Nuvation Q4 revenue jumps 633% on rapid IBTROZI ramp, late‑line mix tempers near‑term sales
Runway secure to profitability
- Q4 2025 revenue was $41.9M, up 633% YoY, beating estimates, with $15.7M from U.S. IBTROZI.
- Full‑year 2025 revenue reached $62.9M, including $24.7M from IBTROZI U.S. product sales.
- IBTROZI treated 432 new U.S. patients in 2025, 216 in Q4, outpacing prior TKIs ~6x.
- Mixed quarter with strong IBTROZI uptake but revenue lagging patient growth from heavy late‑line use, fast discontinuations, delaying operating leverage.
- Revenue per patient is currently depressed as most use is third‑line plus, driving fast discontinuations.
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