Intrinsic value of Ionis Pharmaceuticals - IONS

Previous Close

$64.39

  Intrinsic Value

$172.91

stock screener

  Rating & Target

str. buy

+169%

Previous close

$64.39

 
Intrinsic value

$172.91

 
Up/down potential

+169%

 
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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 8.0

 

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
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  347
  555
  858
  1,283
  1,861
  2,626
  3,610
  4,846
  6,363
  8,188
  10,342
  12,842
  15,701
  18,924
  22,516
  26,475
  30,797
  35,476
  40,503
  45,872
  51,574
  57,601
  63,948
  70,609
  77,581
  84,864
  92,458
  100,366
  108,594
  117,150
  126,042
Variable operating expenses, $m
 
  334
  516
  772
  1,121
  1,581
  2,173
  2,917
  3,831
  4,929
  6,226
  7,731
  9,452
  11,393
  13,555
  15,938
  18,540
  21,356
  24,383
  27,615
  31,048
  34,676
  38,497
  42,506
  46,704
  51,088
  55,660
  60,420
  65,374
  70,524
  75,877
Fixed operating expenses, $m
 
  198
  203
  208
  213
  218
  224
  229
  235
  241
  247
  253
  260
  266
  273
  280
  287
  294
  301
  309
  316
  324
  332
  341
  349
  358
  367
  376
  385
  395
  405
Total operating expenses, $m
  397
  532
  719
  980
  1,334
  1,799
  2,397
  3,146
  4,066
  5,170
  6,473
  7,984
  9,712
  11,659
  13,828
  16,218
  18,827
  21,650
  24,684
  27,924
  31,364
  35,000
  38,829
  42,847
  47,053
  51,446
  56,027
  60,796
  65,759
  70,919
  76,282
Operating income, $m
  -50
  23
  139
  303
  528
  827
  1,213
  1,699
  2,297
  3,018
  3,869
  4,858
  5,989
  7,266
  8,689
  10,258
  11,971
  13,826
  15,819
  17,949
  20,210
  22,601
  25,119
  27,762
  30,528
  33,418
  36,431
  39,570
  42,835
  46,231
  49,760
EBITDA, $m
  -41
  38
  161
  336
  576
  895
  1,307
  1,825
  2,463
  3,231
  4,138
  5,192
  6,398
  7,758
  9,275
  10,947
  12,772
  14,749
  16,874
  19,143
  21,553
  24,100
  26,783
  29,599
  32,547
  35,627
  38,838
  42,182
  45,662
  49,280
  53,041
Interest expense (income), $m
  7
  21
  4
  11
  21
  33
  50
  72
  100
  133
  174
  221
  277
  340
  411
  491
  579
  674
  778
  889
  1,008
  1,135
  1,268
  1,409
  1,556
  1,711
  1,872
  2,040
  2,215
  2,398
  2,587
Earnings before tax, $m
  -84
  3
  134
  292
  507
  793
  1,163
  1,627
  2,198
  2,885
  3,695
  4,637
  5,713
  6,926
  8,277
  9,767
  11,392
  13,151
  15,041
  17,059
  19,202
  21,466
  23,851
  26,353
  28,972
  31,707
  34,559
  37,530
  40,620
  43,833
  47,173
Tax expense, $m
  3
  1
  36
  79
  137
  214
  314
  439
  593
  779
  998
  1,252
  1,542
  1,870
  2,235
  2,637
  3,076
  3,551
  4,061
  4,606
  5,184
  5,796
  6,440
  7,115
  7,822
  8,561
  9,331
  10,133
  10,967
  11,835
  12,737
Net income, $m
  -87
  2
  98
  213
  370
  579
  849
  1,188
  1,604
  2,106
  2,698
  3,385
  4,170
  5,056
  6,042
  7,130
  8,316
  9,600
  10,980
  12,453
  14,017
  15,671
  17,411
  19,238
  21,149
  23,146
  25,228
  27,397
  29,652
  31,998
  34,436

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
  390
  603
  902
  1,309
  1,847
  2,539
  3,408
  4,475
  5,758
  7,273
  9,031
  11,041
  13,308
  15,834
  18,618
  21,658
  24,948
  28,483
  32,259
  36,269
  40,507
  44,970
  49,655
  54,558
  59,679
  65,020
  70,581
  76,367
  82,384
  88,637
Adjusted assets (=assets-cash), $m
  244
  390
  603
  902
  1,309
  1,847
  2,539
  3,408
  4,475
  5,758
  7,273
  9,031
  11,041
  13,308
  15,834
  18,618
  21,658
  24,948
  28,483
  32,259
  36,269
  40,507
  44,970
  49,655
  54,558
  59,679
  65,020
  70,581
  76,367
  82,384
  88,637
Revenue / Adjusted assets
  1.422
  1.423
  1.423
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
Average production assets, $m
  66
  105
  163
  244
  354
  499
  686
  921
  1,209
  1,556
  1,965
  2,440
  2,983
  3,596
  4,278
  5,030
  5,851
  6,740
  7,696
  8,716
  9,799
  10,944
  12,150
  13,416
  14,740
  16,124
  17,567
  19,070
  20,633
  22,258
  23,948
Working capital, $m
  664
  -5
  -8
  -12
  -17
  -24
  -32
  -44
  -57
  -74
  -93
  -116
  -141
  -170
  -203
  -238
  -277
  -319
  -365
  -413
  -464
  -518
  -576
  -635
  -698
  -764
  -832
  -903
  -977
  -1,054
  -1,134
Total debt, $m
  589
  128
  320
  589
  955
  1,439
  2,062
  2,844
  3,804
  4,959
  6,322
  7,905
  9,714
  11,754
  14,028
  16,533
  19,269
  22,230
  25,412
  28,810
  32,419
  36,233
  40,250
  44,466
  48,879
  53,488
  58,295
  63,300
  68,508
  73,923
  79,551
Total liabilities, $m
  813
  351
  543
  812
  1,178
  1,662
  2,285
  3,067
  4,027
  5,182
  6,545
  8,128
  9,937
  11,977
  14,251
  16,756
  19,492
  22,453
  25,635
  29,033
  32,642
  36,456
  40,473
  44,689
  49,102
  53,711
  58,518
  63,523
  68,731
  74,146
  79,774
Total equity, $m
  100
  39
  60
  90
  131
  185
  254
  341
  447
  576
  727
  903
  1,104
  1,331
  1,583
  1,862
  2,166
  2,495
  2,848
  3,226
  3,627
  4,051
  4,497
  4,965
  5,456
  5,968
  6,502
  7,058
  7,637
  8,238
  8,864
Total liabilities and equity, $m
  913
  390
  603
  902
  1,309
  1,847
  2,539
  3,408
  4,474
  5,758
  7,272
  9,031
  11,041
  13,308
  15,834
  18,618
  21,658
  24,948
  28,483
  32,259
  36,269
  40,507
  44,970
  49,654
  54,558
  59,679
  65,020
  70,581
  76,368
  82,384
  88,638
Debt-to-equity ratio
  5.890
  3.290
  5.300
  6.530
  7.300
  7.790
  8.120
  8.350
  8.500
  8.610
  8.690
  8.750
  8.800
  8.830
  8.860
  8.880
  8.900
  8.910
  8.920
  8.930
  8.940
  8.940
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.970
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
  2
  98
  213
  370
  579
  849
  1,188
  1,604
  2,106
  2,698
  3,385
  4,170
  5,056
  6,042
  7,130
  8,316
  9,600
  10,980
  12,453
  14,017
  15,671
  17,411
  19,238
  21,149
  23,146
  25,228
  27,397
  29,652
  31,998
  34,436
Depreciation, amort., depletion, $m
  9
  14
  22
  33
  48
  68
  94
  126
  166
  213
  269
  334
  409
  493
  586
  689
  802
  923
  1,054
  1,194
  1,342
  1,499
  1,664
  1,838
  2,019
  2,209
  2,406
  2,612
  2,826
  3,049
  3,281
Funds from operations, $m
  -264
  16
  120
  246
  419
  648
  943
  1,314
  1,770
  2,319
  2,967
  3,719
  4,579
  5,548
  6,629
  7,819
  9,118
  10,524
  12,034
  13,647
  15,360
  17,170
  19,075
  21,075
  23,169
  25,355
  27,635
  30,009
  32,479
  35,047
  37,717
Change in working capital, $m
  -152
  -2
  -3
  -4
  -5
  -7
  -9
  -11
  -14
  -16
  -19
  -23
  -26
  -29
  -32
  -36
  -39
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -68
  -71
  -74
  -77
  -80
Cash from operations, $m
  -112
  18
  123
  250
  424
  654
  952
  1,325
  1,784
  2,335
  2,986
  3,741
  4,605
  5,577
  6,661
  7,854
  9,157
  10,566
  12,080
  13,695
  15,411
  17,224
  19,133
  21,135
  23,231
  25,421
  27,703
  30,080
  32,553
  35,124
  37,797
Maintenance CAPEX, $m
  0
  -9
  -14
  -22
  -33
  -48
  -68
  -94
  -126
  -166
  -213
  -269
  -334
  -409
  -493
  -586
  -689
  -802
  -923
  -1,054
  -1,194
  -1,342
  -1,499
  -1,664
  -1,838
  -2,019
  -2,209
  -2,406
  -2,612
  -2,826
  -3,049
New CAPEX, $m
  -7
  -39
  -57
  -81
  -110
  -145
  -187
  -235
  -288
  -347
  -409
  -475
  -543
  -613
  -682
  -752
  -821
  -889
  -955
  -1,020
  -1,083
  -1,145
  -1,206
  -1,266
  -1,325
  -1,384
  -1,443
  -1,503
  -1,563
  -1,626
  -1,690
Cash from investing activities, $m
  57
  -48
  -71
  -103
  -143
  -193
  -255
  -329
  -414
  -513
  -622
  -744
  -877
  -1,022
  -1,175
  -1,338
  -1,510
  -1,691
  -1,878
  -2,074
  -2,277
  -2,487
  -2,705
  -2,930
  -3,163
  -3,403
  -3,652
  -3,909
  -4,175
  -4,452
  -4,739
Free cash flow, $m
  -55
  -30
  51
  147
  281
  461
  696
  996
  1,369
  1,823
  2,364
  2,997
  3,727
  4,556
  5,486
  6,516
  7,646
  8,875
  10,201
  11,621
  13,134
  14,736
  16,428
  18,205
  20,069
  22,018
  24,051
  26,171
  28,377
  30,672
  33,058
Issuance/(repayment) of debt, $m
  -3
  -460
  192
  269
  366
  484
  623
  782
  960
  1,155
  1,363
  1,582
  1,809
  2,040
  2,273
  2,506
  2,735
  2,961
  3,182
  3,398
  3,609
  3,815
  4,017
  4,216
  4,413
  4,609
  4,806
  5,005
  5,208
  5,415
  5,628
Issuance/(repurchase) of shares, $m
  13
  604
  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
  144
  192
  269
  366
  484
  623
  782
  960
  1,155
  1,363
  1,582
  1,809
  2,040
  2,273
  2,506
  2,735
  2,961
  3,182
  3,398
  3,609
  3,815
  4,017
  4,216
  4,413
  4,609
  4,806
  5,005
  5,208
  5,415
  5,628
Total cash flow (excl. dividends), $m
  -44
  114
  243
  416
  647
  945
  1,319
  1,778
  2,329
  2,978
  3,727
  4,580
  5,536
  6,597
  7,759
  9,022
  10,382
  11,836
  13,383
  15,019
  16,742
  18,551
  20,444
  22,421
  24,482
  26,627
  28,858
  31,176
  33,585
  36,087
  38,686
Retained Cash Flow (-), $m
  101
  -606
  -21
  -30
  -41
  -54
  -69
  -87
  -107
  -128
  -151
  -176
  -201
  -227
  -253
  -278
  -304
  -329
  -354
  -378
  -401
  -424
  -446
  -468
  -490
  -512
  -534
  -556
  -579
  -602
  -625
Prev. year cash balance distribution, $m
 
  667
  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
 
  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
Cash available for distribution, $m
 
  175
  221
  386
  606
  891
  1,250
  1,691
  2,223
  2,849
  3,576
  4,404
  5,335
  6,370
  7,507
  8,743
  10,078
  11,507
  13,030
  14,642
  16,341
  18,127
  19,998
  21,953
  23,992
  26,115
  28,324
  30,620
  33,006
  35,485
  38,061
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
 
  168
  203
  336
  499
  691
  907
  1,143
  1,389
  1,637
  1,875
  2,091
  2,277
  2,422
  2,520
  2,567
  2,561
  2,504
  2,400
  2,254
  2,077
  1,875
  1,659
  1,439
  1,222
  1,016
  826
  657
  511
  387
  287
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 -90
Price to Sales 22.6
Price to Book 78.3
Price to Tangible Book
Price to Cash Flow -69.9
Price to Free Cash Flow -65.8
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 $347 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 60% 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 60.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $193 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 3.5% 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 0%.

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 19%.

Life of production assets of 7.3 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 -0.9%. 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 - $100 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 124.398 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 $8.0 billion.

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▶ Must-Know Developments for Ionis Pharmaceuticals   [Aug-25-17 07:37AM  Market Realist]
▶ How Akcea Therapeutics Volanesorsen Performed in 2Q17   [Aug-24-17 10:36AM  Market Realist]
▶ How Ioniss Spinraza Performed in 2Q17   [09:07AM  Market Realist]
▶ What Drove Ioniss Revenues in 2Q17?   [07:36AM  Market Realist]
▶ Ionis Reports Revenue Growth in 2Q17   [Aug-23-17 06:06PM  Market Realist]
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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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