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?

Most Recent Quarter
Fiscal year
Fiscal year
Interest Expense $15,199 $65,719 $61,078
Total Operating Expenses $61,938 $258,437 $204,184
Interest Expense /
Total Operating Expenses
24.54% 25.43% 29.91%
*Numbers in thousands, U.S. dollars

Practical Islamic Finance concludes:

There appears to be a persistent reliance on the use of Riba in Agenus Inc. 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