- ImmunoGen Inc IMGN shares are surging Friday morning following its impressive first-quarter performance.
- IMGN reported Q1 revenues of $49.9 million, easily surpassing the consensus of $20.47 million and higher than $38.1 million a year ago.
- The increase was primarily driven by Elahere net sales and recognition of a $15 million upfront fee received under a multi-target license and option agreement executed in the first quarter with Vertex Pharmaceuticals Inc VRTX.
- It was partially offset by $30.8 million of license fees recorded as revenue in the prior year under its collaboration and license agreements with Huadong Medicine and Eli Lilly And Co LLY.
- The revenues included $29.5 million of net product revenues from Elahere (mirvetuximab soravtansine-gynx) for the first full quarter of launch following approval in November 2022 for folate receptor alpha (FRα)-positive, platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer.
- The company reported a net loss of $(41.0) million, or $(0.16) per share, compared to a loss of $(24.1) million, or $(0.10) per share a year ago.
- Guidance: ImmunoGen expects FY23 sales, excluding Elahere, of $45-$50 million, up from prior guidance of $30-$35 million.
- ImmunoGen expects that its current cash, including the $75 million received under the term loan facility, combined with anticipated product and collaboration revenues, will fund operations into 2025.
- Additionally, the company increased its operating expense guidance to $320-$335 million ($310-$320 million expected previously), reflecting greater spending supporting Elahere's launch and expected growth trajectory.
- Price Action: IMGN shares are up 21.76% at $5.26 on the last check Friday.
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