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Agios (AGIO) Q1 Earnings Beat Estimates, Revenues Up Y/Y
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Agios Pharmaceuticals, Inc. (AGIO - Free Report) reported a loss of $1.47 per share in first-quarter 2023, narrower than the Zacks Consensus Estimate of a loss of $1.72 and our model estimate of a loss of $1.76. In the year-ago quarter, the company posted a loss of $1.74 per share.
Revenues were $5.6 million during the quarter, beating the Zacks Consensus Estimate and our estimates of $5.4 million. In the year-ago quarter, the company recorded total revenues of $0.8 million.
Quarter in Detail
Total revenues were generated entirely from product revenues of Agios’ only marketed drug, Pyrukynd (mitapivat), which was approved by the FDA for treating hemolytic anemia in adults with pyruvate kinase (PK) deficiency in February 2022.
Research & development expenses were $67.3 million, down 4% year over year. The downside was primarily driven by the $1.5-million of reimbursable transition-related expenses provided by the company to Servier in first-quarter 2022 related to the sale of the oncology business.
Selling, general and administrative expenses were down 10% year over year to $28.4 million, primarily due to the reduction in workforce-related expenses.
As of Mar 31, 2023, cash, cash equivalents and marketable securities were $1.0 billion compared with $1.1 billion as of Dec 31, 2022. This cash position will enable Agios to execute its planned development projects for pipeline candidates and commercializing Pyrukynd outside the United States.
Pipeline Updates
Agios has two ongoing phase III studies, ACTIVATE-kids and ACTIVATE-kidsT, evaluating Pyrukynd in pediatric patients who are not regularly transfused and regularly transfused, respectively. Agios anticipates to enroll at least half of the patients in the studies by 2023-end.
Apart from PK deficiency, the company is also evaluating Pyrukynd for sickle cell disease (SCD) and thalassemia indications. Management recently closed the screening of the phase III studies — ENERGIZE and ENERGIZE-T — evaluating Pyrukynd in adults with thalassemia. Enrolment in both studies is expected to be completed by this month’s end.
The ongoing phase II/III RISE UP study is evaluating Pyrukynd in SCD patients. Management plans to report data from the phase II portion of this study by mid-2023. Data from this study will also determine the decision for the phase III portion.
Agios also announced that France-based Servier announced positive data from the phase III INDIGO study, evaluating vorasidenib in patients with residual or recurrent IDH mutant low-grade glioma. The study achieved both its primary and key secondary endpoints.
In March 2021, Agios sold its commercial, clinical and research-stage oncology portfolio to Servier for approximately $2 billion. Per the terms of the sale executed between the companies, a milestone payment of $200 million is receivable by Agios from Servier if, prior to Jan 1, 2027, the FDA grants marketing approval to vorasidenib for the adjuvant treatment of patients with Grade 2 glioma that have an isocitrate dehydrogenase 1 or 2 mutation.
Agios’ shares were up 7.7% on May 4, likely due to investors expecting the triggering of the $200-milestone payment, based on encouraging data, reported by Servier, from the INDIGO study. In the year so far, the stock has declined 12.3% against the industry’s 5.9% growth.
Currently, Agios has a Zacks Rank #3 (Hold). Some better-ranked stocks in the overall healthcare sector include Adaptimmune Therapeutics , Lisata Therapeutics (LSTA - Free Report) and Spero Therapeutics (SPRO - Free Report) . While Lisata Therapeutics and Spero Therapeutics sport a Zacks Rank #1 (Strong Buy), Adaptimmune Therapeuticscarriesa Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Spero Therapeutics’ stock has risen 4.6% in the year-to-date period. SPRO’s loss estimates for 2023 have narrowed from $1.45 to $1.02 per share in the past 60 days. During the same period, the loss estimates per share for 2024 have narrowed from $2.45 to 95 cents.
Spero Therapeutics beat earnings estimates in three of the last four quarters while missing the mark on one occasion. On average, the company’s earnings witnessed an earnings surprise of 56.37%. In the last reported quarter, SPRO delivered an earnings surprise of 237.50%.
In the past 60 days, estimates for Lisata Therapeutics’ 2023 loss per share estimates have narrowed from $3.81 to $3.58. During the same period, the loss estimates per share for 2024 have improved from $4.01 to $3.12. Shares of Lisata Therapeutics have gained 28.5% in the year-to-date period.
Earnings of Lisata beat estimates in two of the last four quarters, while missing the mark on the other two occasions. On average, the company’s earnings witnessed a negative surprise of 5.63%. In the last reported quarter, Lisata’s earnings beat estimates by 20.83%.
In the past 60 days, estimates for Adaptimmune Therapeutics’ 2023 loss per share estimates have narrowed from 78 cents to 63 cents. During the same period, the loss estimates per share for 2024 have improved from $1.10 to 59 cents. Shares of Adaptimmune Therapeutics have declined 4.1% in the year-to-date period.
Earnings of Adaptimmune beat estimates in two of the last four quarters, met the mark on one occasion while missing the mark on another. On average, the company’s earnings witnessed a surprise of 4.80%. In the last reported quarter, Adaptimmune’s earnings beat estimates by 28.00%.
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Agios (AGIO) Q1 Earnings Beat Estimates, Revenues Up Y/Y
Agios Pharmaceuticals, Inc. (AGIO - Free Report) reported a loss of $1.47 per share in first-quarter 2023, narrower than the Zacks Consensus Estimate of a loss of $1.72 and our model estimate of a loss of $1.76. In the year-ago quarter, the company posted a loss of $1.74 per share.
Revenues were $5.6 million during the quarter, beating the Zacks Consensus Estimate and our estimates of $5.4 million. In the year-ago quarter, the company recorded total revenues of $0.8 million.
Quarter in Detail
Total revenues were generated entirely from product revenues of Agios’ only marketed drug, Pyrukynd (mitapivat), which was approved by the FDA for treating hemolytic anemia in adults with pyruvate kinase (PK) deficiency in February 2022.
Research & development expenses were $67.3 million, down 4% year over year. The downside was primarily driven by the $1.5-million of reimbursable transition-related expenses provided by the company to Servier in first-quarter 2022 related to the sale of the oncology business.
Selling, general and administrative expenses were down 10% year over year to $28.4 million, primarily due to the reduction in workforce-related expenses.
As of Mar 31, 2023, cash, cash equivalents and marketable securities were $1.0 billion compared with $1.1 billion as of Dec 31, 2022. This cash position will enable Agios to execute its planned development projects for pipeline candidates and commercializing Pyrukynd outside the United States.
Pipeline Updates
Agios has two ongoing phase III studies, ACTIVATE-kids and ACTIVATE-kidsT, evaluating Pyrukynd in pediatric patients who are not regularly transfused and regularly transfused, respectively. Agios anticipates to enroll at least half of the patients in the studies by 2023-end.
Apart from PK deficiency, the company is also evaluating Pyrukynd for sickle cell disease (SCD) and thalassemia indications. Management recently closed the screening of the phase III studies — ENERGIZE and ENERGIZE-T — evaluating Pyrukynd in adults with thalassemia. Enrolment in both studies is expected to be completed by this month’s end.
The ongoing phase II/III RISE UP study is evaluating Pyrukynd in SCD patients. Management plans to report data from the phase II portion of this study by mid-2023. Data from this study will also determine the decision for the phase III portion.
Agios also announced that France-based Servier announced positive data from the phase III INDIGO study, evaluating vorasidenib in patients with residual or recurrent IDH mutant low-grade glioma. The study achieved both its primary and key secondary endpoints.
In March 2021, Agios sold its commercial, clinical and research-stage oncology portfolio to Servier for approximately $2 billion. Per the terms of the sale executed between the companies, a milestone payment of $200 million is receivable by Agios from Servier if, prior to Jan 1, 2027, the FDA grants marketing approval to vorasidenib for the adjuvant treatment of patients with Grade 2 glioma that have an isocitrate dehydrogenase 1 or 2 mutation.
Agios’ shares were up 7.7% on May 4, likely due to investors expecting the triggering of the $200-milestone payment, based on encouraging data, reported by Servier, from the INDIGO study. In the year so far, the stock has declined 12.3% against the industry’s 5.9% growth.
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Agios Pharmaceuticals, Inc. Price
Agios Pharmaceuticals, Inc. price | Agios Pharmaceuticals, Inc. Quote
Zacks Rank & Stocks to Consider
Currently, Agios has a Zacks Rank #3 (Hold). Some better-ranked stocks in the overall healthcare sector include Adaptimmune Therapeutics , Lisata Therapeutics (LSTA - Free Report) and Spero Therapeutics (SPRO - Free Report) . While Lisata Therapeutics and Spero Therapeutics sport a Zacks Rank #1 (Strong Buy), Adaptimmune Therapeuticscarriesa Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Spero Therapeutics’ stock has risen 4.6% in the year-to-date period. SPRO’s loss estimates for 2023 have narrowed from $1.45 to $1.02 per share in the past 60 days. During the same period, the loss estimates per share for 2024 have narrowed from $2.45 to 95 cents.
Spero Therapeutics beat earnings estimates in three of the last four quarters while missing the mark on one occasion. On average, the company’s earnings witnessed an earnings surprise of 56.37%. In the last reported quarter, SPRO delivered an earnings surprise of 237.50%.
In the past 60 days, estimates for Lisata Therapeutics’ 2023 loss per share estimates have narrowed from $3.81 to $3.58. During the same period, the loss estimates per share for 2024 have improved from $4.01 to $3.12. Shares of Lisata Therapeutics have gained 28.5% in the year-to-date period.
Earnings of Lisata beat estimates in two of the last four quarters, while missing the mark on the other two occasions. On average, the company’s earnings witnessed a negative surprise of 5.63%. In the last reported quarter, Lisata’s earnings beat estimates by 20.83%.
In the past 60 days, estimates for Adaptimmune Therapeutics’ 2023 loss per share estimates have narrowed from 78 cents to 63 cents. During the same period, the loss estimates per share for 2024 have improved from $1.10 to 59 cents. Shares of Adaptimmune Therapeutics have declined 4.1% in the year-to-date period.
Earnings of Adaptimmune beat estimates in two of the last four quarters, met the mark on one occasion while missing the mark on another. On average, the company’s earnings witnessed a surprise of 4.80%. In the last reported quarter, Adaptimmune’s earnings beat estimates by 28.00%.