MacroGenics (MGNX) has opened Q1 2026 with revenue of about US$20.8 million and a basic EPS loss of roughly US$0.58, while trailing twelve month figures sit at revenue of about US$157.1 million and a basic EPS loss of around US$1.11. Over recent quarters, the company has reported revenue between US$13.2 million and US$72.8 million, with quarterly EPS ranging from a profit of about US$0.27 to losses such as US$0.65. This update keeps the focus on how the company is scaling revenue relative to ongoing losses. For you as an investor, the key question is whether the current revenue base can eventually support healthier margins or whether the latest numbers indicate continued pressure on profitability.

See our full analysis for MacroGenics.

With the headline figures on the table, the next step is to see how these results compare with the widely held narratives about MacroGenics's growth potential, risk profile, and path toward better margins.

Losses stay large at over US$70 million on a yearly basis

• On a trailing twelve month basis, MacroGenics reported total revenue of about US$157.1 million and a net loss of roughly US$70.4 million, with basic EPS over that period at a loss of around US$1.11.
• Bulls point to reduced losses over the past five years at about 25.5% per year and a forecast revenue growth rate of roughly 12.1% a year as evidence that the business is moving toward a healthier model. However, the trailing loss of about US$70.4 million and current Q1 2026 loss of about US$36.8 million highlight how far current results still are from the bullish idea of sustained earnings growth.
  • Supporters of the bullish view highlight the forecast revenue growth slightly above the broader US market at about 12.1% vs 11.6%. At the same time, trailing basic EPS is still a loss of around US$1.11 and Q1 2026 EPS shows a loss of roughly US$0.58.
  • The bullish narrative also leans on potential trial successes and premium pricing. Current quarterly net income excluding extra items remains a loss of about US$36.8 million, which contrasts with the idea of near term earnings strength.

Bulls argue that trial milestones and revenue growth could eventually make these losses worthwhile, so if that angle interests you it is worth seeing how they connect the current figures to their long term thesis. 🐂 MacroGenics Bull Case

Revenue swings from US$13.2 million to US$72.8 million across recent quarters

• Over the last six reported quarters, total revenue has ranged from about US$13.2 million in Q1 2025 up to roughly US$72.8 million in Q3 2025, with Q1 2026 landing at about US$20.8 million. This shows that revenue can move a long way from one quarter to the next.
• Bears focus on this variability and argue that reliance on milestone payments and clinical events keeps revenue and margins hard to predict. The pattern of a US$72.8 million quarter followed by US$41.2 million, then US$20.8 million alongside Q1 2026 net income excluding extra items still at a loss of about US$36.8 million gives their case some support that reported sales do not yet translate into consistent profitability.
  • Critics highlight that even with trailing revenue at roughly US$157.1 million, trailing net income excluding extra items is still a loss near US$70.4 million. This lines up with the bearish concern that higher revenue periods have not yet driven lasting margin improvement.
  • The bearish narrative also flags high research and development spending and dependence on partner milestones. The wide revenue range between about US$13.2 million and US$72.8 million over recent quarters illustrates how single payments can affect the top line without removing the underlying losses.

Skeptics warn that these wide revenue swings and continued losses could weigh on the story longer than bulls expect, so if you want to see exactly how the cautious view frames this risk, it is worth reading their full case. 🐻 MacroGenics Bear Case

P/S of 1.7x sits well below biotech peers

• The stock trades on a trailing P/S of about 1.7x, compared with an estimated 19.7x for peers and 10.6x for the broader US biotech industry, and the recent share price sits at US$4.16.
• Supporters of the consensus narrative see this low sales multiple alongside forecast revenue growth of roughly 12.1% per year and shrinking losses over five years as a potential value signal. They also flag that earnings are forecast to decline about 4.9% a year over the next three years while the company is still expected to stay loss making, so the P/S discount sits next to a business that currently posts trailing net losses of around US$70.4 million.
  • What stands out is the contrast between a low 1.7x P/S and a trailing basic EPS loss of roughly US$1.11. This means the market is pricing each dollar of revenue cheaply while the income statement still shows ongoing losses.
  • Consensus commentary highlights that the share price has been highly volatile over the past three months, so the gap between the low P/S and the earnings forecasts could lead to sharp moves as new clinical or financial data comes through.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for MacroGenics on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If the mixed signals in this update leave you unsure, that is a useful starting point. Move quickly to review the numbers, weigh the concerns and potential upside, and see how they line up with the 1 key reward and 3 important warning signs

See What Else Is Out There

MacroGenics still reports sizeable losses alongside uneven revenue and volatile earnings, so current results do not yet show a clear path to consistent profitability.

If you want stocks where financials look steadier and earnings pressure is less intense, put that contrast to work by scanning our 67 resilient stocks with low risk scores today.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.