ImmunoGen (IMGN) Q1 Loss Wider, Revenues Beat
Waltham, MA-based ImmunoGen, Inc. IMGN is a development-stage biotechnology company, which focuses on developing targeted anticancer therapeutics using its antibody-drug conjugate technology (ADC). The company’s ADC technology is used in Roche’s marketed product, Kadcyla, in four other development-stage candidates in its own pipeline, and in programs in development by its partners Amgen and Bayer among others.
With ImmunoGen not having any approved products in its portfolio, the company earns revenues from royalties, license and milestone payments, and research and development support fees paid by its partners.
ImmunoGen’s track record has been mixed with the company beating expectations in two of the past four quarters and missing in the other two. Overall, the company has posted an average negative surprise of 0.50%.
Currently, ImmunoGen has a Zacks Rank #3 (Hold), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: ImmunoGen posted wider-than-expected loss in the first quarter of 2018. Our consensus called for a loss of 27 cents per share, and the company reported a loss of 30 cents per share. Moreover, loss in the quarter is also wider than year ago figure of 20 cents.
Revenues: ImmunoGen posted revenues of $19.8 million which beat the Zacks Consensus Estimate of $15 million. However, revenue decreased 30.5% from year-ago figure of $28.5 million.
Key Stats: R&D expenses increased 36.2% from the year-ago level to $44.8 million. Selling, general and administrative (SG&A) expenses were also up 23.5% to $10 million in the first quarter of 2018.
2018 Guidance: The company continues to expect revenues in the range of $60-$65 million for 2018. The Zacks Consensus Estimate for the metric is pegged at $62.5 million for the year.
However, ImmunoGen has updated its operating expenses guidance for 2018. Operating expenses are now expected in the range of $200-$205 million in 2018 compared to $185-$190 expected previously.
The company continues to expects cash and cash equivalents by Dec, 2018 end in the range of $115 million to $120 million.
Share Price Impact: Shares are inactive in pre-market trading.
Check back later for our full write up on IMGN earnings report later!
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