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Agios (AGIO) Q1 Loss Narrower than Expected; Sales Down Y/Y

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Agios Pharmaceuticals, Inc. (AGIO - Free Report) is a development-stage biopharmaceutical company focused on the development of treatments for cancer and rare genetic metabolic disorders.

The company has several interesting candidates in its pipeline. Its cancer pipeline comprises enasidenib (IDH2 mutant inhibitor), AG-120 (IDH1 mutant inhibitor) and AG-881 (pan-IDH mutant inhibitor).

With no approved products in its portfolio, revenues at Agios mainly consist of collaboration revenues under its agreement with Celgene Corporation. Agios is in collaboration with Celgene for AG-221 and AG-881.

Agios’ performance so far has been mixed with the company missing expectations in two of the last four reported quarters and beating in other two. Overall, the company has delivered an average beat of 0.59%.

Currently, Agios 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:

Loss Narrows: Agios posted narrower-than-expected loss in the first quarter of 2017. Our consensus called for a loss of $1.79 per share, and the company reported a loss of $1.56.

Revenues Beat: Revenues in the reported quarter also came above expectations. Agios posted collaboration revenues of approximately $10.5 million, compared to our consensus estimate of $10 million. The company reported revenue of $31.3 million a year ago.

Pipeline Update: Research & development expenses were up almost 42.5 % year over year to $62.7 million. General and administrative expenses increased 37% year over year to $14.8 million.

Share Price Impact: Shares declined more than 2% in pre-market trading.

Check back later for our full write up on AGIO earnings report later!

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