AVEO Oncology (AVEO) Tops Q2 EPS by 5c

AVEO Oncology (NASDAQ: AVEO) reported Q2 EPS of ($0.40), $0.05 better than the analyst estimate of ($0.45). Revenue for the quarter came in at $7.6 million versus the consensus estimate of $8.94 million.

“We are pleased to report our first full quarter of FOTIVDA sales, which reflect its commercial uptake since being launched on March 22, 2021. The strength of our early commercial launch reflects the execution of our commercial organization and highlights the high unmet need that exists in the indicated treatment population,” said Michael Bailey, president and chief executive officer of AVEO. “As the first therapy approved specifically for adults with relapsed or refractory advanced renal cell carcinoma (RCC) following two or more prior systemic therapies, we believe FOTIVDA could become a standard of care in this setting and look forward to building on our positive momentum in the coming quarters. Supporting the potential future growth of FOTIVDA, our clinical strategy for an immunotherapy combination is moving forward, with the start of enrollment for the pivotal Phase 3 TiNivo-2 trial of FOTIVDA and OPDIVO expected in the third quarter of this year, an important step forward in our strategy to assess its potential in earlier lines of therapy.”

Mr. Bailey continued: “With respect to ficlatuzumab, while we and our clinical collaborators are very encouraged with the data in head and neck squamous cell carcinoma (HNSCC) presented at this year’s American Society of Clinical Oncology (ASCO) Annual Meeting, due to the shortage of required key raw materials and manufacturing supplies also used in COVID-19 vaccine manufacturing, we currently anticipate the potential start date for a registrational study in this indication to be pushed back from the first half of 2022 into 2023. In the interim, we will continue our dialogue with our contract manufacturer regarding timing of drug supply and regulators to identify the optimal registrational study design for the program and look forward to providing updates on this, and any potential partnering discussions, in the coming quarters.”

For earnings history and earnings-related data on AVEO Oncology (AVEO) click here.

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