ImmunoGen rises on Q1 revenue beat

ImmunoGen

28/04/2023 13:00

** Shares of cancer drugmaker ImmunoGen Inc  IMGN.O  rise
12% to $4.84 premarket
    ** Co posts revenue of $49.9 million, helped by strong sales
of its ovarian cancer drug elahere, beating analysts' average
estimate of $20.5 million 
    ** Co to report data from mirasol trial of its drug in early
May 2023
    ** IMGN sees revenues for 2023, excluding product revenue
from Elahere, to between $45 million and $50 million; expects to
provide Elahere product revenue forecast later this year
    ** Co says its current cash combined with anticipated
product and collaboration revenues to fund operations through
2025
    ** IMGN had $201.2 million in cash and cash equivalents as
of March 31, 2023
    ** Up to last close, stock down ~13% YTD

 (Reporting by Sriparna Roy)
 ((Sriparna.Roy@thomsonreuters.com;))