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Biopharma firm Xencor's Q3 revenue eases past estimates on Alexion royalty contribution

By Reuters News


Overview

  • US biopharma firm's Q3 revenue rose sharply, beating analyst expectations

  • Q3 adjusted EPS was $0.50, reversing a loss in the prior-year quarter

  • Higher R&D costs drove expense growth; G&A fell due to legal recovery


Outlook

  • Xencor expects to end 2026 with $480 mln to $500 mln in cash and equivalents

  • Company anticipates sufficient cash resources to fund operations into 2029

  • Xencor plans to present additional XmAb819 data and XmAb412 initial data in 1H27


Result Drivers

  • ROYALTY AND MILESTONE REVENUE - Co said Q3 revenue growth was mainly driven by royalty revenue from Alexion and Incyte and milestone revenue from Astellas

  • HIGHER R&D COSTS - Increased Q3 R&D expenses were attributed to higher external and internal costs for development programs, partially offset by lower stock-based compensation

  • LEGAL EXPENSE RECOVERY - Q3 G&A expenses decreased mainly due to a non-recurring recovery of legal expenses


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Beat

$116.50 mln

$78.59 mln (9 Analysts)

Q3 EPS

$0.50


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the biotechnology & medical research peer group is "buy"

  • Wall Street's median 12-month price target for Xencor, Inc. is $43.00, about 22.8% above its November 4 closing price of $35.03


Reuters Recommended Reads

  • Nov 4 - Summit Therapeutics reports Q3 loss on higher R&D spending

  • Nov 2 - Neurocrine Biosciences Q3 revenue jumps 41% on strong INGREZZA, CRENESSITY, VYKAT XR demand

  • Nov 3 - Amgen Q3 revenue beats expectations on higher volumes


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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