Immunogen (IMGN) Reports In-Line Q3 EPS, Revenues Miss; Offers FY18 Revenue Outlook Below Consensus

Immunogen (NASDAQ: IMGN) reported Q3 EPS of ($0.32), in-line with the analyst estimate of ($0.32). Revenue for the quarter came in at $10.93 million versus the consensus estimate of $13.06 million.

“With the completion of enrollment in FORWARD I, we have initiated the activities required to support a BLA filing and launch mirvetuximab soravtansine in ovarian cancer. Over the last three months, we have completed the product validation runs for drug substance, put in place operational metrics and resources to ensure timely assessment of the primary endpoint for the study, and moved ahead with pre-launch commercial planning,” said Mark Enyedy, ImmunoGen’s President and Chief Executive Officer. “In parallel, we continued to execute across the remainder of the business, including presentation of initial data from the FORWARD II KEYTRUDA combination at ESMO, accelerating accrual in the FORWARD II triplet cohort, and advancing our next ADC into preclinical development in collaboration with MacroGenics. Looking ahead to the fourth quarter and the coming year, with a strong cash runway, we are well-positioned to deliver on our strategic priorities and look forward to oral presentations for our novel IGN assets, IMGN779 and IMGN632, at ASH in December and to announcing top-line results from FORWARD I during the first half of 2019.”

GUIDANCE:

Immunogen sees FY2018 revenue of $50-55 million, versus the consensus of $57.35 million.

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

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