March 26, 2026
BIOINVEST NEWS: Precigen (PGEN)
Precigen (PGEN) – PGEN Delivers Outstanding Papzimeos Revenue Growth
PGEN reported excellent Papzimeos Q4 revenue with an even better projection for $18 million in Q1. The company reported strong revenue growth, with Q4 2025 net product revenue at $3.4 million and expected Q1 2026 revenue to exceed $18 million. Patient uptake is outstanding, at JPMorgan in mid-January, PGEN had over 200 patients in their patient support hub. As of today, that number is well over 300, indicative of the pent-up demand for the new standard of care for adults with RRP. PGEN has a strong cash position of $100 million. Based on current projections from Papzimeos sales, the company expects to be cash flow breakeven by the end of 2026. We are very impressed with the PGEN marketing execution and already have the drug at $80 million annual rate. In our view, Papzimeos is well on its way to over $100 million in sales for 2026.
Payer coverage continues to expand. In early January, PGEN had approximately 170 million lives covered, now covering approximately 215 million lives, including major commercial, Medicare, and Medicaid payers. Importantly, Medicare has assigned a permanent J-code, J3404, to PAPZIMEOS, effective April 1, 2026. J-codes are standardized reimbursement codes that allow healthcare providers to bill government and commercial insurers for physician-administered therapies. Assignment of a permanent J-code streamlines claims processing and will likely facilitate broader patient access. The company is also actively pursuing European geographic expansion, with a marketing authorization application already having been submitted to the EMA for Papzimeos.
PGEN is also developing their platform with PRGN-2009. This program utilizes the same adenoverse technology as Papzimeos. PRGN-2009 is designed to activate the immune system to recognize and target HPV sixteen and eighteen, the root cause of HPV-associated cancers such as head and neck and cervical cancers that represent almost five percent of all global cancer. The drug candidate is currently being investigated in combination with pembro in multiple Phase II clinical trials in head and neck cervical cancer. We are very impressed with the PGEN marketing execution and already have the drug at $80 million annual rate.In our view, Papzimeos is well on its way to over $100 million in sales for 2026.