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Biotech using PEGylation drug-delivery technology; developing immunology drug rezpegaldesleukin after past oncology setbacks.
Biotech using PEGylation drug-delivery technology; developing immunology drug rezpegaldesleukin after past oncology setbacks.
Has no medicine of its own on sale, so income is limited to royalties and milestone payments from partners whose drugs use its PEGylation technology, with the rest funded from cash raised from investors. After the 2022 failure of its bempegaldesleukin cancer drug with Bristol Myers Squibb, it shrank to focus on immune-disease drugs.
Moat: narrow (IP / patents, process know-how). PEGylation chemistry know-how is real but recent late-stage trial failures have weakened its moat.
Headquarters: San Francisco, California, US · Founded: 1990 · Employees: 63
Size Nektar Therapeutics (NKTR) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $1.27B, the 2099th largest of 3,117 United States companies the cockpit tracks. Shares closed at $37.26 on 6 Nov 2026.
Performance Over six months the shares fell 54.5%, against -10.9% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue fell 27.1% over the last twelve months (peer median +14.0%); the operating margin is -239.3% (peer median 2.8%).
Valuation It trades at 13.3× enterprise value to sales against a peer median of 4.0× (5th most expensive of 18).
Capital Return on invested capital runs 40.6 points below its cost of capital (11.5% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $54.6M | $55.2M | $98.4M | $90.1M | $92.1M |
| Revenue growth | — | -44% | +9% | -2% | — |
| Gross profit | $53.9M | $54.2M | $66.5M | $53.5M | $62.9M |
| EBITDA | -$130M | -$133M | -$129M | -$130M | -$228M |
| Net income | -$157M | -$164M | -$119M | -$276M | -$368M |
| Free cash flow | -$234M | -$209M | -$177M | -$193M | -$310M |
| Capital expenditure | $244,000 | $171,000 | $1.47M | $865,000 | $5.68M |
| Total debt | $136M | $149M | $194M | $230M | $258M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Nektar Therapeutics NKTR | $1.27B | -54% | -27% | -239% | 13.3× | n/a |
| Bristol Myers Squibb BMY | $127B | +12% | +4% | 33% | 3.2× | -12.9% |
| Lilly (Eli) LLY | $1.27T | +43% | +46% | 51% | 15.2× | 5.9% |
| AbbVie ABBV | $515B | +45% | +11% | 36% | 8.9× | -0.1% |
| Sanofi SAN.PA | $113B | +14% | +15% | 27% | 2.6× | -5.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NKTR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.7% | -5.4% | 9th lowest of 21 |
| 6-month return | -54.5% | -10.9% | 3rd lowest of 21 |
| Distance from 52-week high | -65.8% | -40.5% | 3rd lowest of 21 |
| Revenue growth (TTM) | -27.1% | +14.0% | 3rd lowest of 17 |
| Operating margin | -239.3% | 2.8% | 4th lowest of 18 |
| EV / Sales | 13.3× | 4.0× | 5th most expensive of 18 |
| ROIC minus cost of capital | -40.6 pp | -5.1 pp | 5th lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nektar Therapeutics NKTR | United States | $1.27B | -54% | -27% | -239% | 13.3× | n/a | n/a |
| GH Research GHRS | United States | $1.28B | -13% | n/a | n/a | n/a | n/a | n/a |
| Celltrion Pharm 068760.KS | South Korea | $1.27B | -29% | +14% | 11% | 3.0× | 11.7% | +18.1% |
| D&D Pharmatech 347850.KS | South Korea | $1.28B | -49% | -71% | -1,368% | 617.6× | n/a | n/a |
| PYC Therapeutics PYC.AX | Australia | $1.28B | +31% | n/a | n/a | n/a | n/a | n/a |
| OliX Pharmaceuticals 226950.KS | South Korea | $1.26B | -57% | +81% | -305% | 111.4× | n/a | n/a |
| MannKind MNKD | United States | $1.25B | +11% | +30% | 3% | 4.0× | n/a | n/a |
| Avalyn Pharma AVLN | United States | $1.29B | +7% | n/a | n/a | n/a | n/a | n/a |
| Voronoi 310210.KS | South Korea | $1.31B | -66% | +24% | -1,947% | 417.6× | n/a | n/a |
| Sinopep-Allsino Bio Pharmaceutical 688076.SS | China | $1.31B | -7% | +14% | 19% | 5.0× | 4.0% | +27.9% |
| C.Q. Pharmaceutical 000950.SZ | China | $1.32B | -12% | -3% | 1% | 0.5× | n/a | n/a |
| Omeros OMER | United States | $1.22B | +14% | n/a | -190% | 36.2× | n/a | n/a |
| Tianjin Chase Sun Pharmaceutical 300026.SZ | China | $1.32B | -6% | -29% | 3% | 2.0× | 8.5% | -5.3% |
| Everest Medicines 1952.HK | Hong Kong | $1.22B | -20% | +193% | -5% | 3.5× | n/a | n/a |
| Hanall Biopharma 009420.KS | South Korea | $1.34B | -25% | +5% | 3% | 11.2× | n/a | n/a |
| Lotus Pharmaceutical 1795.TW | Taiwan | $1.34B | -26% | +49% | 24% | 3.4× | -2.4% | +13.8% |
| Amphastar Pharmaceuticals AMPH | United States | $1.21B | +50% | +1% | 16% | 2.2× | 3.3% | +15.5% |
| Idorsia IDIA.SW | Switzerland | $1.34B | -5% | -5% | -70% | 10.7× | n/a | n/a |
| Zhejiang Xianju Pharmaceutical 002332.SZ | China | $1.34B | +2% | +8% | 11% | 2.1× | 0.3% | -1.3% |
| Chongqing Genrix Biopharmaceutical 688443.SS | China | $1.34B | -10% | +256% | -27% | 10.0× | n/a | n/a |
| Phibro Animal Health PAHC | United States | $1.34B | -18% | +17% | 13% | 1.4× | -7.4% | +12.7% |