AGIO earnings analysis
What we found in AGIO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Agios Pharmaceuticals reported a significant revenue increase in Q1 2026 with $20.7 million, exceeding expectations of $13.8 million. The diluted EPS loss was narrower than forecasted at -$1.69 compared to the estimated -$1.79, indicating improved operational efficiency. Management expressed confidence in the continued commercial momentum driven by their new product AQVESME, although risks remain concerning ongoing operating losses and increased R&D spending.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Increased Substantially
- Q1 2026 revenue was $20.7 million, up from $9 million and significantly higher than the estimate of $13.8 million.
- EPS Loss Narrowed vs Estimates
- Diluted EPS loss of -$1.69 was narrower than the estimated -$1.79.
- Strong New Product Launch
- Commercial launch of AQVESME in January 2026 contributed to a revenue jump of $12 million year-over-year.
- Growth in Net Product Revenues
- Net product revenues reached $20.7 million for PYRUKYND® and AQVESME™.
- Operating Margin Improvement
- Gross margin improved to 90.6% from 88.3% in Q4 2025.
- Cash and Securities Remain Solid
- Cash, cash equivalents, and marketable securities totaled $1.0 billion as of March 31, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Operating Losses Persist
- The company reported an operating margin of -608.9% in Q4 2025, indicating ongoing significant losses.
- Increased R&D Spending
- R&D expenses continue to rise as the company focuses on multiple clinical programs, impacting financial resources.
- Cash Position Decline
- Cash, cash equivalents, and marketable securities decreased from $1.2 billion at the end of 2025 to $1.0 billion.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-1.69
- Gross margin
- 90.6%
- Operating margin
- -608.9%
What they said about what is next.
No specific revenue or EPS guidance provided, however, management is optimistic about continued growth from AQVESME.
The filing reads better than the one before it.
What came before.
- 10-K · February 12, 2026
- Agios is transitioning to a rare-hematology commercial-stage company: product revenue accelerated in 2025 (Q4 2025 product revenue $19,967,000) and full-year product sales increased materially versus 2024 (2025 revenue…
- 10-Q · October 30, 2025
- Agios reported product revenue of $12,880,000 in Q3 2025 (up from $8,964,000 in Q3 2024) but continued to record large operating losses; loss from operations was $116,869,000 for the quarter and net loss was…
- 10-Q · May 1, 2025
- Agios reported Q1 revenue of $8.726M and maintained a high gross margin (cost of sales $1.085M) but recorded a net loss of $89.289M ($1.55 per share) and negative operating cash flow. The company retains strong…
- 10-K · February 15, 2024
- Agios is positioning itself as a focused rare-disease / classical hematology company centered on commercializing PYRUKYND® (mitapivat) and advancing PKR-targeting and PAH-stabilizer programs (AG-946, AG-181) plus a July…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing AGIO makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever