IMGN - ImmunoGen beats Q4 top and bottom line estimates; initiates FY23 outlook

• ImmunoGen press release ( NASDAQ: IMGN ): Q4 GAAP EPS of -$0.23 beats by $0.07 .
• Revenue of $41.2M (+47.1% Y/Y) beats by $24.02M .
• ImmunoGen had $275.1 million in cash and cash equivalents as of December 31, 2022, compared with $478.8 million as of December 31, 2021.
• Cash used in operations was $229.8 million for the year ended December 31, 2022 compared with $169.4 million for the year ended December 31, 2021.
• Capital expenditures were $1.4 million in each of the years ended December 31, 2022 and 2021.
• For 2023, ImmunoGen expects : revenues, excluding product revenue from ELAHERE, between $30 million and $35 million; and operating expenses between $310 million and $320 million.
• ImmunoGen expects to provide ELAHERE product revenue guidance later this year.
• Excluding anticipated ELAHERE and collaboration revenue, our level of cash and cash equivalents as of December 31, 2022, alone is not sufficient to meet our current operating plans through March 1, 2024.

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