ImmunoGen Inc shares rocketed higher Friday after the company’s first quarter sales impressed investors.
The Massachusetts-based company posted revenue of $49.9 million, including $29.5 million of net product revenues from sales of its ovarian cancer drug ELAHERE. That compares to $38.1 million in the same period of 2022.
Net loss for the quarter was $41 million, $0.16 per diluted share, compared to a loss of $24.1 million, $0.10 per diluted share, a year earlier.
This was the first full quarter since ELAHERE’s approval in November, and its sales were the primary driver of revenue growth.
Shares of ImmunoGen jumped more than 26% to $5.49.
“With a strong first full quarter of sales and continued momentum in FRα testing and market access, we have started the year making great strides towards establishing ELAHERE as the standard of care for FRα-positive ovarian cancer,” CEO Mark Enyedy said in a statement.
“Our commercial and medical teams have delivered exemplary performances in the first stages of the ELAHERE launch and we look forward to continued success with the appointment of Isabel Kalofonos as our new chief commercial officer.”
He continued, “With our goal of obtaining full approval for ELAHERE in the US and expanding into Europe, we expect to announce top-line data from our confirmatory MIRASOL trial in early May. In parallel, we advanced our broader development program to move into platinum-sensitive disease and position ELAHERE as the combination agent of choice in ovarian cancer.”
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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