ImmunoGen Outperforms Q2 Revenue Expectations Bolstered By Strong Elahere Sales
Portfolio Pulse from Vandana Singh
ImmunoGen Inc reported Q2 revenues of $83.15 million, surpassing the consensus of $42.84 million and higher than $14.16 million a year ago. The increase was primarily driven by Elahere net sales. The company reported a net loss of $(4.25) million, or $(0.02) per share, compared to a loss of $(62.02) million, or $(0.24) per share a year ago. ImmunoGen expects FY23 operating expenses of $350 million-$365 million, higher than the $320 million-$335 million expected earlier, on higher spending in support of Elahere.
July 31, 2023 | 2:09 pm
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ImmunoGen's Q2 revenues exceeded expectations, primarily due to Elahere sales. However, the company reported a net loss and expects higher operating expenses in FY23 due to increased spending on Elahere.
While ImmunoGen's Q2 revenues exceeded expectations, the company reported a net loss and expects higher operating expenses in FY23 due to increased spending on Elahere. This mixed financial performance could lead to uncertainty among investors, potentially impacting the stock price.
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IMPORTANCE 80
RELEVANCE 100