Waltham, MA-based ImmunoGen, Inc. (NASDAQ:IMGN) is a development-stage biotechnology company, which focuses on developing targeted anticancer therapeutics using its antibody-drug conjugate technology (ADC). The company’s ADC technology is used in Roche's marketed product, Kadcyla, in four other development-stage candidates in its own pipeline, and in programs in development by its partners Amgen (NASDAQ:AMGN) and Bayer (DE:BAYGN) among others.
With ImmunoGen not having any approved products in its portfolio, the company earns revenues from royalties, license and milestone payments, and research and development support fees paid by its partners.
ImmunoGen has moved to reporting on a calendar-year basis, effective Jan 1, 2017.
ImmunoGen’s track record has been disappointing with the company missing expectations in all the past four quarters. Overall, the company has posted an average negative miss of 17.85%.
ImmunoGen, Inc. Price and EPS Surprise
ImmunoGen, Inc. Price and EPS Surprise | ImmunoGen, Inc. Quote
Currently, ImmunoGen has a Zacks Rank #3 (Hold), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: ImmunoGen posted narrower-than-expected loss in the first quarter of 2017. Our consensus called for a loss of 36 cents per share, and the company reported a loss of 20 cents per share (excluding restructuring charge).
Revenues: Revenues also beat expectations. ImmunoGen posted revenues of $28.7 million, compared to our consensus estimate of $18 million.
Key Stats: R&D expenses decreased 8.3% from the year-ago level to $33.1 million. Selling, general and administrative (SG&A) expenses were significantly down 27.7% to $8.1 million due decreased personnel expenses in the first quarter of 2017.
Guidance Updated: The company maintained its financial guidance for 2017. Revenues are expected in the range of $70 million and $75 million, which includes $28 million of expected upfront and milestone fees from partners.
Operating expenses are projected in the range of $175 million and $180 million for 2017.
Share Price Impact: Shares were up 8% in pre-market trading.
Check back later for our full write up on IMGN earnings report later!
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ImmunoGen, Inc. (IMGN): Free Stock Analysis Report
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