Agios Pharmaceuticals Reports Significant Financial Turnaround, Net Income Surges to $947.9 Million in Q3 2024

Agios Pharmaceuticals, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved a net income of $947.9 million for the third quarter, a substantial turnaround from a net loss of $91.3 million in the same period of 2023. This remarkable increase was primarily driven by a gain of $889.1 million from the sale of Vorasidenib Royalty Rights and a $200 million milestone payment related to the approval of Vorasidenib, which was recognized in the consolidated statements of operations.

Total revenue for the third quarter of 2024 was $8.96 million, reflecting a 20.9% increase from $7.40 million in the prior year, attributed to higher sales volume of the company's lead product candidate, PYRUKYND® (mitapivat). For the nine months ended September 30, 2024, total revenue reached $25.77 million, up from $19.72 million in the same period of 2023.

The company’s total assets surged to $1.79 billion as of September 30, 2024, compared to $937.1 million at the end of 2023. Cash and cash equivalents also saw a significant increase, rising to $253.7 million from $88.2 million at the end of 2023. Total stockholders’ equity rose to $1.63 billion, up from $811 million at the end of the previous year.

Operating expenses for the third quarter were $111.8 million, a slight increase from $108.3 million in the same quarter of 2023, primarily due to a rise in selling, general, and administrative expenses related to commercial activities for PYRUKYND®. Research and development expenses decreased by $9.4 million compared to the same period in 2023, largely due to a prior year’s up-front payment related to a licensing agreement with Alnylam Pharmaceuticals.

Agios continues to focus on the commercialization of PYRUKYND®, which received FDA approval in February 2022 for treating hemolytic anemia in adults with PK deficiency. The company is also exploring additional indications for PYRUKYND® and has ongoing clinical trials for other product candidates, including AG-946 (tebapivat) and AG-181.

Strategically, Agios has entered into a license agreement with Alnylam for a preclinical siRNA candidate targeting the TMPRSS6 gene, with potential milestone payments of up to $130 million. The company is also actively seeking partnerships for the commercialization of PYRUKYND® outside the U.S., including a distribution agreement with NewBridge Pharmaceuticals for the GCC region.

Overall, Agios Pharmaceuticals has demonstrated a strong financial recovery and strategic positioning in the biopharmaceutical market, particularly in the rare disease sector.