Xencor (XNCR) FY2023 results: revenue $175 million, up 6.1% on the year

Xencor Inc. (XNCR) reported revenue of $175 million for fiscal 2023, the year ended 31 December 2023, up 6.1% on the year before. Net income was -$133 million, and diluted earnings per share $-2.20. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue

$175 million

+6.1% on the year

FY2016FY2023

Operating margin

-75.8%

-50.1% a year earlier

FY2016FY2023

Net income

-$133 million

FY2016FY2023

Diluted EPS

-$2.20

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	175	165	275	+6.1%
Research and development	254	200	193	+27.1%
Operating income	-132	-82.5	43.8
Operating margin	-75.8%	-50.1%	15.9%
Interest expense	6.2	0.0	0.0	+47,415.4%
Pre-tax income	-120	-54.5	82.6
Income tax	13.7	0.7	0.0	+1,930.0%
Effective tax rate	n/a	n/a	0.0%
Net income	-133	-55.2	82.6
Net margin	-76.2%	-33.5%	30.0%
Diluted EPS	-$2.20	-$0.93	$1.37

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	-77.9	24.5	-16.9
Capital expenditure	18.4	38.5	13.3	-52.1%
Free cash flow	-96.4	-14.0	-30.2
Free cash flow margin	-55.2%	-8.5%	-11.0%
Cash from investing	-111	-120	-46.2
Cash from financing	189	5.7	43.0	+3,218.5%
Depreciation and amortisation	11.5	8.8	7.5	+30.7%
Share-based compensation	53.8	48.9	37.0	+9.9%
Diluted shares, weighted	61m	60m	60m	+1.4%
Shares outstanding at period end	61m	60m	59m	+1.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	662	727	734	-9.0%
Non-controlling interest	0.3	0.0	n/a
Debt	189	0.0	0.0
Operating lease liabilities	59.0	54.9	34.0	+7.5%
Other liabilities	54.5	63.8	70.7	-14.6%
Total liabilities and equity	965	846	838	+14.0%
Fixed assets	66.1	59.2	28.2	+11.7%
Intangible assets	18.7	18.5	16.5	+0.9%
Securities held for sale or to maturity	643	531	454	+21.2%
Cash and equivalents	53.8	53.9	143	-0.3%
Receivables	23.7	29.0	66.4	-18.1%
Other assets	160	155	129	+2.9%
Total assets	965	846	838	+14.0%

10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.