Alexion refuses further US Ultomiris royalties; Xencor disputes, cuts revenue forecast

Xencor Inc

Alexion informed Xencor it will not pay additional US royalties on Ultomiris and will cease future US payments.
Xencor previously expected $100-$120M in additional US royalties through 2028; now considers that revenue at risk.
Ex-US royalty payments from Alexion continue unchanged, per Xencor's CEO.
Xencor updates 2026 year-end cash guidance to $380-400M; operating runway extended into mid-2028.
Xencor is actively evaluating options and disagrees with Alexion's position.

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