ImmunityBio Inc. reported fourth‑quarter 2025 revenue of $38.29 million, a 431% year‑over‑year increase and a 20% quarter‑over‑quarter rise. The company’s flagship product, ANKTIVA, generated the bulk of the growth, with unit sales volume up 750% compared with the same period in 2024. Earnings per share were –$0.06, beating consensus estimates of –$0.08 and marking a $0.02 improvement over the prior‑quarter loss of –$0.09.
The revenue surge is driven by the rapid commercial uptake of ANKTIVA in its approved bladder‑cancer indication and the expansion of regulatory approvals into the United Kingdom, European Union, and Saudi Arabia. The 750% increase in unit sales reflects both the broader geographic reach and the growing market share of ANKTIVA in the BCG‑unresponsive non‑muscle‑invasive bladder‑cancer (NMIBC) market.
The EPS beat is largely attributable to higher revenue combined with disciplined cost management. Net product revenue grew sharply while operating expenses increased at a slower pace, allowing the company to narrow its quarterly loss to $0.06 per share. The improvement from the prior‑quarter loss of $0.09 demonstrates that the company is gaining operational leverage as ANKTIVA sales accelerate.
For context, Q4 2024 revenue was $7.55 million and Q3 2025 revenue was $31.78 million. The jump from $31.78 million to $38.29 million represents a 20% quarter‑over‑quarter increase, while the year‑over‑year jump from $7.55 million to $38.29 million is 431%. These figures underscore the rapid scaling of ANKTIVA’s commercial program.
Management highlighted the significance of the results. Dr. Patrick Soon‑Shiong said, “The European Commission’s authorization of ANKTIVA in combination with BCG marks a defining moment for patients with BCG‑unresponsive NMIBC CIS across Europe.” CEO Richard Adcock added, “We delivered strong quarter‑over‑quarter revenue growth, reflecting accelerating adoption of ANKTIVA and the continued execution of our commercial strategy.”
Investors reacted positively to the earnings, citing the strong revenue growth, EPS beat, and the company’s expanding global footprint as key drivers of confidence in ImmunityBio’s commercial trajectory.
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