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Agios (AGIO) Q3 Loss Narrower Than Expected, Sales Miss

Agios Pharmaceuticals, Inc. AGIO incurred a loss of $1.49 per share from continuing operations for third-quarter 2022, narrower than the Zacks Consensus Estimate and our estimate of a loss of $1.75. In the year-ago quarter, AGIO incurred a loss of $1.48 per share.

Revenues were $3.5 million during the quarter, which missed the Zacks Consensus Estimate and our estimate of $5.0 million and $4.8 million, respectively. In the year-ago quarter, the company did not record any revenues.

The revenues of $3.5 million comprised entirely of Agios’ only marketed drug, Pyrukynd (mitapivat), which was approved for treating hemolytic anemia in adults with pyruvate kinase (PK) deficiency in February 2022.

Shares of Agios were down 5.3% on Nov 3 following the mixed results for the third quarter. In fact, the stock has declined 19.8% in the year so far compared with the industry’s 46.6% fall.

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Quarter in Detail

Research & development expenses increased 1.5% year over year to $65 million. Selling, general and administrative expenses were up 6.8% year over year to $29.1 million, primarily due to the increase in workforce-related expenses.

As of Sep 30, 2022, cash, cash equivalents and marketable securities were $1.0 billion compared with $1.1 billion as of Jun 30, 2022.

Pipeline Updates

Agios received a positive opinion from the Committee for Medicinal Products for Human Use (CHMP), recommending the grant of a marketing authorization for Pyrukynd for treating pyruvate kinase (PK) deficiency in adults. A decision from the European Medicines Agency (EMA) is expected by the end of November 2022.

Apart from PK deficiency, Agios is evaluating Pyrukynd for SCD and thalassemia indications.

AGIO has two ongoing phase III studies, namely ENERGIZE and ENERGIZE-T, to evaluate Pyrukynd for thalassemia in adults, with one segment being not regularly transfused while the other being regularly transfused. Agios plans to complete enrolment in the studies by 2022-end.

AGIO also has an ongoing phase II/III RISE UP study evaluating Pyrukynd for SCD. It plans to complete enrolling patients in the study by 2022-end.

The company has two ongoing phase III studies, ACTIVATE-kids and ACTIVATE-kidsT, evaluating Pyrukyndin pediatric patients who are not regularly transfused and regularly transfused, respectively.

Alongside its earnings results, Agios also announced that it initiated a phase IIa study of AG-946, its next-generation pyruvate kinase-R activator, for treating adults with low-risk myelodysplastic syndromes (MDS). AGIO is also evaluating the candidate in a phase I study to treat hemolytic anemia.

Agios Pharmaceuticals, Inc. Price, Consensus and EPS Surprise

 

Agios Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Agios Pharmaceuticals, Inc. Price, Consensus and EPS Surprise

Agios Pharmaceuticals, Inc. price-consensus-eps-surprise-chart | Agios Pharmaceuticals, Inc. Quote

 

Zacks Rank & Stocks to Consider

Currently, Agios has a Zacks Rank #3 (Hold).

Some better-ranked stocks in the overall health sector are Intellia Therapeutics NTLA, sporting a Zacks Rank #1 (Strong Buy), Kodiak Sciences KOD and Puma Biotechnology PBYI, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Intellia Therapeutics’ loss estimates for 2022 have improved from $5.82 to $5.78 in the past 30 days. Shares of Intellia have declined 56.3% year to date. Earnings of NTLA missed earnings estimates in all the last four quarters. NTLA delivered a negative earnings surprise of 28%, on average.

Kodiak Sciences’ loss estimates for 2022 have remained steady at $7.12 over the past 30 days. Shares of Kodiak have declined 91.8% year to date. Earnings of KOD beat earnings estimates only once in the last four quarters. KOD delivered a negative earnings surprise of 20.20%, on average

Puma Biotechnology’s loss estimates for 2022 have remained steady at 6 cents over the past 30 days. Shares of PBYI have declined 29.7% year to date. Earnings of Puma beat earnings estimates in three of the trailing four quarters and missed the same in the remaining occasion. PBYI delivered an earnings surprise of 201.37%, on average.


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