Agios Pharmaceuticals Inc., of Cambridge, Mass., reported first-quarter net revenues from Tibsovo (ivosidenib) of $22.7 million and reiterated 2020 guidance of between $105 million and $115 million. Total revenue for the quarter was $87.1 million, and Agios reported a net loss of $40.3 million vs. a net loss of $93.1 million for the same period in 2019. As of March 31, cash, equivalents and marketable securities were $613.1 million. In order to conserve cash while supporting the execution of critical business objectives, Agios said it has made decisions to cease in-house development of AG-636; delay select research programs, including the Friedreich’s ataxia program, and longer-term clinical studies; limit staff hiring and significantly reduce contract workforce; and pause certain infrastructure projects. Additional savings are anticipated across the business as a result of reduced spending levels that will occur naturally due to the COVID-19 pandemic, such as travel expenses and clinical trial spend. Shares of Agios (NASDAQ:AGIO) closed April 30 at $41.14, down $2.41.
Biomarin Pharmaceutical Inc., of San Rafael, Calif., said first-quarter total revenues increased 25% to $502.1 million. The increase was primarily attributed to increased net product revenues, which were $489 million compared to $394.5 million for the first quarter of 2019. Leaders included Naglazyme (galsulfase), which went up by $27.4 million, or 32%, primarily due to orders from Russia and Brazil, and Palynziq (pegvaliase-pqpz), which rose by $22.3 million or 181%, driven by combination of revenue from U.S. patients achieving maintenance dosing and new patients initiating therapy. As of March 31, Biomarin had a cash position of about $1.1 billion. Shares of Biomarin (NASDAQ:BMRN) closed April 30 at $92.02, down $2.69.
Insmed Inc., of Bridgewater, N.J., said revenue from Arikayce (amikacin liposome inhalation suspension) totaled $36.9 million for the first quarter. Global growth and label-expansion efforts are advancing, the firm said. The company is fighting the pandemic by supporting an investigator-initiated study of brensocatib, formerly known as INS-1007, in patients with severe COVID-19 infection. Insmed reported a GAAP net loss of $66.4 million, or 74 cents per share, for the first quarter, compared to a GAAP net loss of $74.2 million, or 96 cents per share, for the same period in 2019. As of March 31, the company had $428.9 million on its balance sheet. Shares of Insmed (NASDAQ:INSM) closed April 30 at $23, up $1.95.
Vertex Pharmaceuticals Inc., of Boston, reported first-quarter product revenues of $1.52 billion, a 77% increase over the same period last year. The company raised its revenue guidance, now expecting full-year cystic fibrosis revenues of between $5.3 billion and $5.6 billion. The U.S. launch of Trikafta (elexacaftor/tezacaftor/ivacaftor and ivacaftor), the company said, has been “remarkable,” with the majority of eligible patients having now initiated treatment with this medicine. GAAP and non-GAAP net income each increased more than 120% compared to the first quarter of 2019, largely driven by growth in product revenues, Vertex said. Cash, equivalents and marketable securities as of March 31 totaled $4.2 billion. Shares of Vertex (NASDAQ:VRTX) closed at $251.20 on April 30, up 15 cents.