Replimune Q2 loss narrows as expenses fall

Overview

• US biotech firm reported fiscal Q2 net loss narrowed from prior year

• Company launched TUDRIQEV for advanced melanoma in US; early uptake at leading institutions

• R&D and SG&A expenses declined yr/yr, contributing to lower operating loss

Outlook

• Company expects existing cash to fund operations for more than twelve months from statement issuance

• Replimune says IGNYTE-3 confirmatory Phase 3 trial for TUDRIQEV remains on track and is enrolling

• Company says REVEAL Phase 2/3 trial of RP2 in metastatic uveal melanoma is actively enrolling

Result Drivers

• TUDRIQEV LAUNCH - Co said early commercial launch of TUDRIQEV for advanced melanoma drove activity, with more than 15 institutions prescribing and rapid formulary adoption

• LOWER OPERATING EXPENSES - Co attributed reduced net loss to decreased R&D and SG&A expenses, mainly from lower personnel and direct research costs

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", no "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Replimune Group, Inc. is $19.00, about 45.6% above its October 27 closing price of $13.05

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)