Agios Pharmaceuticals (NASDAQ:AGIO) announced a substantial financial turnaround in its third-quarter earnings, reporting a net income of $947.9 million.
This marks a stark reversal from the loss recorded in the same period last year.
Per share, the net income stood at $16.22.
While the company experienced a significant non-recurring gain, adjusted earnings were reported at $4.20 per share.
However, Agios' revenue of $9 million fell slightly short of expectations, with analysts surveyed by Zacks Investment Research projecting $9.4 million.
Meanwhile, the quarter was noteworthy not only for its financial results but also for key advancements in the company's drug development pipeline.
During the quarter, Agios completed patient enrollment for its Phase 3 RISE UP study of mitapivat, targeting pyruvate kinase deficiency, with study results anticipated in 2025.
Additionally, the company has initiated a Phase 2b study of tebapivat and recently secured an orphan drug designation for this investigational treatment.
Looking ahead, Agios is preparing to file a supplemental New Drug Application (sNDA) for mitapivat in the treatment of thalassemia, reinforcing its commitment to advancing care for rare diseases.