr-23-18 02:29PM  MarketWatch]
▶ Ionis Shares Jump As It Deepens Biogen Ties In Neurology Drugs   [Apr-20-18 05:10PM  Investor's Business Daily]
▶ Biogen plunks down $1B in cash to expand neuro drug pact with Ionis   [09:35AM  American City Business Journals]
▶ Why AveXis, Inc. Stock Is Soaring Today   [Apr-09-18 12:43PM  Motley Fool]
▶ How Pfizer Sneaked Into Rare-Disease Market And Hit Alnylam, Ionis   [Apr-02-18 04:16PM  Investor's Business Daily]
▶ Pfizer Takes On Alnylam, Ionis With Rare Disease Treatment   [Mar-29-18 05:15PM  Investor's Business Daily]
▶ Is Ionis Pharmaceuticals, Inc. a Buy?   [Mar-24-18 07:17AM  Motley Fool]
▶ Janney: Buy The Dip In Uniqure   [Mar-20-18 11:39AM  Benzinga]
▶ 3 Biotech Stocks That Soared This Week: Are They Buys?   [Mar-17-18 08:32AM  Motley Fool]
▶ Ionis Pharmaceuticals tops Street 4Q forecasts   [09:27AM  Associated Press]
Financial statements of IONS
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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