• 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.

• Warning! GuruFocus has detected 7 Warning Signs with FGEN.

Release Date: August 06, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• FibroGen 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.

• The company raised its full-year 2024 guidance for roxadustat net sales in China due to strong performance, expecting between $320 million to $350 million.

• FG-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.

• FibroGen 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.

• The company is exploring potential partnering opportunities for its regained rights to roxadustat in the US and other territories, which could open new revenue streams.

Negative Points

• The 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.

• FibroGen 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.

• The company is winding down its internal development of two immuno-oncology programs due to organizational changes and resource constraints.

• There is potential for future competition from generic versions of roxadustat in China, which could impact market share and pricing.

• The performance of roxadustat in Astellas territories has been weaker than expected, affecting future forecasted cash inflows related to these regions.