ImmunityBio reported preliminary net product revenue of approximately $113 million for fiscal 2025, a 700% increase over 2024 that underscores rapid market uptake of its FDA-approved immunotherapy ANKTIVA for non-muscle invasive bladder cancer carcinoma in situ. Unit sales volume for ANKTIVA grew 750% year-over-year, and fourth-quarter revenue reached $38.3 million, up 20% sequentially and 431% compared with the prior-year quarter. Management attributes this momentum to expanded commercial coverage, targeted provider engagement and streamlined patient access programs implemented throughout 2025.

Updated data from the ongoing Phase 1/2 QUILT-106 study of ImmunityBio’s off-the-shelf CD19 CAR-NK cell therapy in Waldenström non-Hodgkin’s lymphoma showed durable complete responses lasting up to 15 months in all evaluable patients, with 100% disease control observed to date. These results build on earlier findings in B-cell malignancies and support the company’s strategy to broaden its cell-therapy pipeline, potentially opening new indications beyond bladder cancer and reinforcing the platform’s long-term revenue potential.

Analyst consensus remains strongly positive, with an average 12-month price target implying more than 200% upside from current levels. Five major brokerage firms maintain buy ratings, and the highest target stands at $24.00. In parallel, ImmunityBio secured regulatory approval for ANKTIVA in Saudi Arabia and is advancing trials in non-small cell lung cancer, positioning the company to leverage global market expansion and multiple late-stage studies that could deliver new inflection points for revenue growth.