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Agios (AGIO) Q2 Loss Wider than Expected; Sales Miss

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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.

Recently, Agios along with its partner Celgene announced that the FDA has granted approval to its lead candidate Idhifa (enasidenib) for the treatment of adult patients with relapsed or refractory AML (R/R AML) with an isocitrate dehydrogenase-2 (IDH2) mutation. It is the first FDA-approved therapy for the given indication.

The company has several interesting candidates in its pipeline. Its cancer pipeline includes ivosidenib (phase I study in advanced IDH1m positive solid tumors) and AG-881 (phase I study in IDHm positive glioma).

Agios’ earnings 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 positive beat of 0.90%.

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 Widens: Agios posted wider-than-expected loss in the second quarter of 2017. Our consensus called for a loss of $1.52 per share, and the company reported a loss of $1.78.

Revenues Miss: Revenues in the reported quarter also came below expectations. Agios posted collaboration revenues of approximately $11.3 million, compared to our consensus estimate of $12 million. The revenues however increased 61.4% from year ago figure of $7 million.

Kay Stats: Research & development expenses were up almost 57% year over year to $79.8 million. General and administrative expenses increased 28% year over year to $16.1 million.

Share Price Impact: In-active in pre-market trading.

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

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