Immunogen (IMGN) Tops Q3 EPS by 5c, Revenues Beat; Offers 4Q Revenue Guidance Below Consensus

Immunogen (NASDAQ: IMGN) reported Q3 EPS of ($0.13), $0.05 better than the analyst estimate of ($0.18). Revenue for the quarter came in at $18.19 million versus the consensus estimate of $15.36 million.

“We have generated significant momentum over the last several months, achieving a number of important milestones across the business,” said Mark Enyedy, ImmunoGen’s President and Chief Executive Officer. “Our collaboration with Huadong Medicine accelerates access to mirvetuximab for ovarian cancer patients in Greater China with an ideal partner who brings extensive regional and oncology development and commercialization experience and capabilities. Beyond Greater China, we continue to prioritize enrollment in our pivotal trials and remain on track to report top-line data in the third quarter of 2021 for SORAYA and the first half of 2022 for MIRASOL.”

Enyedy continued, “At ESMO in September, we shared final data from our FORWARD II triplet cohort, which demonstrated the encouraging efficacy and favorable tolerability of mirvetuximab in combination with carboplatin and Avastin® in FRα-positive recurrent, platinum-sensitive ovarian cancer. We are working to define the best path to label expansion for our combination regimens to benefit patients in earlier lines of therapy and establish mirvetuximab as the agent of choice to pair with other agents in ovarian cancer. On the regulatory front, we were pleased to receive FDA Breakthrough Therapy designation for IMGN632 in relapsed or refractory BPDCN, confirming the high unmet need for safe and effective therapies for this rare, aggressive cancer. We continue to advance multiple cohorts with IMGN632 and look forward to presenting updated monotherapy BPDCN expansion data in an oral presentation at ASH. Furthermore, we were pleased to enroll the first patient in our Phase 1 trial evaluating IMGC936, our ADAM9-targeting ADC in co-development with MacroGenics. Finally, we have further strengthened our balance sheet via our At-the-Market facility and business development activities and now expect to fund operations into the second half of 2022.”

GUIDANCE:

Immunogen sees Q4 2020 revenue of $60-65 million, versus the consensus of $66.96 million.

ImmunoGen has updated its financial guidance for 2020 as follows:

• revenues between $60 million and $65 million;
• operating expenses between $160 million and $165 million; and
• cash and cash equivalents at December 31, 2020 to be between $245 million and $250 million.

Revenue guidance does not include any potential impact from the agreement with Huadong Medicine. ImmunoGen expects that its current cash, inclusive of the $40 million upfront payment received from the collaboration agreement with Huadong Medicine and $54 million of net proceeds generated from the recent ATM facility, as well as anticipated future cash receipts from partners, will fund operations into the second half of 2022.

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

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