ImmunoGen Posts Profit In Q2; Backs FY14 Forecast - Quick Facts

(RTTNews) - ImmunoGen, Inc. (IMGN), a developer of targeted anticancer therapeutics, reported Friday that its second-quarter net income was $3.81 million or $0.04 per share, compared to a net loss of $24.39 million or $0.29 per share last year.

On average, 15 analysts polled by Thomson Reuters expected loss of $0.18 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues were $30.1 million for the quarter, significantly higher than last year's $2.6 million. Analysts expected revenues of $18.16 million.

The company noted that its latest quarter revenues included $25.7 million of license and milestone fees, compared to $0.4 million a year ago.

Looking ahead for the full year, the company continues to project net loss between $67 million and $71 million, and revenues between $71 million and $75 million. Analysts estimate loss per share of $0.74 and revenues of $71.65 million.

Daniel Junius, President and CEO, said, "We expect 2014 to be a very active year. … We are making solid progress with our IMGN529 compound and expect to report the first clinical data mid-year."

Separately, ImmunoGen announced the appointment of Eric Guempel as Vice President of Product Strategy and Program Management. He reports to Charles Morris, Executive Vice President and Chief Development Officer of ImmunoGen.