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Friday, November 3, 2017

Immunogen (IMGN) reported earnings on Fri 3 Nov 2017 (b/o)

** charts before earnings **


** charts after earnings **

Immunogen reports Q3 (Sep) results, misses on revs; updates guidance 
  • Reports Q3 (Sep) loss of $0.61 per share ($57 mln), including a $22 mln charge from a debt conversion, may not be comparable to the Capital IQ Consensus of ($0.21); revenues rose 10.4% year/year to $8.5 mln vs the $26.09 mln Capital IQ Consensus. 
  • ImmunoGen has updated its guidance for 2017. Cash and cash equivalents at Dec 31, 2017 are expected to be between $260 million and $265 million, compared to previous guidance of $90 million to $95 million. These changes are a result of the Jazz agreement executed in the third quarter of 2017 and the proceeds provided by the public stock offering in October 2017. Revenue guidance remains unchanged and is expected to be between $115 million and $120 million. Operating expenses are now expected to be between $170 and $175 million, compared to previous guidance of $175 to $180 million. ImmunoGen expects that its current cash combined with the expected cash revenues from partners and collaborators will enable the Company to fund its operations into the fourth quarter of 2019.
  • Report updated Phase 1 clinical data for IMGN779 in adult patients with relapsed or refractory AML, IMGN779 preclinical combination data, and IMGN632 preclinical data at ASH annual meeting; Open a Phase 1 study for IMGN632 before year-end; Activate more than 100 sites globally for the FORWARD I trial by year-end; Initiate a cohort in the FORWARD II study to evaluate the triplet combination of mirvetuximab soravtansine/Avastin (bevacizumab)/carboplatin in patients with platinum sensitive folate receptor alpha (FRa)-positive epithelial ovarian cancer in 1Q 2018; and Report updated dose escalation findings from the Phase 1b/2 FORWARD II Keytruda (pembrolizumab) cohort, along with updated data from the Avastin expansion cohort in the first half of 2018. 

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