Immunogen (IMGN) Tops Q1 EPS by 9c

Immunogen (NASDAQ: IMGN) reported Q1 EPS of ($0.16), $0.09 better than the analyst estimate of ($0.25). Revenue for the quarter came in at $49.9 million versus the consensus estimate of $20.97 million.

ImmunoGen has updated its financial guidance for 2023 and now expects:

revenues, excluding product revenue from ELAHERE, between $45 million and $50 million; and
operating expenses between $320 million and $335 million.

ImmunoGen expects to provide ELAHERE product revenue guidance later this year. The increase in revenue guidance is a result of recognizing a $15 million upfront fee from Vertex in the first quarter as no deferral was required. Additionally, the Company increased its operating expense guidance to reflect greater spend in support of ELAHERE’s launch and expected growth trajectory.

ImmunoGen expects that its current cash, inclusive of the $75 million received pursuant to the term loan facility with Pharmakon, and combined with anticipated product and collaboration revenues, will fund operations into 2025.

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

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