IMGN - ImmunoGen GAAP EPS of -$0.02 beats by $0.12 revenue of $83.15M beats by $36.55M

2023-07-31 06:31:54 ET

• ImmunoGen press release ( NASDAQ: IMGN ): Q2 GAAP EPS of -$0.02 beats by $0.12 .
• Revenue of $83.15M (+485.6% Y/Y) beats by $36.55M .
• Total revenues were $83.2 million for the quarter ended June 30, 2023, including $77.4 million of net product revenues from sales of ELAHERE, compared to $14.2 million in total revenues for the quarter ended June 30, 2022. The increase was primarily driven by ELAHERE net sales, partially offset by $6.9 million of license fees recorded as revenue in the prior year period pursuant to the Company’s collaboration agreement with Huadong Medicine Co., Ltd (Huadong Medicine).

• ImmunoGen has updated its financial guidance for 2023 and now expects operating expenses of between $350 million and $365 million; this increase reflects greater spending in support of ELAHERE, including preparations for a launch in Europe, and to expand the Company’s research capabilities and pipeline. Revenue guidance, excluding ELAHERE sales, remains unchanged at between $45 million and $50 million.

• The Company expects that its existing cash and cash equivalents, together with anticipated future product and collaboration revenues, will fund operations for more than two years.

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