ImmunityBio Surges as Anktiva Drives 671% Revenue Growth

ImmunityBio, Inc. (NASDAQ: IBRX) continued its remarkable market rally on Tuesday, climbing for a sixth consecutive session to reach a nearly five-year high as investors piled into the stock on the back of extraordinary revenue growth. The biotechnology company reported total revenues of $113 million for 2025, marking a staggering 671% expansion from just $14.7 million in 2024, with the surge almost entirely attributed to the rapid commercial adoption of its bladder cancer immunotherapy, Anktiva.

The strong results, combined with a growing global regulatory footprint spanning 33 countries, have reignited investor confidence in the company’s long-term commercial potential. At intraday trading, IBRX surged to a session high of $12.28 before closing up 17.50% at $11.55 per share, with pre-market activity the following morning showing further gains of 3.90% to $12.00 as of 7:07 AM EST.

Anktiva Fuels Historic Revenue Surge and Global Expansion

ImmunityBio’s explosive revenue growth was driven almost entirely by Anktiva, its lead immunotherapy originally approved for bladder cancer, which saw net product revenues soar by 700% year-over-year on the back of a 750% increase in unit sales volume. The drug’s commercial trajectory accelerated sharply through the year, with Q4 alone posting a 407% revenue increase to $38.28 million compared to $7.5 million in the same quarter of 2024, and a 20% sequential jump from Q3, demonstrating that adoption momentum is still building.

These results reflect not just strong domestic uptake but also the company’s rapid international commercialization efforts, as Anktiva secured regulatory authorizations across the US, UK, EU, and Saudi Arabia. Notably, Saudi Arabia became the first jurisdiction to approve Anktiva for a second indication, metastatic non-small cell lung cancer, marking a pivotal milestone as the drug’s first validation in solid tumors beyond bladder cancer.

To support this global push, ImmunityBio forged distribution partnerships with Accord Healthcare in Europe and BioPharma & Cigalah in the Middle East, and established new subsidiaries in Dublin and Riyadh. The company is now executing a three-year global strategy positioning Anktiva as the backbone of its Cancer BioShield platform, targeting tumor types including glioblastoma, pancreatic cancer, and lymphoma, with three additional clinical trials planned across new therapeutic areas.

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IBRX Stock Update: Performance and Valuation

Shares of IBRX closed Tuesday’s session at $11.55, up $1.72 or 17.50%, after reaching an intraday peak of $12.28, the highest level in nearly five years, on volume of over 82 million shares, nearly three times the stock’s average daily volume of approximately 30.2 million. Pre-market trading on Wednesday showed continued buying interest, with the stock indicated at $12.00, up an additional 3.90%, suggesting the rally has yet to fully exhaust itself as more investors digest the earnings results.

The stock’s year-to-date return stands at an extraordinary 483.33%, compared to just 0.65% for the S&P 500 over the same period, while its one-year return of 258.70% continues to dwarf the benchmark’s 15.16% gain. Despite the impressive revenue performance, ImmunityBio still recorded a net loss attributable to shareholders of $351.4 million for 2025, though this represented a 15% improvement from the $413.56 million loss posted in 2024, as rising R&D costs of $218.6 million were partially offset by lower administrative expenses and the significant revenue ramp.

Analyst sentiment remains broadly constructive, with the most recent rating from D. Boral Capital maintaining a Buy with a $23 price target, while the consensus average target sits at $12.60 and the high target reaches $23.00. The company’s next earnings date is estimated for May 11, 2026, with total cash on hand of $257.81 million providing a runway to continue funding its expanding clinical pipeline and global commercial operations.

Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.