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Agenus' Q3 Earnings Match Estimates, Revenues Miss Mark, Stock Down
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Key Takeaways
Agenus reported Q3 earnings of 2 cents per share, matching estimates, while revenues missed expectations.
BOT BAL pre-commercial revenues fell 6.3% sequentially, while non-cash royalties declined 12.4% y/y.
AGEN plans to launch the phase III ROBBIN study in Q1'27, after its first-ever drug approvals in Armenia.
Agenus (AGEN - Free Report) reported third-quarter 2026 earnings of 2 cents per share, in line with the Zacks Consensus Estimate.
Revenues in the quarter rose 4.3% year over year to $31.5 million but missed the Zacks Consensus Estimate of $35 million. Lower sequential revenues from pre-commercial botensilimab (BOT) +balstilimab (BAL) product sales and non-cash royalties weighed on quarterly performance.
The stock fell 7.6% yesterday, likely reflecting investors’ disappointment over the revenue miss, despite earnings meeting expectations.
Year to date, shares of Agenus have surged 105.1% compared with the industry’s 13.1% growth.
Image Source: Zacks Investment Research
AGEN’s Q3 Results in Detail
Agenus’ lead program is BOT, a multifunctional, Fc-enhanced anti-CTLA-4 antibody, being developed both as a monotherapy and in combination with BAL, an anti-PD-1 antibody.
Pre-commercial BOT+BAL product revenues totaled $6 million in the third quarter, down 6.3% sequentially from $6.4 million in the second quarter. These revenues came from regulatory-authorized patient-access programs, including France's AAC framework and physician-initiated paid named-patient programs where permitted.
Non-cash royalty revenues totaled $25.5 million in the third quarter, down 12.4% from $29.1 million in the year-ago quarter. These royalties relate to previously monetized interests and do not generate cash for the company.
Agenus ended September 2026 with $86.9 million in cash, cash equivalents and short-term investments, up from $18.7 million as of June 30, 2026, supported by an oversubscribed private placement completed in July.
The company expects the financing to support the initiation of clinical studies, regulatory activities and corporate operations through the third quarter of 2027. Assuming full warrant exercise, the financing could support the planned ROBBIN development program and company operations through the end of 2031.
Agenus' Regulatory & Clinical Progress
In October 2026, the Ministry of Health of the Republic of Armenia granted separate marketing approvals for BOT and BAL, branded as Botvymo and Evamplix, respectively, for use together in previously treated adults with microsatellite-stable (MSS) metastatic colorectal cancer without active liver metastases. The approvals are conditional and renewable annually. They mark the first-ever marketing authorizations for both drugs worldwide. The combination remains investigational outside Armenia.
Meanwhile, Agenus continues to expand patient access through France's reimbursed compassionate-access program and physician-initiated named-patient programs in international markets.
Agenus is advancing preparations for its global phase III ROBBIN study evaluating BOT+BAL in patients with high-risk Stage II and Stage III MSS colon cancer. The company expects to dose the first patient in the first quarter of 2027, with interim pathologic response data anticipated in the second half of the year.
During the quarter, two phase II studies, NEST and UNICORN, showed encouraging results for Agenus' BOT+BAL combination in patients with MSS colon cancer before surgery. Both studies showed that around 30% of patients had no detectable cancer remaining in the treated tumor tissue.No recurrences had been reported at the latest update, although follow-up remains limited. These findings could support further evaluation of BOT+BAL in the upcoming ROBBIN study.
Over the past 30 days, earnings per share estimates for TG Therapeutics have risen from 92 cents to 94 cents for 2026. Over the same period, estimates for 2027 earnings per share have increased from $2.65 to $2.66. TGTX’s shares have risen 94.5% year to date.
TG Therapeutics’ earnings missed estimates in three of the trailing four quarters and beat in the remaining one, with an average surprise of 184.65%.
Over the past 30 days, loss per share estimates for ImmunityBio remain unchanged at 97 cents for 2026. Over the same period, estimates for 2027 loss per share have improved from 14 cents to 11 cents. IBRX’s shares have skyrocketed 304.6% year to date.
ImmunityBio’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 13.40%.
Over the past 30 days, earnings per share estimates for Amneal Pharmaceuticals have increased from $1.03 to $1.04 for 2026. Over the same period, estimates for 2027 earnings per share have risen from $1.16 to $1.19. AMRX’s shares have climbed 54.4% year to date.
Amneal Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 27.21%.
View the Zacks #1 Rank List
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Agenus' Q3 Earnings Match Estimates, Revenues Miss Mark, Stock Down
Key Takeaways
Agenus (AGEN - Free Report) reported third-quarter 2026 earnings of 2 cents per share, in line with the Zacks Consensus Estimate.
Revenues in the quarter rose 4.3% year over year to $31.5 million but missed the Zacks Consensus Estimate of $35 million. Lower sequential revenues from pre-commercial botensilimab (BOT) +balstilimab (BAL) product sales and non-cash royalties weighed on quarterly performance.
The stock fell 7.6% yesterday, likely reflecting investors’ disappointment over the revenue miss, despite earnings meeting expectations.
Year to date, shares of Agenus have surged 105.1% compared with the industry’s 13.1% growth.
Image Source: Zacks Investment Research
AGEN’s Q3 Results in Detail
Agenus’ lead program is BOT, a multifunctional, Fc-enhanced anti-CTLA-4 antibody, being developed both as a monotherapy and in combination with BAL, an anti-PD-1 antibody.
Pre-commercial BOT+BAL product revenues totaled $6 million in the third quarter, down 6.3% sequentially from $6.4 million in the second quarter. These revenues came from regulatory-authorized patient-access programs, including France's AAC framework and physician-initiated paid named-patient programs where permitted.
Non-cash royalty revenues totaled $25.5 million in the third quarter, down 12.4% from $29.1 million in the year-ago quarter. These royalties relate to previously monetized interests and do not generate cash for the company.
Agenus ended September 2026 with $86.9 million in cash, cash equivalents and short-term investments, up from $18.7 million as of June 30, 2026, supported by an oversubscribed private placement completed in July.
The company expects the financing to support the initiation of clinical studies, regulatory activities and corporate operations through the third quarter of 2027. Assuming full warrant exercise, the financing could support the planned ROBBIN development program and company operations through the end of 2031.
Agenus' Regulatory & Clinical Progress
In October 2026, the Ministry of Health of the Republic of Armenia granted separate marketing approvals for BOT and BAL, branded as Botvymo and Evamplix, respectively, for use together in previously treated adults with microsatellite-stable (MSS) metastatic colorectal cancer without active liver metastases. The approvals are conditional and renewable annually. They mark the first-ever marketing authorizations for both drugs worldwide. The combination remains investigational outside Armenia.
Meanwhile, Agenus continues to expand patient access through France's reimbursed compassionate-access program and physician-initiated named-patient programs in international markets.
Agenus is advancing preparations for its global phase III ROBBIN study evaluating BOT+BAL in patients with high-risk Stage II and Stage III MSS colon cancer. The company expects to dose the first patient in the first quarter of 2027, with interim pathologic response data anticipated in the second half of the year.
During the quarter, two phase II studies, NEST and UNICORN, showed encouraging results for Agenus' BOT+BAL combination in patients with MSS colon cancer before surgery. Both studies showed that around 30% of patients had no detectable cancer remaining in the treated tumor tissue.No recurrences had been reported at the latest update, although follow-up remains limited. These findings could support further evaluation of BOT+BAL in the upcoming ROBBIN study.
Agenus Inc. Price, Consensus and EPS Surprise
Agenus Inc. price-consensus-eps-surprise-chart | Agenus Inc. Quote
AGEN’s Zacks Rank & Stocks to Consider
Agenus currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the biotech sector are TG Therapeutics (TGTX - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy), and ImmunityBio (IBRX - Free Report) and Amneal Pharmaceuticals (AMRX - Free Report) , carrying a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 30 days, earnings per share estimates for TG Therapeutics have risen from 92 cents to 94 cents for 2026. Over the same period, estimates for 2027 earnings per share have increased from $2.65 to $2.66. TGTX’s shares have risen 94.5% year to date.
TG Therapeutics’ earnings missed estimates in three of the trailing four quarters and beat in the remaining one, with an average surprise of 184.65%.
Over the past 30 days, loss per share estimates for ImmunityBio remain unchanged at 97 cents for 2026. Over the same period, estimates for 2027 loss per share have improved from 14 cents to 11 cents. IBRX’s shares have skyrocketed 304.6% year to date.
ImmunityBio’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 13.40%.
Over the past 30 days, earnings per share estimates for Amneal Pharmaceuticals have increased from $1.03 to $1.04 for 2026. Over the same period, estimates for 2027 earnings per share have risen from $1.16 to $1.19. AMRX’s shares have climbed 54.4% year to date.
Amneal Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 27.21%.