ImmunoGen (IMGN) Misses Q3 EPS by 2c; CFO Comments on Outlook

October 29, 2009 5:22 PM EDT

ImmunoGen, Inc. (NASDAQ: IMGN) reports a Q3 loss of $0.22, 2 cents worse than the analyst estimate of ($0.20). Revenue for the quarter was $3.1 million, which compares to the estimate of $4.54 million.

ImmunoGen expects its net loss for its fiscal year ending June 30, 2010 to be between $44-47 million, its cash used in operations to be between $32-35 million and its capital expenditures to be between $1-2 million, all unchanged from previous guidance. Cash and marketable securities at June 30, 2010 are anticipated to be between $38-40 million, also unchanged from previous guidance.

Gregory Perry, Senior Vice President and Chief Financial Officer, commented, “Our guidance reflects that we currently see fiscal 2010 as a peak year for our cash use in operations. While we expect our expenses to be only modestly higher than in our 2009 fiscal year, we don’t anticipate receiving the same level of milestone payments in this fiscal year because of when key milestone-triggering events are expected to occur. Also, our guidance currently includes less in upfront payments than we received in our 2009 fiscal year. We’re optimistic about our business development opportunities; however, given the uncertainty around the magnitude and timing of significant new deals we’ve excluded such upfront payments from our guidance.”

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