ImmunoGen, Inc.

Third-quarter 2023 revenue was $113.4 million, including $105.2 million in ELAHERE net product sales and the remainder primarily from noncash royalty revenues. Operating expenses were $85.3 million, including $47.6 million of R&D and $37.7 million of SG&A. The company reported net income of $30.7 million and EPS of $0.10, ending the quarter with $605.5 million in cash. For 2023, guidance remains unchanged for revenue excluding ELAHERE sales of $45 million to $50 million and operating expenses of $350 million to $365 million; the company said it expects to provide full-year 2024 ELAHERE revenue guidance with Q4/fiscal 2023 results.

Mark Enyedy framed the quarter as another strong execution period for ELAHERE, calling the launch one of the most successful oncology launches in a decade based on over $210 million in year-to-date revenue. He highlighted geographic expansion efforts, including EMA acceptance of the marketing application, acceptance of the NDA in China, a Takeda collaboration for Japan, and a supplemental BLA in the U.S. He also emphasized pipeline progress, especially PICCOLO, saying the result is an important step toward moving ELAHERE into platinum-sensitive disease and broader ovarian cancer use.

Lauren White said Q3 revenue was $113.4 million, with $105.2 million from ELAHERE net product sales and the rest mainly from noncash royalties. She detailed operating expenses of $85.3 million, split between $47.6 million of R&D and $37.7 million of SG&A, and reported net income of $30.7 million with EPS of $0.10. She also noted quarter-end cash of $605.5 million and reiterated unchanged 2023 guidance for $45 million to $50 million of revenue excluding ELAHERE sales and $350 million to $365 million of operating expenses.

Analysts focused on ELAHERE’s mix of monotherapy versus bevacizumab combination use, treatment duration, and how much room remains for growth after the strong launch. Management said combination use is growing, that earlier-line use is increasing, but it would not quantify market share or duration because claims data are not yet sufficient. On PICCOLO, management clarified that the interim result is confirmed, the ORR is at least 48% at this point, and full data in 2024 are needed to mature duration-of-response data before discussing regulatory or NCCN implications.