Alexion was Xencor’s largest revenue line in fiscal 2025, bringing in $70.07M of $125.58M (56%).
| Counterparty Name | FY 2013 | FY 2014 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Janssen | $7.00M | $77.82M | — | — | — | ||||||||||
| Alexion | $29.40M | $64.89M | — | $58.21M | $70.07M | ||||||||||
| Vir | $115.40M | — | — | — | — | ||||||||||
| Genentech | — | — | — | — | — | ||||||||||
| Amgen | — | — | — | $30.00M | — | ||||||||||
| Novartis | — | — | — | $4.00M | — | ||||||||||
| Incyte | — | $8.70M | — | $8.69M | $51.70M | ||||||||||
| Morphosys | — | — | — | — | — | ||||||||||
| Alexion Pharmaceuticals, Inc | — | — | — | — | — | ||||||||||
| Zenas Biopharma, Inc | — | $10.00M | — | — | — | ||||||||||
| Zenas | — | — | — | — | — | ||||||||||
| Amgen, Inc | — | — | — | — | — | ||||||||||
| Gilead | — | $6.00M | — | — | — | ||||||||||
| Morphosys/Incyte | $7.80M | — | — | — | — | ||||||||||
| Astellas | $5.00M | — | — | — | — | ||||||||||
| Third Party Licensee | — | — | $7.00M | $7.00M | — | ||||||||||
| Viridian | — | — | — | — | — | ||||||||||
| Omeros | — | $5.00M | — | — | — | ||||||||||
| Csl Limited | — | — | — | — | — | ||||||||||
| Novo Nordisk A/S | — | — | — | — | — | ||||||||||
| Novo Nordisk | — | — | — | — | — | ||||||||||
| Mabgeek | — | — | — | $1.50M | $1.80M | ||||||||||
| Vir Bio | — | $2.20M | — | $587.00K | $2.01M | ||||||||||
| Merck Sharp Dohme Corp | — | — | — | — | — | ||||||||||
| Vega | — | — | — | $500.00K | — | ||||||||||
| Other | — | — | — | — | — | ||||||||||
| Total | $164.60M | $174.62M | $7.00M | $110.49M | $125.58M |
Xencor brought in $125.58M from its four revenue lines in fiscal 2025, the year ended December 31, 2025. Xencor regrouped these revenue lines after fiscal 2024, so the total does not compare directly with that year's $110.49M. Alexion was the largest at $70.07M (55.8%), ahead of Incyte at $51.70M (41.2%) and Vir Bio at $2.01M (1.6%). The remaining revenue line, Mabgeek, brought in $1.80M.
Compared with fiscal 2024, Incyte grew 494.7% to $51.70M and Alexion grew 20.4% to $70.07M.
Xencor began breaking out Incyte in fiscal 2023, Mabgeek in fiscal 2024 and Vir Bio in fiscal 2023. Xencor stopped reporting Vir ($115.40M in fiscal 2022), Janssen ($77.82M in fiscal 2023), Amgen ($30.00M in fiscal 2024) and eight others as separate revenue lines.
Royalties was Xencor’s largest segment in fiscal 2025, bringing in $80.28M of $125.58M (64%).
| Segment | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Royalties | $152.10M | $55.80M | $67.49M | $80.28M | |||||
| Collaboration | — | $30.32M | — | — | |||||
| Research Collaboration | $7.00M | — | — | — | |||||
| Milestone | $5.50M | $88.50M | $34.50M | $45.30M | |||||
| License | — | — | $8.50M | — | |||||
| Licensing | — | — | — | — | |||||
| Total | $164.60M | $174.62M | $110.49M | $125.58M |
Xencor brought in $125.58M from its two segments in fiscal 2025, the year ended December 31, 2025. Xencor regrouped these segments after fiscal 2024, so the total does not compare directly with that year's $110.49M. Royalties was the largest at $80.28M (63.9%), ahead of Milestone at $45.30M (36.1%).
Compared with fiscal 2024, Milestone grew 31.3% to $45.30M and Royalties grew 18.9% to $80.28M.
Xencor stopped reporting Collaboration ($30.32M in fiscal 2023), License ($8.50M in fiscal 2024) and Research Collaboration ($7.00M in fiscal 2022) as separate segments.
As Reported Before Asc Topic 606 was Xencor’s largest revenue line in fiscal 2016, bringing in $87.52M of $109.02M (80%).
| Initial Application Period Cumulative Effect Transition (2) | FY 2016 |
|---|---|
| As Reported Before Asc Topic 606 | $87.52M |
| Effect Of Adoption Of Asc Topic 606 | $21.50M |
| Total | $109.02M |
Xencor brought in $109.02M from its two revenue lines in fiscal 2016, the year ended December 31, 2016. As Reported Before Asc Topic 606 was the largest at $87.52M (80.3%), ahead of Effect Of Adoption Of Asc Topic 606 at $21.50M (19.7%).
Xencor (XNCR) reports its revenue by counterparty name, by segment and by initial application period cumulative effect transition (2). In fiscal 2025, Alexion was its largest revenue line, bringing in $70.07M (55.8% of the total), followed by Incyte at $51.70M (41.2%).
Alexion was Xencor's largest revenue line in fiscal 2025, bringing in $70.07M, or 55.8% of the $125.58M total across its four revenue lines.
Royalties was Xencor's largest segment in fiscal 2025, bringing in $80.28M, or 63.9% of the $125.58M total across its two segments.
Every figure comes from Xencor's annual financial filings, as reported. Each line keeps the name Xencor gives it, and years follow its fiscal calendar.
Xencor's revenue by counterparty name goes back to fiscal 2013, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.