US-based biopharmaceutical company FibroGen Inc. (NASDAQ: FGEN) has released its Q3 2024 financial report, showing revenues of USD 46.3 million for the quarter, a 15% year-on-year (YOY) increase. The net loss narrowed significantly to USD 17.1 million, compared to USD 63.6 million during the same period last year. As of September 30, 2024, FibroGen recorded a robust cash, cash equivalents, and accounts receivable balance of USD 160.0 million, providing financial stability to fund operations into 2026.
Core Performance Driver: Evrenzo
The primary driver of FibroGen’s performance was Evrenzo (roxadustat), a first-in-class treatment for anemia caused by chronic kidney disease (CKD). Sales of this HIF prolyl-hydroxylase inhibitor grew 25% YOY to USD 96.6 million during the quarter in China, where FibroGen shares rights with AstraZeneca. FibroGen’s net product revenue from the sale of roxadustat in China under U.S. GAAP was USD 46.2 million, marking a 57% YOY increase.
Full Year Revenue Guidance and Future Milestones
FibroGen reiterated its full-year net product revenue guidance of USD 135 million to USD 150 million, representing total roxadustat net sales in China of between USD 330 million to USD 350 million. An approval decision for the drug in chemotherapy-induced anemia (CIA) in China is anticipated in early 2025, which would trigger a USD 10 million milestone payment from AstraZeneca.
CEO’s Statement and Future Developments
Thane Wettig, Chief Executive Officer of FibroGen, stated, “This past quarter we transformed into a lean and more focused organization, resulting in significant cost savings that will extend into the future.” FibroGen is advancing FG-3246, with topline results from the Phase 2 portion of the investigator-sponsored study of FG-3246 in combination with enzalutamide at the University of California San Francisco (UCSF) expected in the first half of 2025. The company also anticipates starting its Phase 2 monotherapy trial in the first quarter of 2025. FG-3246, a first-in-class antibody-drug conjugate (ADC) targeting CD46, is in development for the treatment of metastatic castration-resistant prostate cancer.-Fineline Info & Tech
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