Immunogen beats, lifts guidance

|By:, SA News Editor

Immunogen (IMGN) rises 5.8% premarket after the company's Q1 loss comes in narrower than anticipated. IMGN updated its pipeline in the PR.

The company notes Roche's reported YTD Kadcyla sales of $168M and reminds investors that IMGN "receives and recognizes royalties on Kadcyla sales the quarter after the quarter in which Roche records the sales."

The company says it will have "the data needed to make IMGN901 next-step decisions by mid-2014" (Phase 2 testing for small-cell lung cancer).

IMGN289 to begin patient dosing "this quarter."

IMGN529 clinical data expected next year.

FY14 outlook: Net loss of $67-71M (versus previous guidance of a $72-76M loss) on revenue of $71-75M (versus previous guidance of $66-70M).