Earnings Update: ImmunityBio, Inc. (NASDAQ:IBRX) Just Reported Its Full-Year Results And Analysts Are Updating Their Forecasts

The full-year results for ImmunityBio, Inc. (NASDAQ:IBRX) were released last week, making it a good time to revisit its performance. Revenues came in at US$15m, a whole 31% below what the analysts were forecasting. Losses were a (relative) bright spot by comparison, with a per-share (statutory) loss of US$0.59 substantially smaller than what was expected. Earnings are an important time for investors, as they can track a company's performance, look at what the analysts are forecasting for next year, and see if there's been a change in sentiment towards the company. Readers will be glad to know we've aggregated the latest statutory forecasts to see whether the analysts have changed their mind on ImmunityBio after the latest results.

See our latest analysis for ImmunityBio

Taking into account the latest results, the current consensus from ImmunityBio's four analysts is for revenues of US$101.9m in 2025. This would reflect a major 591% increase on its revenue over the past 12 months. Per-share losses are predicted to creep up to US$0.52. Before this latest report, the consensus had been expecting revenues of US$136.1m and US$0.67 per share in losses. We can see there's definitely been a change in sentiment in this update, with the analysts administering a meaningful downgrade to next year's revenue estimates, while at the same time reducing their loss estimates.

There was no major change to the US$12.06average price target, suggesting that the adjustments to revenue and earnings are not expected to have a long-term impact on the business. It could also be instructive to look at the range of analyst estimates, to evaluate how different the outlier opinions are from the mean. Currently, the most bullish analyst values ImmunityBio at US$30.00 per share, while the most bearish prices it at US$4.25. So we wouldn't be assigning too much credibility to analyst price targets in this case, because there are clearly some widely different views on what kind of performance this business can generate. With this in mind, we wouldn't rely too heavily the consensus price target, as it is just an average and analysts clearly have some deeply divergent views on the business.

These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the ImmunityBio's past performance and to peers in the same industry. The analysts are definitely expecting ImmunityBio's growth to accelerate, with the forecast 6x annualised growth to the end of 2025 ranking favourably alongside historical growth of 57% per annum over the past five years. Compare this with other companies in the same industry, which are forecast to grow their revenue 20% annually. Factoring in the forecast acceleration in revenue, it's pretty clear that ImmunityBio is expected to grow much faster than its industry.

The Bottom Line

The most obvious conclusion is that the analysts made no changes to their forecasts for a loss next year. Regrettably, they also downgraded their revenue estimates, but the latest forecasts still imply the business will grow faster than the wider industry. Even so, earnings per share are more important to the intrinsic value of the business. The consensus price target held steady at US$12.06, with the latest estimates not enough to have an impact on their price targets.

Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. At Simply Wall St, we have a full range of analyst estimates for ImmunityBio going out to 2027, and you can see them free on our platform here..

Plus, you should also learn about the 4 warning signs we've spotted with ImmunityBio (including 3 which are concerning) .

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.