IMGN stock drops amid plans to launch $6K cancer drug (NASDAQ:IMGN)
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Oncology-focused biotech ImmunoGen, Inc. (NASDAQ:IMGN) shed ~12% on Tuesday after the company said it would launch the newly approved ovarian cancer drug Elahere “in a matter of days” at a list price of $6,220 per vial.
“Most patients receive 3 to 4 vials per cycle, which results in a price of somewhere between $18,500 and just under $25,000 per cycle,” Chief Executive Mark Enyedy said during a conference call on Tuesday.
On Monday, ImmunoGen (IMGN) announced the FDA approval of its antibody-drug conjugate Elahere for certain adult patients with platinum-resistant ovarian cancer, sending the company shares sharply higher in the post-market trading.
However, BMO Capital Markets analyst Etzer Darout attributed today’s selloff to doubts over the market opportunity for Elahere, which will join a group of bestselling antibody-drug conjugates such as AstraZeneca’s (AZN) Enhertu and Gilead’s (GILD) Trodelvy.
“When you look at other marketed antibody drug conjugates, Elahere is (priced) relatively in line in terms of the price per month of $18,500 to $25,000 range,” Darout noted.
Trodelvy, which has a list price of $2,188 per vial in the U.S., added $380M in revenue for Gilead (GILD) in 2021, according to the company’s latest 10-K filing.
