Biotechnology company ImmunoGen, Inc. (IMGN), Friday reported a wider second quarter loss that fell below analyst estimates as well, reflecting a fall in milestone payments and increased research and development expenses. The company also backed its outlook for fiscal 2013.
For the period, the company posted loss of $24.39 million or $0.29 per share, wider than the loss of $12.75 million or $0.17 per share reported a year ago.
Fourteen analysts on average polled by Thomson Reuters estimated loss per share of $0.25 for the quarter. Analysts estimates typically exclude one-time items.
Revenue for the period totaled $2.61 million, a fall from $7.61 million for the year-ago period and below consensus estimate of $6.02 million. License and milestone fees fell significantly to $429 thousand from $6.02 million recorded a year ago.
Research and development expenses jumped to $21.65 million from $15.55 million a year before, which the biotech firm attributed to greater investment aimed at advancing its wholly owned product candidates, and said includes increased costs for third-party production of antibody for use in clinical materials, increased clinical trial costs, and increased personnel expenses.
The company said it left guidance for the fiscal year ending June 30 unchanged at anticipated net loss between $70 million and $74 million and capital expenditure between $4 million and $5 million.
Looking ahead, Daniel Junius, President and CEO said, "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."
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