ImmunoGen Outperforms Q2 Revenue Expectations Bolstered By Strong Elahere Sales

ImmunoGen Inc IMGN reported Q2 revenues of $83.15 million, surpassing the consensus of $42.84 million and higher than $14.16 million a year ago.

The increase was primarily driven by Elahere net sales, partially offset by $6.9 million of license fees recorded as revenue in the prior year under the company’s collaboration agreement with Huadong Medicine Co Ltd.

The company generated $77.4 million in Elahere (mirvetuximab soravtansine-gynx) net sales for Q2.

The company reported a net loss of $(4.25) million, or $(0.02) per share, compared to a loss of $(62.02) million, or $(0.24) per share a year ago and the consensus of $(0.16).

Guidance: ImmunoGen expects FY23 operating expenses of $350 million-$365 million, higher than the $320 million-$335 million expected earlier, on higher spending in support of Elahere, including preparations for a launch in Europe and to expand the company’s research capabilities and pipeline.

Excluding Elahere sales, revenue guidance remains unchanged at $45 million-$50 million.

The company expects that its existing cash and cash equivalents and anticipated future product and collaboration revenues will fund operations for more than two years.

Price Action: IMGN shares were down 12.86% to $17.00 during early trading on Monday.

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