Xencor Q1 revenue falls sharply and misses estimates

Xencor

06/05/2026 21:14

Overview

Biopharmaceutical developer's Q1 revenue fell sharply and missed analyst expectations

Q1 net loss widened, driven by higher R&D expenses and unrealized losses on equity securities

Company advanced clinical pipeline, with key data presentations and study initiations planned for 2H26

Outlook

Xencor expects to end 2026 with $380 mln to $400 mln in cash and equivalents

Company expects to fund operations into mid-2028 with current cash resources

Xencor plans blinded interim analysis of XmAb942 ulcerative colitis study around year-end 2026

Result Drivers

ROYALTY REDUCTION - Q1 revenue included a one-time $6.6 mln reduction due to disputed U.S. sales royalties from Alexion

LOWER MILESTONE REVENUE - Q1 revenue fell year-over-year due to absence of milestone payments that contributed to prior-year revenue

UNREALIZED EQUITY LOSSES - Other expense, net, increased due to unrealized losses on an equity security

Company press release: ID:nBw79Y19ha

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Miss
$4.50 mln
$26.73 mln (11 Analysts)
Q1 EPS
-$1.71
Q1 Net Income
-$128.92 mln
Q1 Operating Expenses
$82.38 mln


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 $27.00, about 110.1% above its May 5 closing price of $12.85

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.)