TLDR
- ImmunityBio’s ANKTIVA posted $113M in 2025 net product revenue, a 700% jump from 2024
- Unit sales hit 3,745 for the year, up 750%, with Q4 revenue of $38.3M
- ANKTIVA now authorized in 33 countries across four jurisdictions, including the EU in February 2026
- Q4 EPS of -$0.06 beat estimates by $0.05; revenue of $38.28M topped consensus of $35.99M
- Net loss narrowed to $351.4M in 2025, down from $413.6M in 2024
ImmunityBio (IBRX) reported full-year 2025 net product revenue of $113 million for its cancer drug ANKTIVA. That’s a 700% increase from 2024.
The numbers turned heads. The stock was up over 20% on the day of the report.
Unit sales for the year came in at 3,745 — a 750% increase from the prior year. The ramp is fast, and it’s accelerating.
Fourth-quarter revenue reached $38.3 million, up 20% from Q3 and 431% higher than the same quarter in 2024.
On the earnings side, Q4 EPS came in at -$0.06, beating analyst estimates of -$0.11 by $0.05. Revenue of $38.28M also topped the consensus estimate of $35.99M.
ANKTIVA is used alongside BCG to treat BCG-unresponsive non-muscle invasive bladder cancer with carcinoma in situ. It received FDA approval in April 2024.
Since then, the drug has moved quickly through global regulators.
The UK authorized it in July 2025, Saudi Arabia in January 2026, and the European Commission granted conditional marketing authorization in February 2026. That EU approval covers all 27 member states plus Iceland, Norway, and Liechtenstein.
ANKTIVA is now authorized in 33 countries across four jurisdictions — and it’s the first immunotherapy approved for this specific condition in Europe.
Expanding Beyond Bladder Cancer
Saudi Arabia’s approval in January 2026 was a milestone for a different reason. The Saudi Food and Drug Authority granted conditional accelerated approval for ANKTIVA in combination with checkpoint inhibitors for metastatic non-small cell lung cancer — the first authorization outside bladder cancer.
ImmunityBio plans to launch commercially in Saudi Arabia within 60 days of that approval. The company has also partnered with Biopharma and Cigalah Healthcare to distribute the drug across the broader MENA region.
For the EU launch, ImmunityBio partnered with Accord Healthcare, deploying over 100 sales, medical, and marketing professionals across 30 countries. The company has set up subsidiaries in Dublin and Saudi Arabia to support operations.
Financials and Pipeline
The gross profit margin on ANKTIVA came in at 99.6% — about as clean as it gets for a commercial-stage biotech.
The company reported a net loss of $351.4 million for 2025, narrowing from $413.6 million in 2024. R&D expenses increased by $28.4 million to $218.6 million. SG&A expenses fell $18.8 million to $150 million.
ImmunityBio ended 2025 with $242.8 million in cash, cash equivalents, and marketable securities.
The company is running clinical trials across multiple cancer types. A randomized trial in BCG-naïve bladder cancer has a BLA filing targeted for Q4 2026.
IBRX stock closed at $8.70 before the report. It is up 308.45% over the last three months and up 170.19% over the past twelve months.
InvestingPro rates ImmunityBio’s financial health as “good performance.”
The company plans to submit ANKTIVA applications to additional regulatory authorities in 2026.
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