Revenue has faced severe erosion, dropping to $1.1M in 2025Q3, while operating losses consistently exceed gross profit, as evidenced by a -5.0% operating margin.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | -118.09M | 29.62M | 46.8M | 140.73M | 235.31M | 176.32M | 256.58M | 212.96M | 125.67M | 179.58M | 180.83M | 137.6M | 102.17M | 65.93M |
| Revenue Growth % | -218.29% | -36.71% | -66.74% | -40.19% | 33.46% | -31.28% | 20.48% | 69.46% | -30.02% | -0.69% | 31.41% | 34.68% | 54.96% | - |
| Cost of Goods Sold | -20.39M | 15.56M | 3.96M | 20.28M | 449.19M | 8.87M | 1.15M | 235.84M | 196.52M | 187.21M | 214.09M | 150.79M | 85.71M | 74.22M |
| COGS % of Revenue | - | 52.53% | 8.47% | 14.41% | 190.89% | 5.03% | 0.45% | 110.74% | 156.38% | 104.25% | 118.39% | 109.59% | 83.89% | 112.57% |
| Gross Profit | -97.71M | 14.06M | 42.84M | 120.45M | -213.88M | 167.45M | 255.43M | -22.88M | -70.85M | -7.63M | -33.26M | -13.19M | 16.46M | -8.29M |
| Gross Margin % | 82.74% | 47.47% | 91.53% | 85.59% | -90.89% | 94.97% | 99.55% | -10.74% | -56.38% | -4.25% | -18.39% | -9.59% | 16.11% | -12.57% |
| Gross Profit Growth % | - | -67.18% | -64.43% | 156.32% | -227.73% | -34.44% | 1216.34% | 67.7% | -828.68% | 77.06% | -152.11% | -180.15% | 298.58% | - |
| Operating Expenses | 26.33M | 164.48M | 365.56M | 421.48M | 74.65M | 359.33M | 344.74M | 299.65M | 248.28M | 233.23M | 258.45M | 187.7M | 110.12M | 93.16M |
| OpEx % of Revenue | - | 555.27% | 781.07% | 299.49% | 31.72% | 203.8% | 134.36% | 140.71% | 197.57% | 129.88% | 142.93% | 136.41% | 107.78% | 141.29% |
| Selling, General & Admin | 7.14M | 49.33M | 86.48M | 124.69M | 0 | 106.41M | 135.48M | 63.81M | 51.76M | 46.02M | 44.36M | 36.91M | 24.41M | 18.93M |
| SG&A % of Revenue | - | 166.54% | 184.78% | 88.6% | - | 60.35% | 52.8% | 29.96% | 41.19% | 25.63% | 24.53% | 26.82% | 23.89% | 28.72% |
| Research & Development | 17.73M | 95.69M | 266.47M | 296.79M | 387.04M | 252.92M | 209.26M | 235.84M | 196.52M | 187.21M | 214.09M | 150.79M | 85.71M | 74.22M |
| R&D % of Revenue | - | 323.05% | 569.35% | 210.89% | 164.48% | 143.45% | 81.56% | 110.74% | 156.38% | 104.25% | 118.39% | 109.59% | 83.89% | 112.57% |
| Other Operating Expenses | 1.46M | 19.45M | 12.61M | 0 | -312.4M | 0 | 0 | 42.16M | 0 | 0 | 0 | 16K | 156K | 181K |
| Operating Income | -124.04M | -150.42M | -322.72M | -301.02M | -288.53M | -191.88M | -89.31M | -86.69M | -122.61M | -53.65M | -77.63M | -50.1M | -7.95M | -27.22M |
| Operating Margin % | 105.04% | -507.8% | -689.53% | -213.9% | -122.62% | -108.83% | -34.81% | -40.71% | -97.57% | -29.88% | -42.93% | -36.41% | -7.78% | -41.29% |
| Operating Income Growth % | - | 53.39% | -7.21% | -4.33% | -50.37% | -114.84% | -3.02% | 29.29% | -128.52% | 30.88% | -54.93% | -530.29% | 70.8% | - |
| EBITDA | -122.95M | -147.72M | -312.79M | -290.42M | -273.72M | -169.83M | -67.86M | -80.13M | -116.51M | -47.61M | -71.95M | -45.63M | -2.87M | -21.63M |
| EBITDA Margin % | 104.11% | -498.71% | -668.31% | -206.36% | -116.32% | -96.32% | -26.45% | -37.63% | -92.71% | -26.51% | -39.79% | -33.16% | -2.8% | -32.8% |
| EBITDA Growth % | 24.27% | 52.77% | -7.7% | -6.1% | -61.17% | -150.27% | 15.31% | 31.22% | -144.7% | 33.82% | -57.67% | -1492.74% | 86.75% | - |
| D&A (Non-Cash Add-back) | 1.09M | 2.69M | 9.93M | 10.6M | 14.81M | 22.05M | 21.45M | 6.56M | 6.1M | 6.04M | 5.68M | 4.47M | 5.08M | 5.6M |
| EBIT | -128.79M | -145.12M | -315.13M | -293.43M | -348.53M | -186.33M | -73.77M | -75.13M | -110.85M | -51.03M | -74.5M | -48.4M | -4.24M | -22.64M |
| Net Interest Income | -5.45M | -2.95M | -501K | 6.16M | -1.07M | 3.15M | 12.67M | 577K | -3.27M | -8.1M | -7.91M | -9.4M | -6.99M | -5.63M |
| Interest Income | 903K | 5.3M | 7.59M | 7.6M | - | 5.55M | 15.55M | 11.57M | 6.43M | 2.63M | 3.12M | 1.69M | 3.71M | 4.4M |
| Interest Expense | 6.35M | 8.25M | 8.1M | 1.44M | 1.07M | 2.4M | 2.88M | 10.99M | 9.71M | 10.72M | 11.03M | 11.11M | 10.7M | 10.03M |
| Other Income/Expense | -7.24M | -2.95M | -501K | 7.73M | -1.15M | 2.95M | 12.67M | 577K | -3.27M | -8.1M | -7.91M | -9.4M | -6.99M | -5.45M |
| Pretax Income | -131.27M | -153.37M | -323.22M | -293.3M | -289.68M | -188.93M | -76.64M | -86.12M | -125.88M | -61.75M | -85.54M | -59.5M | -14.94M | -32.67M |
| Pretax Margin % | 111.16% | -517.76% | -690.6% | -208.4% | -123.1% | -107.15% | -29.87% | -40.44% | -100.17% | -34.39% | -47.3% | -43.24% | -14.63% | -49.55% |
| Income Tax | -142K | -269K | -252K | 358K | 347K | 360K | 328K | 304K | 321K | -71K | 242K | 0 | 0 | -100K |
| Effective Tax Rate % | 0.11% | 0.18% | 0.08% | -0.12% | -0.12% | -0.19% | -0.43% | -0.35% | -0.26% | 0.11% | -0.28% | 0% | 0% | 0.31% |
| Net Income | 215.65M | -47.58M | -284.23M | -293.65M | -290.02M | -189.29M | -76.97M | -86.42M | -126.2M | -61.68M | -85.78M | -59.5M | -14.94M | -32.57M |
| Net Margin % | -182.61% | -160.63% | -607.29% | -208.66% | -123.25% | -107.36% | -30% | -40.58% | -100.43% | -34.35% | -47.44% | -43.24% | -14.63% | -49.4% |
| Net Income Growth % | 277.07% | 83.26% | 3.21% | -1.25% | -53.22% | -145.93% | 10.94% | 31.52% | -104.61% | 28.09% | -44.16% | -298.21% | 54.12% | - |
| Net Income (Continuing) | -131.13M | -153.1M | -322.97M | -293.65M | -290.02M | -189.29M | -76.97M | -86.42M | -120.88M | -61.68M | -85.78M | -59.5M | -14.94M | -32.57M |
| Discontinued Operations | 3M | 105.52M | 38.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 34.51M | 41.97M | 41.97M | 19.97M | 19.97M | 19.27M | 19.27M | 19.27M | 19.27M | 19.27M | 19.27M | 19.27M | 27.88M | 27.7M |
| EPS (Diluted) | 53.33 | -0.48 | -2.92 | -3.15 | -3.15 | -2.11 | -0.89 | -1.03 | -1.73 | -0.98 | -1.42 | -1.04 | -0.32 | -2.47 |
| EPS Growth % | 678.32% | 83.56% | 7.3% | 0% | -49.29% | -137.08% | 13.59% | 40.46% | -76.53% | 30.99% | -36.54% | -225% | 87.04% | - |
| EPS (Basic) | - | -0.48 | -2.92 | -3.15 | -3.15 | -2.11 | -0.89 | -1.03 | -1.73 | -0.98 | -1.42 | -1.04 | -0.32 | -2.47 |
| Diluted Shares Outstanding | 4.04M | 100.04M | 97.3M | 93.58M | 92.35M | 89.85M | 86.63M | 84.06M | 72.99M | 62.74M | 60.34M | 57.43M | 47.27M | 13.17M |
| Basic Shares Outstanding | 4.04M | 100.04M | 97.3M | 93.58M | 92.35M | 89.85M | 86.63M | 84.06M | 72.99M | 62.74M | 60.34M | 57.43M | 47.27M | 13.17M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and clinical failure
As indicated by the most recent quarterly filings, FibroGen's revenue has experienced a precipitous decline, with top-line figures dropping to $1.1M in 2025Q3, representing a significant contraction from historical levels and highlighting the company's struggle to maintain a sustainable commercial footprint in its core anemia market.
The dramatic volatility in revenue suggests that the company's reliance on lumpy milestone payments and the unpredictable nature of the Chinese market have left the top line without a stable foundation. Investors should monitor whether the current revenue levels are sufficient to support ongoing operations or if the business is effectively transitioning into a terminal decline phase.
Based on reported financial statements, the company's cost structure remains heavily weighted toward R&D and SG&A, which continue to dwarf the minimal revenue generated, suggesting that management has yet to successfully align its operational expenditure with the current, diminished commercial reality of the business.
While R&D spending has shown some reduction from the peak levels seen in 2023, the persistent burn rate relative to the $50.5M cash balance indicates that the current cost structure is unsustainable. The lack of significant expense rationalization may imply that the company is prioritizing speculative pipeline development over the preservation of its remaining capital.
According to the provided income statement data, FibroGen's operating leverage is severely constrained, as the company consistently reports operating losses that frequently exceed its gross profit, reflecting a fundamental inability to scale its commercial activities to cover the high fixed costs of its clinical-stage pipeline.
The persistent mismatch between gross profit and operating expenses suggests that the company lacks the necessary operating leverage to achieve profitability under its current business model. This structural inefficiency warrants further investigation into whether any future revenue growth could realistically outpace the fixed costs required to maintain the company's clinical infrastructure.
Analysis of the income statement reveals that the company's reliance on non-operating items to bolster net income, as seen in 2025Q3, masks the underlying operational weakness, suggesting that the reported bottom-line figures may not accurately reflect the true, ongoing cash-generating capacity of the core business.
Short-sellers would likely focus on the disconnect between the company's reported net income and its actual operating performance, which remains deeply in the red. The reliance on non-recurring or non-operating gains to offset operational losses appears to be a temporary measure that does not address the fundamental lack of a viable, self-sustaining commercial engine.
Quick answers to the most common questions about buying FGEN stock.
For fiscal year 2024, FibroGen, Inc. (FGEN) reported total revenue of $29.6M. This represents a 55.1% decline compared to $65.9M in 2012.
FibroGen, Inc. (FGEN) reported a net loss of $47.6M for the fiscal year ending 2024.
FibroGen, Inc. (FGEN) reported an operating income of $-150.4M, resulting in an operating profit margin of -507.8%. This margin reflects the operational efficiency of the business before interest and taxes.
FibroGen, Inc. (FGEN) generated $14.1M in gross profit for the year, representing a gross profit margin of 47.5%. This demonstrates the company's core pricing power and production efficiency.