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Agenus (AGEN) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Agenus (AGEN) Q3 2026 earnings results →
Q3 2026 Revenue up 4% year over year to $31.5M · 5¢ of every $1 of revenue kept as net profit · operating margin 36.2%
Agenus made $31.5M in Q3 2026 (+4% Y/Y): Non Cash Royalty Revenue Related to the Sale of Future Royalties $25.4M, Pre Commercial Product Revenue $6.1M. Operating margin 36.2%, net earnings $1.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $31.5M in Q3 2026, up 4% year over year and down 9% from the previous quarter. Non Cash Royalty Revenue Related to the Sale of Future Royalties was the largest line at 81% of revenue. Non Cash Royalty Revenue Related to the Sale of Future Royalties declined 13%.
Operating profit was $11.4M, a 36.2% margin (up 51.3 points year over year). Total costs fell 42% while revenue rose 4%. Net earnings were $1.5M, down 98% year over year. The effective tax rate was 0.0%.
Operating cash flow was −$20.1M. Non-cash charges added back $513K of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items used $26.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $31.5M | +4% | 36.2% | $1.5M | −$20.1M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $34.5M | +34% | 32.7% | −$567K | −$31.2M |
| Q1 2026 | 10-Q | May 11, 2026 | $33.7M | +40% | 44.6% | $39.2M | −$36.0M |
| Q4 2025 | 10-K | Mar 16, 2026 | $34.2M | +28% | 42.1% | −$10.6M | −$16.6M |
| Q3 2025 | 10-Q | Nov 10, 2025 | $30.2M | +20% | -15.0% | $63.9M | −$14.7M |
| Q2 2025 | 10-Q | Aug 11, 2025 | $25.7M | +9% | -65.0% | −$30.0M | −$20.2M |
| Q1 2025 | 10-Q | May 12, 2025 | $24.1M | -14% | -55.3% | −$26.4M | −$25.6M |
Charts
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💵Where each $1 goesinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Agenus
Agenus is a clinical-stage immuno-oncology company advancing a pipeline of antibody-based programs designed to activate innate and adaptive immunity, overcome tumor immune evasion, and expand the population of patients who may benefit from immunotherapy. Founded in 1994, Agenus’ lead program is botensilimab plus balstilimab (BOT+BAL), a next-generation combination of a multifunctional, Fc-enhanced anti-CTLA-4 antibody and an anti-PD-1 antibody that has been evaluated in approximately 1,300 patients across nine tumor types. Agenus secured dedicated long-term U.S. biologics manufacturing capacity through its strategic collaboration with Zydus Lifesciences, which closed in January 2026 and included the sale of Agenus’ Emeryville and Berkeley manufacturing facilities to Zydus. Agenus also holds an equity investment in MiNK Therapeutics, Inc.
In its own words, from its 8-K, filed Aug 6, 2026.
Agenus against its Biological Products, (No Diagnostic Substances) peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +11%. Operating margin: 36.2% against the peers' median 36.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AGEN Agenus | Q3 2026 | $31.5M | +4% | 36.2% |
| AMGN Amgen | Q3 2026 | $10.4B | +8% | 35.8% |
| GILD Gilead Sciences | Q3 2026 | $8.3B | +7% | 41.7% |
| BIIB Biogen | Q3 2026 | $2.8B | +11% | -0.3% |
| MRNA Moderna | Q3 2026 | $1.3B | +29% | 9.9% |
| NBIX Neurocrine Biosciences | Q3 2026 | $1.1B | +41% | 29.5% |
| EXEL Exelixis | Q3 2026 | $659M | +10% | 40.8% |
| HALO Halozyme Therapeutics | Q3 2026 | $493M | +39% | 59.8% |
| MGTX MeiraGTx Holdings | Q2 2026 | $321M | 87× | 76.0% |
Source: Agenus 10-Q on SEC EDGAR · CIK 1098972 · Biological Products, (No Diagnostic Substances)
Guidance and outlook
13F: who owns AGEN and who is buying
More on AGEN
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results