Will Anktiva Continue to Drive ImmunityBio's Top-Line Growth in 2026?

ImmunityBio IBRX had an encouraging year in 2025. Last month, the company reported its fourth-quarter and full-year 2025 results, which beat both our earnings and sales estimates — all thanks to the strong financial performance of its sole marketed product, Anktiva. The drug is currently approved by the FDA in combination with Bacillus Calmette-Guérin (BCG) for treating adult patients with BCG-unresponsive non-muscle invasive bladder cancer (NMIBC), including carcinoma in situ (CIS), with or without papillary tumors.

IBRX reported net product revenues of $113 million for the full year 2025, up about 700% year over year. Per the company, repeat prescribing has been a major driver of sales growth, suggesting increased confidence among physicians in the drug’s efficacy and safety profile. We expect this momentum to continue in future quarters. Another factor supporting demand is the ongoing BCG shortage, which has created treatment bottlenecks in bladder cancer care. Since Anktiva is used in combination with BCG, physicians are increasingly prioritizing high-value treatment regimens for eligible patients.

The company is expanding Anktiva’s global regulatory footprint outside the country. Since the onset of 2026, the therapy has secured approvals for the BCG-unresponsive NMIBC indication in both the European Union and Saudi Arabia, marking important international regulatory milestones. These approvals are expected to support ImmunityBio’s efforts to market Anktiva in ex-U.S. territories, which could serve as meaningful catalysts for revenue growth.

IMBRX Faces Intense Competition in Target Markets

ImmunityBio faces stiff competition from Big Pharma in its target markets.

The company competes with well-established immunotherapies such as Merck’s MRK Keytruda, Bristol Myers’ BMY Opdivo and Roche’s RHHBY Tecentriq. These drugs are already widely used across several oncology indications, including those targeted by IBRX.

Beyond having approved therapies, these pharma giants possess significantly greater financial resources, extensive global commercial infrastructure and well-established supply chains. Their long-standing presence in oncology gives them deep clinical development experience and strong relationships with physicians and treatment centers. This could make market penetration more challenging for newer entrants like ImmunityBio.

IBRX’s Price Performance, Valuation and Estimates

Shares of ImmunityBio have outperformed the industry year to date, as seen in the chart below.

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From a valuation standpoint, IBRX is trading at a premium to the industry. Based on the price-to-sales (P/S) ratio, the stock trades at 33.86 times forward 12-month sales, above the industry average of 2.00 times.

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Estimate movements for ImmunityBio’s 2026 and 2027 EPS have been mixed during the past 60 days.

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ImmunityBio currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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ImmunityBio, Inc. (IBRX): Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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