FibroGen Inc (FGEN) Q2 2024 Earnings Call Highlights: Strong Revenue Growth and Strategic Shifts

GuruFocus.com10-10

Total Revenue: $50.6 million for Q2 2024, a 14% increase year-over-year. Roxadustat Net Product Revenue in China: $49.6 million for Q2 2024, a 108% increase year-over-year. Total Roxadustat Net Sales ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFibroGen Inc (FGEN) Q2 2024 Earnings Call Highlights: Strong Revenue Growth and Strategic Shifts\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-10 05:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/fibrogen-inc-fgen-q2-2024-210942977.html><strong>GuruFocus.com</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Total Revenue: $50.6 million for Q2 2024, a 14% increase year-over-year.\nRoxadustat Net Product Revenue in China: $49.6 million for Q2 2024, a 108% increase year-over-year.\nTotal Roxadustat Net Sales ...</p>\n\n<a href=\"https://finance.yahoo.com/news/fibrogen-inc-fgen-q2-2024-210942977.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"FGEN","symbol_name":"FibroGen, Inc","start_time":0,"source_url":"https://finance.yahoo.com/news/fibrogen-inc-fgen-q2-2024-210942977.html","article_id":"2474207711","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/feNwACyP4SUraGaRUWiNrg--~B/aD0yMDA7dz0yMDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/us.finance.gurufocus/28c32977f08a4e25cf73a92bdc305063"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2474207711","pubTimestamp":1728508182,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Total Revenue: $50.6 million for Q2 2024, a 14% increase year-over-year.Roxadustat Net Product Revenue in China: $49.6 million for Q2 2024, a 108% increase year-over-year.Total Roxadustat Net Sales in China: $92.3 million for Q2 2024, a 21% increase year-over-year.Operating Expenses: $61.6 million for Q2 2024, a 53% decrease year-over-year.R&D Expenses: $34.1 million for Q2 2024, a 64% decrease year-over-year.SG&A Expenses: $22.3 million for Q2 2024, a 29% decrease year-over-year.Net Loss: $15.5 million for Q2 2024, compared to $87.7 million in Q2 2023.Cash, Cash Equivalents, and Accounts Receivable: $147.1 million as of June 30, 2024.Roxadustat Net Sales Guidance for China 2024: $320 million to $350 million.FibroGen China Net Product Revenue Guidance for 2024: $135 million to $150 million.GuruFocus has detected 7 Warning Signs with FGEN.FibroGen Inc  reported a significant increase in roxadustat net product revenue in China, with a 108% year-over-year growth for the second quarter of ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"FGEN":"FibroGen, Inc"},"translate_title":"FibroGen Inc(FGEN)2024年第二季度收益看涨期权亮点：强劲的收入增长和战略转变","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FGEN":1},"content_text":"Total Revenue: $50.6 million for Q2 2024, a 14% increase year-over-year.\nRoxadustat Net Product Revenue in China: $49.6 million for Q2 2024, a 108% increase year-over-year.\nTotal Roxadustat Net Sales in China: $92.3 million for Q2 2024, a 21% increase year-over-year.\nOperating Expenses: $61.6 million for Q2 2024, a 53% decrease year-over-year.\nR&D Expenses: $34.1 million for Q2 2024, a 64% decrease year-over-year.\nSG&A Expenses: $22.3 million for Q2 2024, a 29% decrease year-over-year.\nNet Loss: $15.5 million for Q2 2024, compared to $87.7 million in Q2 2023.\nCash, Cash Equivalents, and Accounts Receivable: $147.1 million as of June 30, 2024.\nRoxadustat Net Sales Guidance for China 2024: $320 million to $350 million.\nFibroGen China Net Product Revenue Guidance for 2024: $135 million to $150 million.\n\n\nWarning! GuruFocus has detected 7 Warning Signs with FGEN.\n\nRelease Date: August 06, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nFibroGen Inc (NASDAQ:FGEN) reported a significant increase in roxadustat net product revenue in China, with a 108% year-over-year growth for the second quarter of 2024.\nThe company raised its full-year 2024 guidance for roxadustat net sales in China due to strong performance, expecting between $320 million to $350 million.\nFG-3246, a first-in-class ADC targeting CD46, showed promising results in Phase 1 trials for metastatic castration-resistant prostate cancer, with a median radiographic progression-free survival of 8.7 months.\nFibroGen Inc (NASDAQ:FGEN) maintains a strong cash position with approximately $147.1 million in cash, cash equivalents, and accounts receivable, expected to fund operations into 2026.\nThe company is exploring potential partnering opportunities for its regained rights to roxadustat in the US and other territories, which could open new revenue streams.\n\n Negative Points \n\nThe pamrevlumab clinical trials in pancreatic cancer did not meet the primary endpoint of overall survival, leading to a significant cost reduction plan and a 75% reduction in US headcount.\nFibroGen Inc (NASDAQ:FGEN) recorded a net loss of $15.5 million for the second quarter of 2024, although this was an improvement from the previous year.\nThe company is winding down its internal development of two immuno-oncology programs due to organizational changes and resource constraints.\nThere is potential for future competition from generic versions of roxadustat in China, which could impact market share and pricing.\nThe performance of roxadustat in Astellas territories has been weaker than expected, affecting future forecasted cash inflows related to these regions.\n\n Q & A Highlights \nQ: Given the singular focus on FG-3246 now, do you have any plans on accelerating its development to maximize the asset's value for shareholders? Also, how do you as a US entity access the cash derived from roxadustat revenue in China? A: Thane Wettig, CEO: FG-3246 has always been a priority asset, and we are prosecuting it with speed. We have an important interaction with the FDA this quarter to inform the Phase 2 trial design. Juan Graham, CFO: We have been repatriating cash from China through a registered debt facility and are exploring other avenues to continue this process.\nQ: How soon could you look to partner your two preclinical candidates, and would you wait for Phase 1 data or proceed with preclinical data? A: Thane Wettig, CEO: We plan to showcase a preclinical data set to potential partners. Our anti-galectin-9 antibody has an extensive data set, and we feel confident about the optimization work on our CCR8 antibody. We will start partnership activities immediately.\nQ: What's the nature of the update we can expect from the top-line data of FG-3246's combo trial with enzalutamide? What would be considered a clinically meaningful PFS benefit? A: Deyaa Adib, CMO: The combination study has shown encouraging results with a 10.2-month radiographic PFS in heavily pretreated patients. The current bar for this setting is around six months. We expect to publish top-line results from the combination study in the first half of 2025, with a total of 36 patients.\nQ: Can you comment on how much of the updated guidance is driven by potential approval of a CIA indication versus continued volume growth from the CKD indication? Also, what are your thoughts on the pricing impact from the generic launch of roxadustat? A: Thane Wettig, CEO: The guidance raise is due to strong performance in the CKD indication alone. Christine Chung, SVP China Operations: We have not seen the launch of generics in the market yet, and there are no plans to change pricing until we are subject to volume-based purchasing.\nQ: Regarding FG-3246, beyond PET positive patients, is there any other population that might benefit from the combination? A: Thane Wettig, CEO: The Phase 2 trial will explore the correlation between CD46 expression and response to the drug. Deyaa Adib, CMO: While PET46 pre-selection is the primary focus, there could be opportunities in all-comers if data continues to show strong signals.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2474207711"}