Risk Sleuth
IONS · 10-K filed 26 Feb 2026 · year to 31 Dec 2025

Ionis Pharmaceuticals

35 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.

Suppliers

Cold Spring Harbor Laboratory

depends on · low single digit royalty
We pay Cold Spring Harbor Laboratory and the University of Massachusetts a low single digit royalty on net sales of SPINRAZA.Business (Item 1)

University of Massachusetts

depends on · low single digit royalty
We have exclusively in-licensed patents related to SPINRAZA from Cold Spring Harbor Laboratory and the University of Massachusetts.Business (Item 1)

Contract manufacturing organizations (CMOs)

depends onnamed as a risk
We rely on third-party manufacturers to supply the drug substance and drug product for TRYNGOLZA, DAWNZERA and WAINUA and drug product for WAYLIVRA.Risk factors (Item 1A)

Also named by GEHC, GILD, MRNA, ZTS

Clinical research organizations (Icon, Medpace, Parexel, Syneos Health, Thermo Fisher Scientific)

depends onnamed as a risk
For example, we use clinical research organizations, such as Icon Clinical Research Limited, Medpace, Inc., Parexel International Corporation, Syneos Health, Inc. and Thermo Fisher Scientific Inc. for the clinical studies for our medicines, including WAINUA for the treatment of ATTR-CM, DAWNZERA, obudanersen, olezarsen, ulefnersen and zilganersen.Risk factors (Item 1A)

Partners and platforms

AstraZeneca

earns from · more than $615 million in paymentsnamed as a risk
We depend on our collaboration with AstraZeneca for the joint development and commercialization of WAINUA.Risk factors (Item 1A)

Also named by AMGN, TEM

Novartis

earns from · more than $275 million in paymentsnamed as a risk
For example, in 2025, Novartis decided to return the clinical development program for a follow on to pelacarsen, and in 2022, Pfizer and Bayer decided to discontinue the clinical development programs for vupanorsen and fesomersen, respectively.Risk factors (Item 1A)

Also named by EXEL, INCY

GSK

earns from · more than $105 million in paymentsnamed as a risk
In addition, we are eligible to receive tiered royalties ranging from 10 to 12 percent on net sales of bepirovirsen.Business (Item 1)

Also named by ABBV

Roche

earns from · approximately $140 million in paymentsnamed as a risk
Our partner, Hoffmann-La Roche Inc. and F. Hoffmann-La Roche Ltd, collectively Roche, is responsible for ongoing development and commercialization of sefaxersen worldwide.Business (Item 1)

Also named by EXEL

Biogen

earns from · more than $2.0 billion in revenue from SPINRAZA royaltiesnamed as a risk
We depend on our collaborations with Biogen for the development and commercialization of SPINRAZA and QALSODY.Risk factors (Item 1A)

Otsuka Pharmaceutical

earns from · more than $125 million in paymentsnamed as a risk
In addition, we are eligible to receive tiered royalties up to 30 percent on net sales.Business (Item 1)

Ono Pharmaceutical

earns from · more than $285 million in payments
From inception through December 31, 2025, we have generated more than $285 million in payments under this collaboration.Business (Item 1)

Also named by BMY

Swedish Orphan Biovitrum (Sobi)

earns from · more than $145 million in payments
Under our agreements, we are responsible for supplying finished goods inventory to Sobi and Sobi is responsible for selling each medicine to the end customer.Business (Item 1)

PTC Therapeutics

earns from · more than $70 million in payments
Under the license agreement, we are eligible to receive royalties from PTC in the mid-20 percent range on net sales for each medicine.Business (Item 1)

Theratechnologies

earns from
In December 2024, we entered into an agreement with Theratechnologies, Inc. to commercialize DAWNZERA and olezarsen in Canada.Business (Item 1)

Other companies

Royalty Pharma

up to an additional $625 million in milestone paymentsnamed as a risk
In addition to the $500 million we received at closing, this agreement makes available to us up to an additional $625 million in milestone payments.Risk factors (Item 1A)

Also named by ARWR, BIIB, EXEL

Competitors

Novartis (Zolgensma/Itvisma)

competes withnamed as a risk
SPINRAZA faces competition from both a gene therapy product and an oral product for the treatment of SMA.Risk factors (Item 1A)

Also named by EXEL, INCY

Takeda

competes withnamed as a risk
DAWNZERA faces competition from several commercial competitors, including an oral product, and could face competition from additional commercial competitors in the future;Risk factors (Item 1A)

Also named by EXEL, PFE

Arrowhead Pharmaceuticals

competes withnamed as a risk
For example, in September 2025, we filed a claim against Arrowhead Pharmaceuticals, Inc., or Arrowhead, for patent infringement over Arrowhead's commercialization of plozasiran, and Arrowhead filed a separate lawsuit against us seeking to invalidate that same patent.Risk factors (Item 1A)

Alnylam

competes withnamed as a risk
WAINUA faces competition in ATTRv-PN from numerous competitors, including an oral product, and, if approved for ATTR-CM, would face competition from several commercial competitors, including an oral product, and could face competition from additional commercial competitors in the future;Risk factors (Item 1A)

Places

Carlsbad, California

concentrated in · 26,800 square foot buildingnamed as a risk
In addition, we currently manufacture most of our research and clinical supplies in a manufacturing facility located in Carlsbad, California, and various regions within California have recently experienced numerous catastrophic wildfires.Risk factors (Item 1A)

Israel

operates innamed as a risk
In addition, while we do not have any clinical trial sites in Russia, Ukraine or Gaza, we do have a limited number of clinical trial sites in Israel that may be materially impacted by the ongoing military conflicts in Israel and elsewhere in the Middle East and could result in difficulties enrolling or completing our clinical trials in such areas on schedule.Risk factors (Item 1A)

Also named by AIOT, AKAM, AMAT, AMGN, APP, ASTS, AVY, BSX and 31 more

Hazards

California wildfires

operates innamed as a risk
In addition, we currently manufacture most of our research and clinical supplies in a manufacturing facility located in Carlsbad, California, and various regions within California have recently experienced numerous catastrophic wildfires.Risk factors (Item 1A)

Also named by AWK, C, CEG, RHI, SNPS, SRE, TRV

Commodities and inputs

Oligonucleotide raw materials and equipment

depends onnamed as a risk
There are a small number of suppliers for certain capital equipment and raw materials that we use to manufacture our medicines, and some of these suppliers will need to increase their scale of production to meet our projected needs for commercial manufacturing.Risk factors (Item 1A)

Regulators

U.S. Food and Drug Administration (FDA)

subject tonamed as a risk
In addition, under accelerated approval the FDA is requiring completion of the ongoing Phase 3 trial for QALSODY to confirm the clinical benefit of QALSODY.Risk factors (Item 1A)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

European Commission

subject tonamed as a risk
This happened in connection with the conditional marketing approval for WAYLIVRA in the EU, as the European Commission is requiring us to conduct a post-authorization safety study to evaluate the safety of WAYLIVRA on thrombocytopenia and bleeding in FCS patients taking WAYLIVRA.Risk factors (Item 1A)

Also named by AAPL, BKNG, CCK, FWONA, KRYS, META, MRNA, TEX and 1 more

Laws and programs

Medicare Drug Price Negotiation Program (Inflation Reduction Act)

subject to · up to 20 productsnamed as a risk
Products subject to the Medicare Drug Price Negotiation Program are expected to experience a significant reduction in reimbursement from the Medicare program on a per unit basis.Risk factors (Item 1A)

Also named by JNJ, NBIX, PFE

Medicare

subject tonamed as a risk
The majority of patients in the U.S. who would fit within our target patient populations for our medicines have their healthcare supported by a combination of Medicare coverage, other government health programs such as Medicaid, managed care providers, private health insurers and other organizations.Risk factors (Item 1A)

Also named by ABT, ARWR, AXGN, BAX, BDX, BMY, BSX, CAH and 48 more

OECD Pillar Two

subject tonamed as a risk
We are monitoring developments and evaluating the potential impacts of the Pillar Two rules, including on our effective tax rates, and considering our eligibility to qualify for these safe harbor rules (including under the proposed “side-by-side” arrangement).Risk factors (Item 1A)

Also named by APO, BAM, BAX, BF/B, CHRW, COHR, CPNG, CRM and 45 more

340B Drug Pricing Program

subject tonamed as a risk
Changes to the 340B program or to Medicare or Medicaid programs at the federal or state level, including outcomes of ongoing litigation in our industry, may impact our product prices and rebate liability.Risk factors (Item 1A)

Also named by ABBV, BAX, BIIB, BMY, CAH, COR, CVS, EXEL and 13 more

Orphan Drug Act

subject tonamed as a risk
If we lose Orphan Drug exclusivity on any of our medicines, we may face increased competition and lose market share for such medicine.Risk factors (Item 1A)

Also named by ARWR, KRYS, NBIX, PVLA, UTHR, VKTX

BIOSECURE Act

subject tonamed as a risk
U.S. restrictions on the use of certain foreign biotech equipment and service providers, such as those set forth in the BIOSECURE Act;Risk factors (Item 1A)

Also named by AMGN, GILD, LLY, REGN

Rare Pediatric Disease Priority Review Voucher program

subject tonamed as a risk
After September 30, 2026, the FDA may not award any rare pediatric disease PRVs.Risk factors (Item 1A)

Also named by KRYS, MRNA

CMS most favored nation models (GLOBE, GUARD, GENEROUS)

subject tonamed as a risk
These and other recent actions and policies may significantly reduce U.S. drug prices, potentially impacting manufacturers’ global pricing strategies and profitability, while increasing their operational costs and compliance risks.Risk factors (Item 1A)

Tariffs on pharmaceutical raw materials

exposed to its pricenamed as a risk
For example, tariffs on the raw materials, components, or equipment we use to manufacture our products, or on our drug substance or finished products, will increase our manufacturing costs.Risk factors (Item 1A)

California Senate Bill 167

subject tonamed as a risk
For example, in June 2024, California enacted Senate Bill 167, or SB 167, which, with certain exceptions, suspends the ability to use California net operating losses to offset California income and limits the ability to use California business tax credits to offset California taxes, for taxable years beginning after 2023 and before 2027.Risk factors (Item 1A)