ImmunoGen, Inc. (NASDAQ:IMGN) Q3 2023 Earnings Conference Call November 2, 2023 8:00 AM ET

Company Participants

Anabel Chan - Head, IR

Mark Enyedy - President, CEO & Director

Isabel Kalofonos - SVP & Chief Commercial Officer

Lauren White - SVP & CFO

Michael Vasconcelles - Chief Medical Officer

Conference Call Participants

John Newman - Canaccord Genuity

Michael Schmidt - Guggenheim Securities

Etzer Darout - BMO Capital Markets

Dingding Shi - Jefferies

Peter Lawson - Barclays Bank

Boris Peaker - TD Cowen

Asthika Goonewardene - Truist Securities

Operator

Good morning, ladies and gentlemen, and welcome to ImmunoGen's Third Quarter 2023 Financial and Operating Results Conference Call. Today's conference is being recorded. At this time, I'd like to turn the call over to Anabel Chan, Head of Investor Relations. Please go ahead.

Anabel Chan

Good morning, and thank you for joining today's call. Earlier today, we issued a press release that includes a summary of our recent operating progress and third quarter financial results. This press release, a recording of this call and an updated corporate deck can be found under the Investors & Media section of our website at immunogen.com.

With me today are Mark Enyedy, our President and CEO; and Isabel Kalofonos, our Chief Commercial Officer; Michael Vasconcelles, our EVP of Research, Development and Medical Affairs; and Lauren White, our CFO.

During today's call, we will review recent progress for the business, our financial results and highlight upcoming anticipated events. We will be making forward-looking statements based on our current expectations and beliefs. These statements are subject to risks and uncertainties, and our actual results may differ materially. Please consult the risks outlined in our press release issued this morning in the Risk Factors section of our most recent annual report on Form 10-K and quarterly report on Form 10-Q and in our other SEC filings, which are available at sec.gov and immunogen.com. With that, I'll turn the call over to Mark.

Mark Enyedy

Thanks, Anabel. Good morning, everyone, and thank you for joining us today. This has been another productive quarter for ImmunoGen, highlighted by the ongoing exemplary execution of the commercial launch for ELAHERE in the U.S., progress made towards both geographic and label expansion for ELAHERE and the advancement of our portfolio.

Starting with the commercial update. We delivered a strong quarter with ELAHERE generating just over $105 million in net sales, resulting in over $210 million in revenue year-to-date, which puts us on track with one of the most successful oncology launches in a decade. This performance is driven by a combination of factors, including strong adoption of FR alpha testing and corresponding product ordering in a population with high unmet need with robust uptake in our labeled indication across both academic and community settings as well as discretionary use in a broader patient population based on NCCN guidelines, including use of ELAHERE monotherapy in later lines and in combination with bevacizumab. Rapid achievement of broad access and reimbursement increased breadth and depth of prescribing, driven in part by penetration into priority accounts and increased awareness of ELAHERE driven by engagement by our medical affairs team the compelling data for MIRASOL and positive physician and patient experiences.