Waltham, MA-based ImmunoGen, Inc. 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 and Bayer 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 0.91%.
Currently, ImmunoGen has a Zacks Rank #2 (Buy), 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 second quarter of 2017. Our consensus called for a loss of 11 cents per share, and the company reported a loss of 10 cents per share.
Revenues: Revenues also beat expectations. ImmunoGen posted revenues of $39.02 million, compared to our consensus estimate of $34.38 million.
Key Stats: R&D expenses decreased 8.6% from the year-ago level to $35.3 million. Selling, general and administrative (SG&A) expenses were down almost 5% to $8.8 million due decreased personnel expenses in the second quarter of 2017.
Guidance Updated: The company raised its financial guidance for 2017. Revenues are expected in the range of $115 million and $120 million (previously $70 million and $75 million), due to licence renewal with Sanofi and sale of non-core B-cell assets – IMGN529 to Debiopharm.
Operating expenses projection remained unchanged in the range of $175 million and $180 million for 2017.
Share Price Impact: Shares were up more than 8% in pre-market trading.
Check back later for our full write up on IMGN earnings report later!
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaries," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>
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ImmunoGen (IMGN) Reports Narrower-than-Expected Q2 Loss
Waltham, MA-based ImmunoGen, Inc. 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 and Bayer 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 0.91%.
ImmunoGen, Inc. Price and Consensus
ImmunoGen, Inc. Price and Consensus | ImmunoGen, Inc. Quote
Currently, ImmunoGen has a Zacks Rank #2 (Buy), 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 second quarter of 2017. Our consensus called for a loss of 11 cents per share, and the company reported a loss of 10 cents per share.
Revenues: Revenues also beat expectations. ImmunoGen posted revenues of $39.02 million, compared to our consensus estimate of $34.38 million.
Key Stats: R&D expenses decreased 8.6% from the year-ago level to $35.3 million. Selling, general and administrative (SG&A) expenses were down almost 5% to $8.8 million due decreased personnel expenses in the second quarter of 2017.
Guidance Updated: The company raised its financial guidance for 2017. Revenues are expected in the range of $115 million and $120 million (previously $70 million and $75 million), due to licence renewal with Sanofi and sale of non-core B-cell assets – IMGN529 to Debiopharm.
Operating expenses projection remained unchanged in the range of $175 million and $180 million for 2017.
Share Price Impact: Shares were up more than 8% in pre-market trading.
Check back later for our full write up on IMGN earnings report later!
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaries," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>