ImmunityBio Reports Fivefold Revenue Surge Driven by Anktiva Sales Growth
ImmunityBio reported a fivefold revenue increase to $38.29 million, driven by a 750% surge in unit sales of its cancer drug Anktiva. The company is expanding internationally through partnerships in the Middle East and preparing additional FDA submissions for Anktiva's broader use.
ImmunityBio Inc. reported a remarkable year-over-year revenue increase, with sales jumping from $7.56 million to $38.29 million, surpassing the consensus estimate of $37.02 million. The surge follows a strong performance driven by the sales of its lead drug, Anktiva, which has gained traction in the market, with the company noting a 750% unit sales volume increase for the drug.
Anktiva is now approved in 33 countries for treating non-muscle invasive bladder cancer. The company is preparing to submit additional information to the U.S. Food and Drug Administration regarding its supplemental biologics license application for Anktiva.
Last Friday, ImmunityBio inked a partnership with Biopharma and Cigalah, healthcare commercial and distribution companies in the Middle East, to launch Anktiva in Saudi Arabia and, over time, across the broader MENA region. Under the agreement, Biopharma and Cigalah Healthcare will support the commercialization and distribution of Anktiva in two indications: In combination with Bacillus Calmette-Guérin (BCG) for patients with BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) carcinoma in situ, with or without papillary disease; and in combination with a checkpoint inhibitor for patients with metastatic non-small cell lung cancer.
ImmunityBio has established a wholly owned subsidiary in Saudi Arabia to support its distribution, commercialization, and growth across the Middle East and North Africa. The stock has jumped over 50% over the last month, thanks to investor interest after preliminary earnings and several strategic partnerships.