Invivyd Stock Gains on Strong Q4 Revenue, Positive Pipeline Update
Company reports preliminary PEMGARDA sales of $17.2 million, beating estimates, and initiates a key Phase 3 trial for its next-generation COVID-19 antibody.
Shares of Invivyd Inc. (NASDAQ: IVVD) climbed Wednesday after the biotechnology firm announced preliminary fourth-quarter revenue that significantly surpassed expectations, driven by robust sales of its COVID-19 antibody treatment, PEMGARDA.
In a business update released to investors, the Waltham, Massachusetts-based company reported preliminary net product revenue of $17.2 million for the fourth quarter of 2025. This figure marks a substantial 31% increase from the previous quarter and a 25% rise year-over-year, comfortably exceeding analyst consensus estimates which stood closer to $13.1 million. The company's stock rose nearly 1% to $2.40 in morning trading.
The sales growth was entirely attributed to PEMGARDA (pemivibart), Invivyd's antibody therapy authorized for pre-exposure prophylaxis (PrEP) to prevent COVID-19 in immunocompromised adults and adolescents. The therapy is a critical tool for individuals who may not derive an adequate immune response from vaccination alone, a market that Invivyd continues to successfully penetrate.
Beyond the strong commercial performance, Invivyd also energized investors with positive news from its clinical pipeline. The company announced the initiation of DECLARATION, a Phase 3 pivotal clinical trial for its next-generation antibody candidate, VYD2311. This candidate, also aimed at preventing symptomatic COVID-19, received Fast Track designation from the U.S. Food and Drug Administration (FDA) in December 2025. Invivyd anticipates releasing top-line data from the trial in mid-2026.
"The strong quarter for PEMGARDA demonstrates our ability to execute commercially in the immunocompromised community," said Dave Hering, Chief Executive Officer of Invivyd, in the company's statement. He noted that the company is leveraging its strong balance sheet to fund the new trial and prepare for the potential commercial launch of VYD2311, which could represent a significant advancement for patient care.
The progress positions Invivyd with a two-pronged growth strategy: maximizing revenue from its currently authorized product while advancing a promising next-generation candidate. With a market capitalization of approximately $555 million, the company is focused on solidifying its niche in the infectious disease space.
Analysts have set an average price target of $10.00 for Invivyd, suggesting significant potential upside from its current trading level. The company's ability to continue growing PEMGARDA sales while hitting key milestones for VYD2311 will be critical for investors in the coming year, with the mid-2026 data readout for the DECLARATION trial now circled as the next major catalyst.