How much of Agenus’ revenue comes from haram?

Agenus earns its revenue from the following revenue sources:

  • Research & Development:

Includes revenue generated from collaboration agreements regarding researching and developing clinical-stage immuno-oncology products

  • Service Revenue:

Includes revenue generated from non-R&D collaboration services

  • Future Royalties & Milestones: 

Includes non-cash revenue related to the sale of future royalties and milestones

The contributions from each of Agenus’ revenue segments in their 2020 annual report were as follows:

Practical Islamic Finance concludes:

None of Agenus’ revenue comes from anything inherently haram.

Does Agenus rely on interest to operate?

for period ended
Fiscal year
Fiscal year
Interest Income (net)
Total Revenue$22,449$88,170$150,048
Interest Expense (net)$32,566$61,078$41,451
Total Expenses$130,215$205,405$220,185
Interest Income (net) / Revenue
Interest Expense (net) / Total Expense25.01%29.74%18.83%
*Numbers in thousands, U.S. dollars

Practical Islamic Finance concludes: 

From the consistently elevated Interest Expense/Total Expense levels, Riba is relied upon in Agenus’ operations.

What is Agenus’ Environmental, Social, and Governance (ESG) impact?


No notable environmental highlights.


Agenus has a Glassdoor rating of 3.5 out of 5 from current and previous employees compared to a 3.3 average for all other Glassdoor rated companies. 


No notable governance highlights.

Practical Islamic Finance concludes: 

Agenus has a net positive ESG impact.

Comfort Rating

From Agenus’ business, financial, and ESG reviews, Practical Islamic Finance rates Agenus stock as: 

Uncomfortable to invest in from a halal perspective.

Justification for our rating

Agenus’ consistent elevated use of interest to run its operations suggests a systemic reliance on interest. This causes Practical Islamic Finance to be uncomfortable investing in the company from a Halal perspective.


Agenus 2020 10-K

Agenus Q2 2021 10-Q

Agenus Glassdoor Reviews