ImmunoGen raises FY23 revenue excluding ELAHERE view to $45M-$50M

Previous FY23 revenue excluding ELAHERE was $30M-$35M. Sees FY23 operating expenses $320M-$335M. ImmunoGen expects to provide ELAHERE product revenue guidance later this year. The increase in revenue guidance is a result of recognizing a $15M upfront fee from Vertex in the first quarter as no deferral was required. Additionally, the Company increased its operating expense guidance to reflect greater spend in support of ELAHERE’s launch and expected growth trajectory. ImmunoGen expects that its current cash, inclusive of the $75M received pursuant to the term loan facility with Pharmakon, and combined with anticipated product and collaboration revenues, will fund operations into 2025.