A look at Ionis Pharmaceuticals
Ionis Pharmaceuticals (IONS), a leading therapeutics company, develops and markets drugs for life-threatening diseases. The chart below compares Ionis’s revenue and EPS since Q1 2017. In the first quarter, Ionis’s revenue rose ~24.7% year-over-year to $144.4 million from $115.8 million.
Forward PE multiples
PE multiples represent what one share can buy for an equity investor. Ionis Pharmaceuticals was trading at a forward PE multiple of ~132.9x on May 23, whereas the industry average was ~13.5x. Competitors Incyte (INCY), Regeneron Pharmaceuticals (REGN), and Amgen (AMGN) had forward PE multiples of 37.7x, 14.7x, and 12.8x, respectively.
Forward EV-to-EBITDA multiples
On a capital-structure-neutral basis, Ionis’s forward EV-to-EBITDA multiple was ~478.4x on May 23, much higher than the industry’s average of ~10.7x. Incyte, Regeneron, and Amgen had forward EV-to-EBITDA multiples of 28.6x, 10.6x, and 9.3x, respectively.
Forward EV-to-revenue multiples
On May 23, Ionis had a forward EV-to-revenue multiple of 7.1x, whereas the industry average was 4.2x. Incyte, Regeneron, and Amgen had forward EV-to-revenue multiples of 6.9x, 4.6x, and 5.4x, respectively. The PowerShares Dynamic Biotechnology & Genome ETF (PBE) invests 2.4% of its portfolio in Ionis, 4.8% in Regeneron, and 4.9% in Amgen.
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