TacticScaleWhat Xencor Does & How It Makes Money (XNCR)
Updated October 2026 · reflects Xencor's latest reported financials
Clinical-stage biotech engineering antibodies for cancer and autoimmune diseases. Xencor gets revenue from products and partner programs that use its XmAb antibody technologies, including marketed drugs Ultomiris and Monjuvi, while it develops its own drug pipeline.
How Xencor makes money
Xencor gets revenue from products and partner programs that use its XmAb antibody technologies, including marketed drugs Ultomiris and Monjuvi, while it develops its own drug pipeline. Its future growth depends on clinical success and on partnered candidates moving forward.
What Xencor does
Xencor, Inc. is a Pasadena, California-based clinical-stage biopharmaceutical company founded in 1997. It engineers antibodies for cancer and autoimmune diseases. Its core XmAb technology platform supports marketed products including Ultomiris (for atypical hemolytic uremic syndrome, generalized myasthenia gravis and NMOSD) and Monjuvi (for relapsed or refractory diffuse large B-cell lymphoma), along with a broad set of candidates developed with partners. Its own pipeline focuses on bispecific antibodies and T-cell engagers. Programs include XmAb819 for renal cell carcinoma, XmAb541 in Phase I for ovarian cancer, XmAb942 for Crohn's disease and ulcerative colitis, plamotamab in a Phase Ib rheumatoid arthritis study, and XmAb657 for idiopathic inflammatory myopathies. Partner-linked candidates include xaluritamig and JNJ-9401 for prostate cancer, ASP2138 for gastric and pancreatic cancers, obexelimab for autoimmune diseases, tobevibart for hepatitis Delta, and zaltenibart for PNH.
Products & services
- Ultomiris
- Monjuvi
- XmAb819
- XmAb942
- Plamotamab
- Xaluritamig
What is Xencor worth?
On an owner-earnings DCF, Xencor's most-likely value is about $22 versus a recent price near $25 (10% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$13) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →