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IONIS PHARMACEUTICALS INC（IONS）与Ultragenyx Pharmaceutical Inc.（RARE）财务数据对比。点击上方公司名可切换其他公司
Ultragenyx Pharmaceutical Inc.的季度营收约是IONIS PHARMACEUTICALS INC的1.0倍（$207.3M vs $203.3M），Ultragenyx Pharmaceutical Inc.净利率更高（-62.0% vs -112.8%，领先50.8%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs -10.3%），Ultragenyx Pharmaceutical Inc.自由现金流更多（$-100.8M vs $-159.0M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 30.4%）
IONIS制药是1989年成立的生物科技企业，总部位于美国加利福尼亚州卡尔斯巴德，专注于反义疗法、RNA干扰及CRISPR疗法的研发，2015年12月前曾以Isis制药的名称运营。
Ultragenyx Pharmaceutical Inc.是一家总部位于美国的生物制药企业，专注于研发罕见病和超罕见遗传病的创新治疗方案，这类疾病目前大多无获批疗法，存在大量未被满足的临床需求。公司覆盖生物制剂、小分子药物、基因疗法、反义寡核苷酸及mRNA等多种药物技术平台，研发管线涵盖骨骼、内分泌、代谢、肌肉及中枢神经系统疾病领域。
IONS vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $203.3M | $207.3M |
| 净利润 | $-229.4M | $-128.6M |
| 毛利率 | 96.1% | — |
| 营业利润率 | -105.5% | -54.7% |
| 净利率 | -112.8% | -62.0% |
| 营收同比 | -10.3% | 25.9% |
| 净利润同比 | -119.8% | 3.5% |
| 每股收益（稀释后） | $-1.35 | $-1.28 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
| Q4 25 | $203.3M | $207.3M | ||
| Q3 25 | $156.7M | $159.9M | ||
| Q2 25 | $452.0M | $166.5M | ||
| Q1 25 | $131.6M | $139.3M | ||
| Q4 24 | $226.6M | $164.6M | ||
| Q3 24 | $133.8M | $139.5M | ||
| Q2 24 | $225.3M | $147.0M | ||
| Q1 24 | $119.5M | $108.8M |
| Q4 25 | $-229.4M | $-128.6M | ||
| Q3 25 | $-128.6M | $-180.4M | ||
| Q2 25 | $123.6M | $-115.0M | ||
| Q1 25 | $-146.9M | $-151.1M | ||
| Q4 24 | $-104.3M | $-133.2M | ||
| Q3 24 | $-140.5M | $-133.5M | ||
| Q2 24 | $-66.3M | $-131.6M | ||
| Q1 24 | $-142.8M | $-170.7M |
| Q4 25 | 96.1% | — | ||
| Q3 25 | 98.5% | — | ||
| Q2 25 | 99.1% | — | ||
| Q1 25 | 98.9% | — | ||
| Q4 24 | 98.3% | — | ||
| Q3 24 | 99.2% | — | ||
| Q2 24 | 98.2% | — | ||
| Q1 24 | 98.2% | — |
| Q4 25 | -105.5% | -54.7% | ||
| Q3 25 | -102.2% | -106.9% | ||
| Q2 25 | 30.9% | -64.8% | ||
| Q1 25 | -111.6% | -102.6% | ||
| Q4 24 | -48.9% | -74.3% | ||
| Q3 24 | -111.1% | -94.6% | ||
| Q2 24 | -29.3% | -79.1% | ||
| Q1 24 | -125.1% | -151.9% |
| Q4 25 | -112.8% | -62.0% | ||
| Q3 25 | -82.1% | -112.8% | ||
| Q2 25 | 27.3% | -69.0% | ||
| Q1 25 | -111.6% | -108.5% | ||
| Q4 24 | -46.1% | -80.9% | ||
| Q3 24 | -105.0% | -95.7% | ||
| Q2 24 | -29.4% | -89.5% | ||
| Q1 24 | -119.5% | -156.8% |
| Q4 25 | $-1.35 | $-1.28 | ||
| Q3 25 | $-0.80 | $-1.81 | ||
| Q2 25 | $0.70 | $-1.17 | ||
| Q1 25 | $-0.93 | $-1.57 | ||
| Q4 24 | $-0.66 | $-1.34 | ||
| Q3 24 | $-0.95 | $-1.40 | ||
| Q2 24 | $-0.45 | $-1.52 | ||
| Q1 24 | $-0.98 | $-2.03 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $2.7B | $421.0M |
| 总债务越低越好 | $1.8B | — |
| 股东权益账面价值 | $489.1M | $-80.0M |
| 总资产 | $3.5B | $1.5B |
| 负债/权益比越低杠杆越低 | 3.71× | — |
8季度趋势，按日历期对齐
| Q4 25 | $2.7B | $421.0M | ||
| Q3 25 | $2.2B | $202.5M | ||
| Q2 25 | $2.3B | $176.3M | ||
| Q1 25 | $2.1B | $127.1M | ||
| Q4 24 | $2.3B | $174.0M | ||
| Q3 24 | $2.5B | $150.6M | ||
| Q2 24 | $2.1B | $480.7M | ||
| Q1 24 | $2.2B | $112.3M |
| Q4 25 | $1.8B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $489.1M | $-80.0M | ||
| Q3 25 | $618.0M | $9.2M | ||
| Q2 25 | $631.7M | $151.3M | ||
| Q1 25 | $475.7M | $144.2M | ||
| Q4 24 | $588.4M | $255.0M | ||
| Q3 24 | $662.5M | $346.8M | ||
| Q2 24 | $263.7M | $432.4M | ||
| Q1 24 | $296.5M | $140.3M |
| Q4 25 | $3.5B | $1.5B | ||
| Q3 25 | $3.0B | $1.2B | ||
| Q2 25 | $3.0B | $1.3B | ||
| Q1 25 | $2.8B | $1.3B | ||
| Q4 24 | $3.0B | $1.5B | ||
| Q3 24 | $3.1B | $1.5B | ||
| Q2 24 | $2.7B | $1.6B | ||
| Q1 24 | $2.8B | $1.3B |
| Q4 25 | 3.71× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.13× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-137.7M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $-159.0M | $-100.8M |
| 自由现金流率自由现金流/营收 | -78.2% | -48.6% |
| 资本支出强度资本支出/营收 | 10.5% | 0.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-320.0M | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $-137.7M | $-99.8M | ||
| Q3 25 | $-131.4M | $-91.4M | ||
| Q2 25 | $151.3M | $-108.3M | ||
| Q1 25 | $-150.8M | $-166.5M | ||
| Q4 24 | $-116.1M | $-79.3M | ||
| Q3 24 | $-115.0M | $-67.0M | ||
| Q2 24 | $-119.9M | $-77.0M | ||
| Q1 24 | $-149.9M | $-190.7M |
| Q4 25 | $-159.0M | $-100.8M | ||
| Q3 25 | $-136.7M | $-92.7M | ||
| Q2 25 | $139.0M | $-110.7M | ||
| Q1 25 | $-163.4M | $-167.8M | ||
| Q4 24 | $-141.6M | $-79.5M | ||
| Q3 24 | $-124.0M | $-68.6M | ||
| Q2 24 | $-126.1M | $-79.0M | ||
| Q1 24 | $-154.4M | $-193.9M |
| Q4 25 | -78.2% | -48.6% | ||
| Q3 25 | -87.2% | -58.0% | ||
| Q2 25 | 30.8% | -66.5% | ||
| Q1 25 | -124.1% | -120.5% | ||
| Q4 24 | -62.5% | -48.3% | ||
| Q3 24 | -92.7% | -49.2% | ||
| Q2 24 | -56.0% | -53.7% | ||
| Q1 24 | -129.2% | -178.2% |
| Q4 25 | 10.5% | 0.5% | ||
| Q3 25 | 3.4% | 0.8% | ||
| Q2 25 | 2.7% | 1.5% | ||
| Q1 25 | 9.6% | 1.0% | ||
| Q4 24 | 11.3% | 0.1% | ||
| Q3 24 | 6.8% | 1.2% | ||
| Q2 24 | 2.8% | 1.4% | ||
| Q1 24 | 3.8% | 3.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.22× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
IONS
| Products | $58.0M | 29% |
| Spinraza Royalties | $54.0M | 27% |
| Collaborative Agreement Revenue | $52.4M | 26% |
| Wainus Royalties | $16.0M | 8% |
| Wainua Joint Development Revenue | $9.6M | 5% |
| Other Commercial | $7.6M | 4% |
| Other Royalties | $5.7M | 3% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
