FIBROGEN Reports Q2 FY2023 Earnings Results on August 7th
August 21, 2023
🌥️Earnings Overview
On August 7 2023, FIBROGEN ($NASDAQ:FGEN) announced their fiscal second quarter results for the 2023 year. Total revenue for the quarter amounted to USD 44.3 million, a remarkable 48.7% surge from the same quarter the prior year. The reported net income for the quarter was -87.7 million, a substantial jump from -72.6 million in the same period in the previous year.
Price History
On Monday, August 7th, FIBROGEN reported its Q2 FY2023 earnings results. The stock opened at $1.9 and closed at $1.8, resulting in a 7.3% drop from the prior closing price of $1.9. This marked a significant decline in the company’s stock price and investor confidence. The EPS was impacted by higher operating expenses due to increased research and development costs related to potential new products and decreased revenue.
Overall, FIBROGEN reported a mixed bag of earnings results with a decline in revenue and EPS, reflecting the economic impact of the pandemic. As investors assess the company’s performance, they will have to take into account the longer-term implications of the earnings headwinds that FIBROGEN faces due to the pandemic. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Fibrogen. More…
| Total Revenues | Net Income | Net Margin |
| 130.58 | -322.21 | -246.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Fibrogen. More…
| Operations | Investing | Financing |
| -316.56 | 135.07 | 170.6 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Fibrogen. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 515.13 | 575.43 | -1.04 |
Key Ratios Snapshot
Some of the financial key ratios for Fibrogen are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 6.4% | – | -243.2% |
| FCF Margin | ROE | ROA |
| -244.6% | 262.6% | -38.5% |
Analysis
GoodWhale analyzed FIBROGEN‘s fundamentals to determine company strength. The Star Chart featured on GoodWhale showed that FIBROGEN is strong in profitability, medium in asset, and weak in dividend and growth. Investors interested in FIBROGEN should be aware of its low health score of 2/10 with regard to its cashflows and debt. This indicates that the company is less likely to safely ride out any crisis without the risk of bankruptcy. However, FIBROGEN’s strength in profitability may make it an attractive investment for investors looking for consistent returns. More…
Peers
The company’s lead product, roxadustat, is an oral small molecule inhibitor of hypoxia-inducible factor (HIF) prolyl hydroxylase enzymes. Roxadustat is in Phase 3 clinical development for the treatment of anemia in CKD, with potential additional indications in ILD and myelodysplastic syndromes (MDS). FibroGen has partnered with AstraZeneca in the development and commercialization of roxadustat globally, excluding Greater China, where FibroGen retains all rights. FibroGen’s competitors in the HIF inhibitor market include Vir Biotechnology Inc, BioArctic AB, Bavarian Nordic A/S, and others.
– Vir Biotechnology Inc ($NASDAQ:VIR)
Vir Biotechnology Inc is a clinical-stage biopharmaceutical company that focuses on treating and preventing serious infectious diseases. The company’s market cap is $3 billion and its ROE is 41.33%. Vir’s lead product candidate is VIR-7831, an antibody that is being developed for the treatment of COVID-19. The company is also developing VIR-1111, an antibody for the treatment of hepatitis B.
– BioArctic AB ($LTS:0RV2)
BioArctic AB is a Swedish research-based biotechnology company specializing in the development of drugs and diagnostics for neurodegenerative diseases, such as Alzheimer’s disease, Parkinson’s disease and ALS. The company’s market cap is 20.52B as of 2022 and its ROE is 0.62%.
– Bavarian Nordic A/S ($OTCPK:BVNRY)
Bavarian Nordic A/S is a biotechnology company that focuses on the development of cancer immunotherapies and vaccines. The company has a market cap of 2.25B as of 2022 and a return on equity of -4.97%. Bavarian Nordic A/S is headquartered in Copenhagen, Denmark.
Summary
FIBROGEN reported their second quarter financials for FY2023 on August 7, with total revenue increasing 48.7% year-over-year to USD 44.3 million. Net income, however, fell to -87.7 million, compared to -72.6 million in the same period last year. Investors reacted to the news by pushing the stock price down for the day, suggesting that they were not pleased with the financial results. Going forward, investors should closely monitor FIBROGEN’s financials and any changes in their business strategy as they may affect the company’s performance and stock price.
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