Autolus Therapeutics plc reported preliminary unaudited net product revenue of $24 million for the fourth quarter of 2025 and $75 million for the full year, a dramatic increase from the $0 product revenue recorded in 2024. The company also issued 2026 guidance of $120 million to $135 million, signaling continued momentum for its flagship CAR‑T therapy, AUCATZYL.
The jump reflects the first year of commercial sales following the U.S. launch in November 2024 and the UK launch in December 2025. In the United States, more than 60 treatment centers have adopted AUCATZYL, and the therapy has achieved a high uptake rate that has exceeded early sales expectations. The 2025 revenue growth is therefore driven by rapid market penetration and a strong reimbursement environment.
Gross margin remains negative in Q4 2025, as the company continues to invest in manufacturing capacity and scale production. Management expects the margin to turn positive in 2026 once patient volumes increase and the Nucleus facility reaches full utilization. The guidance for 2026 therefore reflects not only higher sales but also an anticipated improvement in operating leverage.
CEO Christian Itin said the launch was "successful" and that "full‑year sales were well above expectations." He added that the company has "established reliable, high‑quality product delivery with short and consistent turn‑around time." Itin also highlighted the company’s focus on optimizing manufacturing operations to improve gross margin and on developing next‑generation manufacturing platforms.
The 2026 revenue outlook of $120 million to $135 million represents a 60‑70 % increase over the 2025 full‑year figure and underscores Autolus’s confidence in expanding AUCATZYL’s market share in the United States and the United Kingdom. The guidance also signals that the company is positioning itself to capture additional indications, including pediatric B‑ALL, lupus nephritis, and multiple sclerosis, as those trials progress.
Analysts have responded with cautious optimism, noting the strong launch performance and the company’s plan to achieve positive gross margins. The guidance and margin improvement are seen as key tailwinds that support the company’s long‑term growth trajectory, while the continued investment in manufacturing and pipeline development are viewed as strategic headwinds that the company is actively managing.
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