Stocks to buy

3 Stocks at the Forefront of Medical Innovation

Innovation in the medical world is undoubtedly a fundamental pillar in the development of humanity. There are great companies within the biotech sector doing wonderful work, research, and developments, not only to attack important diseases but also to prevent them. This backdrop has led to this list of biotech stocks to buy.

Some of those companies are these three innovative biotech stocks. Let’s take a look at them.

Immunogen (IMGN)

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ImmunoGen (NASDAQ:IMGN) is making waves in cancer treatment with its flagship product, ELAHERE (mirvetuximab soravtansine-gynx). The recent success of ELAHERE, with net sales of $105.2 million in Q3 2023, has put ImmunoGen at the forefront of the biotech sector.

The European Medicines Agency (EMA) has accepted its marketing authorization application, a key step towards its potential approval and launch in Europe. Simultaneously, the FDA is reviewing a supplemental Biologics License Application (sBLA) supporting full approval of ELAHERE, marking a crucial milestone in the company’s trajectory.

Immunogen’s global footprint is expanding through strategic partnerships. Collaborations with Huadong Medicine in China and an exclusive licensing agreement with Takeda Pharmaceutical in Japan not only strengthen its global presence but also bring substantial upfront and potential milestone payments.

From a financial standpoint, its strong results are evident as total revenues for the third quarter of 2023 reached $113.4 million, up significantly from $15.4 million in the same period of 2022.

Net income for the third quarter of 2023 stood at $30.7 million, in stark contrast to a net loss of $77.8 million in the third quarter of 2022. The company’s strong financial position is complemented by $605.5 million in cash and cash equivalents on September 30, 2023.

On the medical front, ImmunoGen’s pioneering work in cancer treatment was highlighted in a recent announcement. The pivekimab triplet, a combination therapy, showed encouraging anti-leukemic activity in patients with newly diagnosed acute myeloid leukemia (AML), raising hopes for improved outcomes in a challenging disease. This makes it one of those biotech stocks to consider.

In addition, the FDA’s submission of a supplemental Biologics License Application (sBLA) in support of ELAHERE’s conversion to full approval underscores the potential of this novel ADC to reshape the standard treatment of platinum-resistant ovarian cancer.

Amphastar (AMPH)

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Amphastar Pharmaceuticals (NASDAQ:AMPH), a pioneer in medical innovation, just reported stellar third-quarter results, with net revenues of $180.6 million.

Its diabetes portfolio, bolstered by the strategic acquisition of BAQSIMI and the success of generic glucagon, has played a key role in this success. Dr. Jack Zhang, CEO of Amphastar, expressed satisfaction and optimism for future growth driven by a strong product portfolio.

Product revenue performance was influenced by factors such as increased glucagon sales due to competitive product recalls and increases in Primatene MIST, lidocaine, and other finished pharmaceuticals.

A quarter highlight was $28.7 million of net income from BAQSIMI, now sold by Lilly on behalf of Amphastar. The transition of operations from BAQSIMI to Amphastar is on the horizon, with full revenue recognition expected by 2024.

In a strategic move, they announced the pricing of $300.0 million in convertible bonds due 2029, with the proceeds earmarked for debt repayment, share repurchases and general corporate purposes.

This follows the successful acquisition of BAQSIMI from Eli Lilly, a $500 million transaction that expands Amphastar’s global presence and product portfolio, reinforcing its commitment to diabetes treatment.

Neurocrine (NBIX)

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Neurocrine Biosciences (NASDAQ:NBIX) is a cutting-edge biopharmaceutical company making waves in the neuroscience field.

Its flagship product, INGREZZA, experienced a remarkable 29% growth in net sales to $486 million in Q3 2023, driven by an increase in prescription demand and a steady stream of new patients.

Financially, the company is flourishing, with Q3 2023 GAAP net income and earnings per share of $83 million and $0.82, respectively, a significant jump from the same period in 2022. Non-GAAP figures were even more impressive at $156 million and $1.54.

This success is attributed to strategic investments, especially in research and development. Neurocrine Biosciences has been pouring resources into an expanding clinical portfolio, including preclinical ventures in VMAT2, crinecerfont and muscarinic compounds.

Looking ahead, they are gearing up for further advances. Its plans include filing a new drug application for crinecerfont in congenital adrenal hyperplasia in 2024 and advancing NBI-‘770 for major depressive disorder to Phase 2. The company is also pioneering the development of muscarinic compounds and anticipates significant Phase 2 data in 2024, which bodes well for the future.

Recent achievements, such as the FDA designation of crinecerfont as a “breakthrough therapy,” underscore the company’s commitment to meeting crucial medical needs.

In a major legal move, Neurocrine Biosciences has settled patent litigation, allowing certain companies to sell generic versions of INGREZZA in the U.S. beginning March 1, 2038, or earlier under specified circumstances. All in all, it’s one of those biotech stocks to buy.

As of this writing, Gabriel Osorio-Mazzilli did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.