ImmunityBio’s Q4 Revenue Gets A Lift From ANKTIVA Sales – IBRX Stock Gains 1% Pre-Market
Synopsis
Net product revenue in the fourth quarter surged 431% to $38.3 million, above estimates of $37.8 million, according to Fiscal.ai data
Shares of ImmunityBio, Inc. (IBRX) drew investor focus in pre-market trading on Monday after the pharmaceutical firm reported better-than-expected fourth-quarter results.
Net product revenue for Q4 surged 431% to $38.3 million, above Wall Street’s estimates of $37.8 million, according to Fiscal.ai data. ImmunityBio cited the increase in revenue to the sales of ANKTIVA, a U.S. Food and Drug Administration (FDA) approved immunotherapy for bladder and lung cancer.
However, Q4 net loss widened to $61.9 million from $59.2 million, primarily driven by higher R&D expense, the company said. R&D expense for the quarter increased by $28.7 million to $63.9 million.
The stock gained 5% with IBRX among the top trending tickers on Stocktwits at the time of writing.
Get updates to this developing story on Stocktwits.<
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.