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Financial Reports: ImmunoGen

Targeted Antibody Payload technology begins to pay off

By: Gil Roth

President, Pharma & Biopharma Outsourcing Association

ImmunoGen 4Q13

4Q Revenues: $3.8 million (+30%)

4Q Loss: $21.9 million (loss of $22.4 million in 2Q12)

FY Revenues: $35.5 million (+117%)

FY Loss: $72.8 million (loss of $73.3 million in 2Q12)

Comments: ImmunoGen advanced several pipeline antibody-drug conjugates during the quarter. Cancer treatment Kadcyla was launched by partner Genentech/Roche late in 3Q13; ImmunoGen will receive royalties one quarter after sales are reported. FY revenues were boosted by a $10.5 million milestone from Roche for Kadcyla’s approval, and $11.1 million in amortization of upfront fees received from Novartis. ImmunoGen had $195.0 million in cash and equivalents on hand at the end of 4Q13, compared to $160.9 million at the end of 4Q12.

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