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Agios Reports First Quarter 2020 Financial Results and Provides Update on Business Operations and COVID-19 Response
First Quarter TIBSOVO® Net Revenue of $22.7 Million; Company Reiterates 2020 TIBSOVO® Net U.S. Revenue Guidance of $105115 Million
New Clinical Data from Mitapivat in Thalassemia Accepted for Presentation at the European Hematology Association Annual Congress in June
Proof-of-Concept Decision for Mitapivat in Sickle Cell Disease on Track for Mid-2020; Data to be Submitted for Presentation at the American Society of Hematology Annual Meeting
Cash Conservation Efforts Extend Runway to the End of June 2022
CAMBRIDGE, Mass., April 30, 2020 Agios Pharmaceuticals, Inc. (NASDAQ: AGIO), a leader in the field of cellular metabolism to treat cancer and rare genetic diseases, today reported business highlights and financial results for the first quarter ended March 31, 2020. In addition, Agios provided an update on its response to the global COVID-19 pandemic and the expected impact on its business operations.
Though there is no modern playbook for a crisis like the COVID-19 pandemic, we moved quickly to reduce the risk of our teams and communities exposure to the virus and took action to enable uninterrupted access to our commercial and clinical medicines for the patients who are counting on us, said Jackie Fouse, Ph.D., chief executive officer at Agios.
Despite the challenges we faced in the first quarter in the wake of the COVID-19 pandemic, we made significant clinical and commercial progress, including completing enrollment in the ACTIVATE pivotal trial of mitapivat in PK deficiency, delivering strong TIBSOVO® performance and achieving key U.S. and EU regulatory milestones. We have also made important resource allocation decisions with the goal of delivering on our key business objectives while conserving cash and increasing our financial flexibility, continued Dr. Fouse. Through these efforts, we remain on track to achieve our Agios 2025 strategic vision. As we have all worked to adapt to these unexpected and trying circumstances, the teamwork and resilience demonstrated by my colleagues has truly been remarkable and provides confidence that we will come out of these challenging times even stronger than we were before.
FIRST QUARTER 2020 HIGHLIGHTS & RECENT PROGRESS
TIBSOVO® net sales increased by 16% and total number of unique prescribers expanded by 25% from the fourth quarter of 2019; this growth was driven largely by uptake in both the newly diagnosed and relapsed and refractory acute myeloid leukemia (AML) segments.
Enrollment was completed in ACTIVATE, the ongoing pivotal trial of mitapivat in adults with pyruvate kinase (PK) deficiency who do not regularly receive transfusions.
The following information was filed by Agios Pharmaceuticals Inc (AGIO) on Thursday, April 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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