Agios Pharmaceuticals (AGIO - Free Report) receives royalties on net sales of Idhifa (enasidenib) from collaboration partner Celgene. The company received $26.4 million of collaboration revenue and $1.6 million of royalty revenue from net sales of Idhifa in United States.
In July, Agios announced the FDA approval of Tibsovo for the treatment of patients with relapsed or refractory acute myeloid leukemia (“AML”) with an isocitrate dehydrogenase-1(IDH-1) mutation. The approval came a month earlier than the action date of Aug 21, 2018, which is a huge boost to the company as it represents immense commercial potential in the AML market.
Meanwhile, a regulatory filing for the Tibsovo in the EU is expected during the fourth quarter of 2018 for the same indication.
Agios’ earnings performance so far has been dismal with the company beating expectations in one of the last four reported quarters and missing in the other three. Overall, the company has delivered an average negative surprise of 5.02%.
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 Wider: Agios posted narrower-than-expected loss in the second quarter of 2018. Our consensus called for a loss of $1.62 per share, and the company reported a loss of $1.19. The loss reported was also narrower than the year ago loss of $1.78.
Revenues Beat: Revenues in the reported quarter also came hugely above expectations. Agios posted revenues of approximately $40.4 million, compared to our consensus estimate of $12.09 million. The revenues increased a mammoth 257.5% from year ago figure of $11.3 million.
Key Stats: Research & development expenses were up 8.6% year over year to $86.7 million. General and administrative expenses increased 65.1% year over year to $26.6 million.
Share Price Impact: Shares were up 2.3% in pre-market trading.
Check back later for our full write up on AGIO earnings report later!
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