Agios Pharmaceuticals Inc (AGIO) Reports Q3 2023 Earnings, Reveals 10% Increase in U.S. Net Revenue
Agios Pharmaceuticals Inc (NASDAQ:AGIO) reported U.S. PYRUKYND (mitapivat) net revenue of $7.4 million in Q3 2023, a 10% increase over Q2 2023.
The company's cash, cash equivalents, and marketable securities as of September 30, 2023, were $872.4 million.
Agios Pharmaceuticals Inc (NASDAQ:AGIO) reported a net loss of $91.3 million for Q3 2023.
The company is on track for data readouts in two Phase 3 trials of mitapivat in Thalassemia next year and topline data for AG-946 in LR-MDS by year-end 2023.
On November 2, 2023, Agios Pharmaceuticals Inc (NASDAQ:AGIO), a leader in the field of cellular metabolism pioneering therapies for rare diseases, reported its financial results for the third quarter ended September 30, 2023. The company also highlighted its business achievements and upcoming milestones.
Business Highlights and Upcoming Milestones
Agios Pharmaceuticals Inc (NASDAQ:AGIO) reported dosing of the first patient in the Phase 3 portion of the pivotal RISE UP study of its leading PK activator, mitapivat, in sickle cell disease. The company also completed enrollment in the Phase 3 ACTIVATE-KidsT study of mitapivat in PK Deficiency, achieving a goal of >50% enrollment. Agios is on track for data readouts in two Phase 3 trials of mitapivat in Thalassemia next year and topline data for AG-946 in LR-MDS by year-end 2023.
Financial Performance
Agios Pharmaceuticals Inc (NASDAQ:AGIO) reported U.S. PYRUKYND (mitapivat) net revenue of $7.4 million in Q3 2023, a 10% increase over Q2 2023. The company's cash, cash equivalents, and marketable securities as of September 30, 2023, were $872.4 million. The company reported a net loss of $91.3 million for Q3 2023 compared to $81.7 million for Q3 2022.
Financial Statements
The company's total assets as of September 30, 2023, were $1,007,258,000, and stockholders' equity was $886,843,000. The net U.S. product revenue from sales of PYRUKYND for the third quarter of 2023 was $7.4 million, compared to $3.5 million for the third quarter of 2022. Research and Development (R&D) expenses were $81.8 million for the third quarter of 2023, compared to $65.0 million for the third quarter of 2022. Selling, General and Administrative (SG&A) expenses were $25.8 million for the third quarter of 2023 compared to $29.1 million for the third quarter of 2022.
Outlook
Agios Pharmaceuticals Inc (NASDAQ:AGIO) expects that its cash, cash equivalents, and marketable securities together with anticipated product revenue, interest income, and vorasidenib milestone will enable the company to fund its operating expenses and capital expenditures at least into 2026.
Explore the complete 8-K earnings release (here) from Agios Pharmaceuticals Inc for further details.
This article first appeared on GuruFocus.
