) reported fourth quarter fiscal 2013 (ending Jun 30) loss of 26
cents per share, narrower than the Zacks Consensus Estimate of a
loss of 30 cents and the year-ago loss of 29 cents per share. The
narrower loss was primarily due to higher revenues.
ImmunoGen's revenues in the reported quarter came in at $3.8
million, up 29.8% year over year. The increase in revenues was
primarily due to higher research and development support fees.
Revenues in the fourth quarter were however below the Zacks
Consensus Estimate of $4 million.
Quarter in Details
ImmunoGen's revenues comprise research and development support
fees, license and milestone fees and clinical material
reimbursement. The company recorded $2.2 million of research and
development support fees in the fourth quarter of fiscal 2013
compared with $1.2 million in the year-ago period.
ImmunoGen received $0.9 million of license and milestone fees
during the quarter compared with $1 million received in the
year-ago quarter. The company recorded $0.2 million of clinical
material reimbursement during the quarter in comparison to $0.8
million in the same period last year.
Meanwhile, the company's total operating expenses during the
quarter increased 2% to $25.8 million. ImmunoGen reported
research and development (R&D) expenses of $20.4 million
during the quarter, up 4.4% year over year. The increase in
R&D expenses was primarily due to higher expenses related to
pipeline development. We are impressed by the company's efforts
to develop its pipeline.
General and administrative expenses in the fourth quarter of
fiscal 2013 declined 3.2% to $5.4 million.
ImmunoGen Inc. reported full year fiscal 2013 (ending Jun 30)
loss of 87 cents per share, narrower than the Zacks Consensus
Estimate of a loss of 90 cents and the year-ago loss of 95 cents
ImmunoGen's revenues in fiscal 2013 came in at $35.5 million, up
117.2% year over year. The massive increase in revenues was
primarily due to the presence of a $10.5 million milestone
) for the approval of Kadcyla in the U.S. during the year along
with an $11 million amortization of upfront license fees from
). Revenues were just shy of the Zacks Consensus Estimate of $36
We note that ImmunoGen receives and recognizes royalties on
Kadcyla sales under an agreement with Roche. The drug was
approved in the U.S. in Feb 2013, for the treatment of patients
suffering from HER2-positive metastatic breast cancer (mBC). The
drug is also under review in the EU and Japan. Kadcyla is also
being studied for a number of additional indications.
Outlook for Fiscal 2014
Apart from releasing its financial results, ImmunoGen provided
its guidance for fiscal 2014. The company expects revenues for
fiscal year 2014 in the range of $66-$70 million. The
pre-earnings Zacks Consensus Estimate of $51 million was however
well below the company's guidance. ImmunoGen expects net loss in
the range of $72 to $76 million in fiscal year 2014. The company
meanwhile expects its expenses to be between $140 million and
ImmunoGen presently carries a Zacks Rank #3 (Hold). Meanwhile,
other stocks such as
) look better positioned with a Zacks Rank #1 (Strong Buy).
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