Immunogen Inc (IMGN, Financial), a leader in the expanding field of antibody-drug conjugates (ADCs) for cancer treatment, released its Q3 2023 earnings report on November 2, 2023. The company reported a net income of $30.7 million, marking a significant turnaround from a net loss of $77.8 million in Q3 2022.
Financial Highlights
Immunogen Inc (IMGN, Financial) reported total revenues of $113.4 million for Q3 2023, a substantial increase from $15.4 million in the same period in 2022. This increase was primarily driven by net product revenues from sales of ELAHERE, which amounted to $105.2 million. The company's research and development expenses were $47.6 million, down from $59.2 million in Q3 2022, while selling, general, and administrative expenses rose to $37.7 million from $33.6 million over the same period.
As of September 30, 2023, Immunogen Inc (IMGN, Financial) had $605.5 million in cash and cash equivalents and $130.7 million in accounts receivable. The company used $137.7 million in cash for operations in the first nine months of 2023, compared to $169.6 million in the same period in 2022.
Operational Highlights
Immunogen Inc (IMGN, Financial) reported significant progress in its business operations, with a 36% increase in sequential quarterly net sales and over $210 million in product revenue through the first nine months of the year. The company's President and Chief Executive Officer, Mark Enyedy, stated,
With a 36% increase in sequential quarterly net sales and over $210 million in product revenue through the first nine months of the year, ELAHERE is tracking towards one of the most successful first product launches in oncology in a decade."
The company also expanded its geographic market through a collaboration with Takeda to develop and commercialize ELAHERE in Japan and acceptance of NDA by the NMPA in China. Furthermore, the company's PICCOLO trial of ELAHERE in platinum-sensitive ovarian cancer met its primary endpoint of objective response rate.
Looking Ahead
Immunogen Inc (IMGN, Financial) maintains its full-year financial guidance for 2023. The company expects that its existing cash and cash equivalents, along with anticipated future product and collaboration revenues, will fund operations for more than two years.
Explore the complete 8-K earnings release (here) from Immunogen Inc for further details.
