Immunogen Earnings: Here’s Why These Results aren’t Pleasing Shareholders
Immunogen Inc. (NASDAQ:IMGN) had a loss and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 4.36%.
Immunogen Inc. Earnings Cheat Sheet
Results: Net loss increased 91.37% to $24.4 million (29 cents per diluted share) in the quarter versus a net loss of $12.75 million in the year-earlier quarter.
Revenue: Decreased 65.88% to $2.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Immunogen Inc. reported adjusted net income of 28 cents per share. By that measure, the company missed the mean analyst estimate of $-0.25. It missed the average revenue estimate of $6.02 million.
Quoting Management: “We expect 2013 to be a very important year for ImmunoGen,” commented Daniel Junius, President and CEO. “Roche is anticipating the approval of T-DM1 in the US early this year followed by approval in Europe later in 2013. We believe the launch of T-DM1 will be momentous for appropriate patients, their families, and their physicians. It will also mark the start of ImmunoGen earning what we believe will be a significant royalty stream.”
Revenue decreased 36.43% from $4.09 million in the previous quarter. Net loss decreased 3.14% from $25.19 million in the previous quarter.
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(Company fundamentals provided by Xignite Financials.)