ImmunoGen Posts Narrower Loss In Q2

(RTTNews) - ImmunoGen, Inc. (IMGN) posted a second quarter net loss of $4.2 million, or $0.02 per share, compared to a net loss of $62.0 million, or $0.24 per share, a year ago. On average, 11 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.14, for the quarter. Analysts' estimates typically exclude special items.

Total revenues were $83.2 million, including $77.4 million of net product revenues from sales of ELAHERE, compared to $14.2 million, prior year. The company said the increase was primarily driven by ELAHERE net sales. Analysts on average had estimated $48.35 million in revenue.

Research and development expenses were $50.1 million for the quarter ended June 30, 2023 compared to $51.4 million, a year ago.

The company's revenue guidance for 2023, 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.

ImmunoGen also announced that Anna Berkenblit, Senior Vice President and Chief Medical Officer, is stepping down from her position. He will continue with the company through the end of August to support the transition of her responsibilities. Michael Vasconcelles, Executive Vice President, Research, Development, and Medical Affairs, will assume the role of Chief Medical Officer.

Shares of ImmunoGen are up 10% in pre-market trade on Monday.

For More Such Health News, visit rttnews.com.