ImmunoGen (IMGN) Q4 Earnings & Sales Beat, Shares Rally
Zacks Investment Research | Feb 16, 2020 09:41PM ET
ImmunoGen, Inc. (NASDAQ:IMGN) reported earnings of 3 cents per share for the fourth quarter of 2019 against the Zacks Consensus Estimate of a loss of 5 cents and the year-ago loss of 28 cents. The earnings figure includes a restructuring charge of $0.5 million.
Revenues came in at $44.9 million, comfortably beating the Zacks Consensus Estimate of $29 million. Revenues also increased from the year-ago quarter figure of $13.4 million.
ImmunoGen’s shares surged 26.9% on Feb 14, following the strong fourth-quarter results. The company’s stock has gained 20.4% in the past year against the advised the company to conduct a new single-arm pivotal study, which can support accelerated approval for its lead candidate, mirvetuximab soravtansine. Concurrently, it had announced a new pivotal study — SORAYA — to evaluate its lead pipeline candidate, mirvetuximab soravtansine, in platinum-resistant ovarian cancer patients. Enrollment in the study is expected to start in the first quarter of 2020, with top-line data expected to be available by mid-2021.
The company has already started enrolling patients in the confirmatory phase III MIRASOL study, which compared mirvetuximab soravtansine head-to-head with single agent chemotherapy in platinum-resistant ovarian cancer patients with high folate receptor alpha expression. Data from this study will support continued approval for the candidate, following a potential accelerated approval based on data from SORAYA study.
On its fourth-quarter earnings call, the company also announced its plan to initiate an additional investigator-sponsored clinical study to evaluate a combination of mirvetuximab soravtansine and chemotherapy, carboplatin, in platinum-sensitive ovarian cancer.
The company is also evaluating multiple combination regimens of mirvetuximab soravtansine in a phase Ib FORWARD II study for treating platinum-resistant ovarian cancer. It plans to provide updated data from a triple combination cohort of the study, evaluating the candidate in combination with Roche’s (OTC:RHHBY) Avastin (bevacizumab) and carboplatin in 2020.
The company also has another promising candidate, IMGN632, in its pipeline. It is being developed in clinical studies as monotherapy or in combination with Celgene’s (now a part of Bristol-Myers) Vidaza or AbbVie (NYSE:ABBV) /Roche’s Venclexta for treating acute myeloid leukemia (“AML”). It is also developing IMGN632 monotherapy in early-stage studies in patients with blastic plasmacytoid dendritic cell neoplasm and acute lymphocytic leukemia.
Full-Year Results
ImmunoGen reported loss of 70 cents per share for full-year 2019, 42.1% narrower year over year. Revenues came in at $82.3 million, up 53.9% from the year-ago period.
2020 Guidance
ImmunoGen provided its guidance for 2020. The company expects revenues for the full year to be between $60 million and $65 million. The mid-point of the guided range is 59.2% higher than the Zacks Consensus Estimates of $39.27 million. It expects operating expense to be in the range of $165-$170 million. The company expects cash and cash equivalents to be between $170 million and $175 million at 2020 end.
It expects cash resources to be enough to fund its operations through the second half of 2022.
Get The News You Want
ImmunoGen, Inc. Price, Consensus and EPS Surprise
Zacks Investment Research
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.