Immunogen (IMGN) Misses Q2 EPS by 2c, Miss on Revenues

Immunogen (NASDAQ: IMGN) reported Q2 EPS of ($0.31), $0.02 worse than the analyst estimate of ($0.29). Revenue for the quarter came in at $9.29 million versus the consensus estimate of $13.92 million.

“During the second quarter, we made significant progress with mirvetuximab soravtansine, highlighted by FDA Fast Track designation for the treatment of platinum-resistant ovarian cancer, and completion of enrollment in our FORWARD I registration study, which positions us well to report top-line data in the first half of 2019,” said Mark Enyedy, ImmunoGen’s President and Chief Executive Officer. “In addition, we expanded the growing body of clinical data supporting mirvetuximab’s potential to treat a broader population of women with ovarian cancer in combination with other agents. Data from our FORWARD II Avastin and carboplatin cohorts show encouraging clinical activity and tolerability, and support the triplet combination currently in clinical testing. We look forward to presenting additional data for mirvetuximab and Keytruda during 2018 with a poster presentation at ESMO that will describe the initial findings from this expansion cohort. Looking at our earlier-stage pipeline of novel IGN ADCs for hematological malignancies, we expect to report data from our Phase 1 trials of IMGN779 and IMGN632 in the fourth quarter. Finally, we strengthened our financial position with an upsized and oversubscribed public offering that generated $163 million in net proceeds and extends our cash runway at least a year beyond the Phase 3 readout of FORWARD I.”

GUIDANCE:

Immunogen sees Q3 2018 revenue of $60-65 million, versus the consensus of $64.11 million.

For earnings history and earnings-related data on Immunogen (IMGN) click here.

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