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.
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