MacroGenics Inc

macrogenics.com

What Do They Do?

Partners with biopharmaceutical companies to develop antibody-based cancer treatments and advances its own antibody drug candidates. Provides outsourced development and manufacturing services for clinical and commercial products to collaborators and other third parties.

How Do They Make Money?

Partners pay for collaboration licenses, research and manufacturing work, with upfront and option fees, milestones as development advances, and royalties when licensed products sell; outsourced manufacturing customers pay as services are performed.

revenue

Segment	Share	How money arrives
Collaborative and other agreements	58% FY2022: 79%
Contract manufacturing Recurring	35% FY2022: 9.2%	Recurring
Product sales, net	0.0% FY2022: 11%
Royalty revenue Licensed	6.5%	Licensed

Who Are Their Customers?

Global biopharmaceutical companies work with MacroGenics on drug development, and collaborators and other third parties use its outsourced development and manufacturing services.

Do Revenues Turn Into Profits?

No. It lost $74.6M in FY2025.

Operating income, FY2025

−49% of revenue

▼ −34% (Loss) vs FY2024 (−$110.6M, −74%)

Net income, FY2025

−50% of revenue

▲ +11% (Loss) vs FY2024 (−$67M, −45%)

Free cash flow, FY2025

−55% of revenue

▲ +15% (Loss) vs FY2024 (−$72.1M, −48%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +378%; vs $6.9M in Q2 FY2025
Net income: ▲ Now profitable; vs −$36.3M in Q2 FY2025

Collaborative and other agreements share of revenue vs 80.9% in Q2 FY2025

Jul 7, 2026 Sold its GMP manufacturing operations to Bora Bora paid $122.5 million and will provide supply support for MacroGenics’ internal pipeline.

Growing. Revenue grew 93% in 4 years, from $77.4M in FY2021 to $149.5M in FY2025, about 18% a year.

MARGENZA rights The earlier report described MARGENZA as being marketed in the U.S. with a commercialization partner; the latest says MacroGenics sold global rights to TerSera.

Revenue over time

Collaborative and other agreements Contract manufacturing Product sales, net Royalty revenue Revenue from government agreements

$200M$100M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Akeso, AstraZeneca, Jiangsu Alphamab Biopharmaceuticals, Abbvie, BeOne Medicines, BioNTech, Duality Biotherapeutics, Genmab, GSK, Hansoh Pharmaceutical, Innovent Biologics, MediLink Therapeutics, Merck &, Pfizer, Amgen, F. Hoffmann-La Roche, Janux Therapeutics, Johnson & Johnson, Regeneron Pharmaceuticals, and Xencor

Comments