ImmunoGen cut its fiscal first quarter loss in half and raised its expectations for the year, as the cancer drug developer brought in more milestone and royalty payments from other pharmaceutical companies.
The Waltham, Mass., company's shares rose 5 percent Friday before markets opened.
ImmunoGen booked $7.8 million in license fees from drugmaker Eli Lilly and Co. in the quarter. It also received a $5 million milestone payment and $2.1 million in royalties from Swiss drug developer Roche after Japanese regulators approved the breast cancer treatment Kadcyla, which uses ImmunoGen technology.
The company lost $11.2 million, or 13 cents per share, in the quarter that ended Sept. 30. That compares to a loss of $25.2 million, or 30 cents per share, in last year's quarter. Revenue jumped to $17.2 million from $4.1 million.
Analysts expected, on average, a loss of 22 cents per share on $12.2 million in revenue, according to FactSet.
ImmunoGen Inc. now expects a net loss of between $67 million and $71 million for the year on revenue of $71 million to $75 million. That compares to its previous forecast for a loss ranging from $72 million to $76 million on $66 million to $70 million in revenue.
The company's shares climbed 83 cents to $18.08 in premarket trading. The stock had already climbed more than 35 percent so far this year, as of Thursday's close.