ImmunoGen reports Q3 EPS 10c, consensus 4c

Reports Q3 revenue $113.4M, consensus $106.04M. “Building on the momentum generated in the first half of 2023, we delivered a strong Q3 highlighted by significant ELAHERE revenue growth and the achievement of key operational milestones,” said CEO Mark Enyedy. “With a 36% increase in sequential quarterly net sales and over $210M in product revenue through the first nine months of the year, ELAHERE is tracking towards one of the most successful first product launches in oncology in a decade…our PICCOLO trial in platinum-sensitive ovarian cancer has met the primary endpoint of objective response rate based on an interim efficacy assessment. With a number of patients remaining on treatment and longer follow-up required to establish mature response durability of ELAHERE in this patient population, we anticipate an ORR of at least 48% when we report full data in mid-2024. Turning to our second pivotal program, PVEK, we continue to advance our 802 study and look forward to reporting data from our PVEK/VEN/AZA triplet in frontline AML at ASH in December…We look forward to a strong finish to the year and a productive 2024 with the continued growth of ELAHERE, important new data for our programs, and geographic expansion in Europe and China.”