Revenue volatility remains extreme, evidenced by a TTM decline of 86.92% YoY as the company struggles to transition beyond reliance on sporadic milestone-driven income.
AC Immune S.A. (ACIU) annual income statement — 13-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 17.51M | 3.57M | 27.31M | 14.8M | 3.94M | 0 | 15.43M | 110.46M | 7.19M | 20.25M | 23.21M | 39.09M | 30.27M | 8.64M |
| Revenue Growth % | -39.45% | -86.92% | 84.51% | 276.14% | - | -100% | -86.03% | 1435.39% | -64.48% | -12.75% | -40.61% | 29.14% | 250.46% | - |
| Cost of Goods Sold | 0 | 0 | 62.57M | 54.61M | 0 | 0 | 59.49M | 50.43M | 44.28M | 32.66M | 25.77M | 17.05M | 16.12M | 17.18M |
| COGS % of Revenue | - | - | 229.12% | 368.93% | - | - | 385.5% | 45.66% | 615.47% | 161.26% | 111.03% | 43.61% | 53.24% | 198.91% |
| Gross Profit | 17.51M | 3.57M | -35.26M | -39.8M | 3.94M | 0 | -44.06M | 60.02M | -37.08M | -12.41M | -2.56M | 22.04M | 14.15M | -8.54M |
| Gross Margin % | 100% | 100% | -129.12% | -268.93% | 100% | - | -285.5% | 54.34% | -515.47% | -61.26% | -11.03% | 56.39% | 46.76% | -98.91% |
| Gross Profit Growth % | - | 110.13% | 11.42% | -1111.56% | - | 100% | -173.4% | 261.86% | -198.86% | -384.69% | -111.61% | 55.73% | 265.67% | - |
| Operating Expenses | 61.68M | 72.44M | 17.12M | 13.82M | 74.78M | 79.01M | 17.2M | 15.49M | 56.74M | 42.79M | 33.67M | 20.47M | 19.55M | 2.76M |
| OpEx % of Revenue | - | 2027.32% | 62.68% | 93.37% | 1900.43% | - | 111.49% | 14.02% | 788.77% | 211.28% | 145.04% | 52.36% | 64.59% | 31.93% |
| Selling, General & Admin | 11.03M | 11.65M | 11.43M | 10.58M | 9.58M | 10.88M | 18.56M | 16.06M | 7.56M | 6.27M | 4.73M | 2.04M | 2M | 2.96M |
| SG&A % of Revenue | - | 326.11% | 41.87% | 71.45% | 243.51% | - | 120.26% | 14.54% | 105.14% | 30.98% | 20.37% | 5.22% | 6.6% | 34.21% |
| Research & Development | 45.83M | 56.44M | 62.57M | 54.61M | 60.34M | 62.28M | 59.49M | 50.43M | 44.28M | 32.66M | 25.77M | 17.05M | 16.12M | 17.18M |
| R&D % of Revenue | - | 1579.51% | 229.12% | 368.93% | 1533.32% | - | 385.5% | 45.66% | 615.47% | 161.26% | 111.03% | 43.61% | 53.24% | 198.91% |
| Other Operating Expenses | 1.36M | 4.35M | -56.89M | -51.36M | 4.86M | 5.85M | -60.84M | -51M | 4.9M | 3.86M | 3.17M | 1.38M | 1.44M | 0 |
| Operating Income | -44.17M | -68.86M | -52.38M | -53.62M | -70.85M | -79.01M | -61.26M | 44.54M | -49.55M | -22.54M | -10.46M | 18.62M | 10.72M | -11.5M |
| Operating Margin % | -252.25% | -1927.32% | -191.8% | -362.3% | -1800.43% | - | -396.99% | 40.32% | -688.77% | -111.28% | -45.04% | 47.64% | 35.41% | -133.12% |
| Operating Income Growth % | - | -31.47% | 2.32% | 24.31% | 10.33% | -28.97% | -237.55% | 189.88% | -119.84% | -115.56% | -156.14% | 73.78% | 193.21% | - |
| EBITDA | -42.38M | -66.36M | -50.22M | -51.41M | -68.49M | -76.6M | -59.73M | 45.81M | -48.59M | -21.96M | -10.18M | 18.91M | 11.02M | -11.21M |
| EBITDA Margin % | -242.06% | -1857.26% | -183.88% | -347.33% | -1740.48% | - | -387.05% | 41.47% | -675.41% | -108.41% | -43.84% | 48.38% | 36.39% | -129.73% |
| EBITDA Growth % | 11.36% | -32.15% | 2.32% | 24.94% | 10.59% | -28.26% | -230.38% | 194.28% | -121.27% | -115.75% | -153.82% | 71.68% | 198.3% | - |
| D&A (Non-Cash Add-back) | 990.02K | 2.5M | 2.16M | 2.21M | 2.36M | 2.41M | 1.53M | 1.27M | 961K | 580K | 278K | 287K | 298K | 293K |
| EBIT | -42.99M | -70.26M | -50.78M | -54.05M | -70.39M | -72.41M | -61.26M | 44.54M | -50.62M | -26.26M | -7.09M | 20.27M | 10.75M | -11.5M |
| Net Interest Income | 901.64K | 1.67M | 3.06M | 868K | -286K | 5.9M | -106K | -1.62M | -207K | 176K | -83K | 48K | 27K | 0 |
| Interest Income | 1.07M | 1.86M | 3.2M | 1.04M | 69K | 6.49M | 78K | 303K | 127K | 330K | 43K | 55K | 22K | 58K |
| Interest Expense | 167.68K | 191K | 133K | 176K | 355K | 581K | 184K | 1.93M | 334K | 147K | 256K | 26K | 4K | 0 |
| Other Income/Expense | 1.01M | -1.58M | 1.47M | -599K | 107K | 6.02M | -661K | 906K | -1.4M | -3.87M | 3.36M | 1.65M | 27K | 255K |
| Pretax Income | -43.16M | -70.45M | -50.91M | -54.22M | -70.74M | -72.99M | -61.92M | 45.44M | -50.95M | -26.41M | -7.1M | 20.27M | 10.74M | -11.24M |
| Pretax Margin % | -246.49% | -1971.65% | -186.43% | -366.35% | -1797.71% | - | -401.28% | 41.14% | -708.24% | -130.39% | -30.57% | 51.85% | 35.5% | -130.17% |
| Income Tax | 0 | 0 | 3K | 10K | 13K | 3K | 0 | 0 | 0 | 147K | 0 | 0 | 31K | 0 |
| Effective Tax Rate % | 0% | 0% | -0.01% | -0.02% | -0.02% | -0% | 0% | 0% | 0% | -0.56% | 0% | 0% | 0.29% | 0% |
| Net Income | -43.16M | -70.45M | -50.92M | -54.23M | -70.75M | -73M | -61.92M | 45.44M | -50.95M | -26.41M | -7.1M | 20.27M | 10.74M | -11.24M |
| Net Margin % | -246.49% | -1971.65% | -186.44% | -366.41% | -1798.04% | - | -401.28% | 41.14% | -708.24% | -130.39% | -30.57% | 51.85% | 35.5% | -130.17% |
| Net Income Growth % | 14.56% | -38.36% | 6.12% | 23.35% | 3.07% | -17.89% | -236.26% | 189.19% | -92.92% | -272.2% | -135.01% | 88.66% | 195.56% | - |
| Net Income (Continuing) | -43.16M | -70.45M | -50.92M | -54.23M | -70.75M | -73M | -61.92M | 45.44M | -50.95M | -26.41M | -7.1M | 20.27M | 10.74M | -11.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.44 | -0.70 | -0.51 | -0.64 | -0.85 | -0.97 | -0.86 | 0.64 | -0.82 | -0.46 | -0.14 | 0.37 | 0.19 | -0.28 |
| EPS Growth % | 13.8% | -37.25% | 20.31% | 24.71% | 12.37% | -12.79% | -234.38% | 178.05% | -78.26% | -228.57% | -137.84% | 94.74% | 167.86% | - |
| EPS (Basic) | - | -0.70 | -0.51 | -0.64 | -0.85 | -0.97 | -0.86 | 0.64 | -0.82 | -0.46 | -0.14 | 0.37 | 0.19 | -0.28 |
| Diluted Shares Outstanding | 98.67M | 100.75M | 99.69M | 84.69M | 83.55M | 74.95M | 71.9M | 71.1M | 61.84M | 57.36M | 50.1M | 55.4M | 55.4M | 40.59M |
| Basic Shares Outstanding | 98.67M | 100.75M | 99.69M | 84.69M | 83.55M | 74.95M | 71.9M | 70.6M | 61.84M | 57.08M | 50.1M | 55.4M | 55.4M | 40.59M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ACIU stock.
For fiscal year 2025, AC Immune S.A. (ACIU) reported total revenue of $3.6M. This represents a 58.6% decline compared to $8.6M in 2013.
AC Immune S.A. (ACIU) reported a net loss of $70.4M for the fiscal year ending 2025.
AC Immune S.A. (ACIU) reported an operating income of $-68.9M, resulting in an operating profit margin of -1927.3%. This margin reflects the operational efficiency of the business before interest and taxes.
AC Immune S.A. (ACIU) generated $3.6M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Clinical Milestone Dependency
Lumpy Revenue Obscures Underlying Trend
As reported in recent financial filings, AC Immune's revenue has experienced extreme volatility, with a TTM decline of 86.92% YoY, highlighting the company's total reliance on non-recurring milestone payments rather than a predictable, scalable commercial revenue stream to support its ongoing research and development operations.
The revenue profile is entirely dictated by the timing of partnership triggers, which creates significant quarter-over-quarter instability. Investors should monitor the lack of recurring income, as the current trajectory suggests that without new licensing agreements, the company faces a substantial revenue void.
R&D Intensity Drives Operational Burn
Based on the company's latest income statement data, research and development expenses remain the primary cost driver, consistently consuming over $10 million per quarter, which underscores the high-stakes nature of their clinical-stage pipeline and the lack of any meaningful commercial manufacturing or distribution overhead.
The cost structure is heavily skewed toward clinical trial execution, leaving little room for operational flexibility. This fixed-cost burden necessitates constant capital infusions, as the company lacks the internal cash generation to self-fund its extensive neurodegenerative research programs.
Milestone-Driven Earnings Volatility Risks
According to the provided income statement, AC Immune's net income is highly sensitive to the recognition of milestone payments, as evidenced by the brief period of profitability in 2024Q3 followed by a return to significant losses, reflecting the inherent instability of a milestone-dependent business model.
The quality of earnings is low due to the absence of recurring product sales, making net income an unreliable metric for assessing long-term viability. Analysts should focus on the cash burn rate rather than bottom-line figures, as accounting recognition of licensing fees often masks the underlying cash-flow reality.
Sustainability of Current Funding Model
With cash and equivalents reported at approximately $26.8 million, the company's current burn rate suggests a precarious financial position, as indicated by the persistent negative operating margins that appear to necessitate either immediate dilutive financing or the urgent achievement of a major clinical milestone payment.
Short-term liquidity risks are elevated, and the reliance on external partners for capital creates a structural vulnerability. If clinical readouts fail to trigger expected payments, the company may be forced to raise capital under unfavorable terms, further diluting existing shareholders.