tiprankstipranks
Alector reports Q EPS (63c), consensus (46c)
The Fly

Alector reports Q EPS (63c), consensus (46c)

Collaboration revenue for the quarter ended December 31 was $14.4M, compared to $14M for the same period in 2021. Collaboration revenue for the year ended December 31, was $133.6M compared to $207.1M for the same period in 2021. The decrease in year-over-year collaborative revenue was primarily due to $173.4M collaboration revenue recognized from AL001 FTD-GRN license provided as part of the GSK Agreement in 2021, offset by revenue recognized in 2022 for GSK and AbbVie programs, including revenue recognized from the termination of the AL003 program.. "2022 was marked by significant momentum and focus on our programs and prioritization across our pipeline as we continued to cement our position as an innovator in advancing immuno-neurology," said Arnon Rosenthal, Ph.D., Chief Executive Officer of Alector. "We shared positive data from our INFRONT-2 Phase 2 trial of latozinemab in patients with symptomatic FTD-C9orf72 and advanced our INVOKE-2 Phase 2 Alzheimer’s disease study with AL002, the most advanced TREM2 candidate in clinical development. We are encouraged by recent progress in the Alzheimer’s disease space and believe our first-in-class drug candidates that harness the power of microglia, the brain’s immune cells, have the potential to improve neurodegeneration outcomes either as stand-alone therapies or potentially in combination with anti-beta amyloid drugs." Sara Kenkare-Mitra, Ph.D., President and Head of Research and Development at Alector added, "Last year was transformational for Alector as we continued to strengthen our world-class and seasoned leadership team and bolster key talent across the organization. Looking ahead, we believe we are well-positioned both financially and organizationally to execute on our strategic priorities in 2023 and beyond."

Published first on TheFly

See Insiders’ Hot Stocks on TipRanks >>

Read More on ALEC:

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles