ImmunoGen surges 22% on Q1 earnings beat
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- ImmunoGen (NASDAQ:IMGN) has seen a ~22% increase in trading after exceeding profit and revenue estimates for the first quarter, driven by strong net sales of its ovarian cancer treatment, Elahere, as well as the recognition of a $15M upfront fee received from Vertex Pharma pursuant to a multi-target license and option agreement executed in the first quarter.
- ImmunoGen has revised its financial outlook for 2023 and currently anticipates revenues, excluding product revenue from ELAHERE, to fall within the range of $45M to $50M. Analysts estimate total revenues of $109.23M, including ELAHERE sales.
- The company generated $29.5M in net product revenues from the sales of ELAHERE during the first full quarter of its launch, following approval in November 2022.
- Research and development expenses rose 16.4% Y/Y to $51.6M for the quarter ended March 31, primarily driven by costs related to the addition of our medical affairs organization and clinical trial expenses.
- ImmunoGen achieved better-than-expected Q1 GAAP EPS of -$0.16, beating estimates by $0.09, while also reporting a year-over-year revenue increase of 31% to $49.87M.