Business Description
Agios Pharmaceuticals, Inc. is a commercial-stage biopharmaceutical company based in Cambridge, Massachusetts. The company focuses on discovering and developing innovative therapies for rare, genetically defined metabolic diseases, particularly in the field of classical hematology. Its lead product, mitapivat (marketed as PYRUKYND and AQVESME), is an approved oral therapy for adults with pyruvate kinase (PK) deficiency and thalassemia.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 54,028 | 36,498 | 26,823 | 14,240 |
| Cost of Sales | 6,345 | 4,165 | 2,881 | 1,704 |
| Gross Profit | 47,683 | 32,333 | 23,942 | 12,536 |
| Selling, General & Administrative Expenses | 180,280 | 156,784 | 119,903 | 121,673 |
| Research & Development Expenses | 339,535 | 301,286 | 295,526 | 279,910 |
| Operating Profit | (472,132) | (425,737) | (391,487) | (389,047) |
| Interest and Investment Income | 56,379 | 48,083 | 33,344 | 12,793 |
| Non-Operating Income | 1,956 | 1,095,623 | 6,055 | 144,453 |
| Total Non-Operating Income | 58,335 | 1,143,706 | 39,399 | 157,246 |
| Income Before Provision for Income Taxes | (413,797) | 717,969 | (352,088) | (231,801) |
| Provision for Income Taxes | (1,016) | 44,244 | — | — |
| Consolidated Net Income | (412,781) | 673,725 | (352,088) | (231,801) |
| Net Income Attributable to Common Shareholders | (412,781) | 673,725 | (352,088) | (231,801) |
| Basic EPS | -7.12 | 11.86 | -6.33 | -4.23 |
| Diluted EPS | -7.12 | 11.64 | -6.33 | -4.23 |
| Basic Weighted Average Shares Outstanding | 57,972 | 56,807 | 55,651 | 54,789 |
| Diluted Weighted Average Shares Outstanding | 57,972 | 57,889 | 55,651 | 54,789 |
| Shares Outstanding | 58,449 | 57,156 | 55,945 | 55,040 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 89,130 | 76,247 | 88,205 | 139,259 |
| Short-Term Investments | 765,295 | 817,463 | 688,723 | 643,860 |
| Total Cash and Cash Equivalents | 854,425 | 893,710 | 776,928 | 783,119 |
| Accounts Receivable | 10,577 | 4,109 | 2,810 | 2,206 |
| Total Trade Receivables | 10,577 | 4,109 | 2,810 | 2,206 |
| Inventories | 32,920 | 27,616 | 19,076 | 8,492 |
| Other Current Assets | 44,130 | 40,165 | 35,021 | 38,955 |
| Total Current Assets | 942,052 | 965,600 | 833,835 | 832,772 |
| Net Property, Plant & Equipment | 41,229 | 54,554 | 69,791 | 88,116 |
| Long-Term Investments | 310,013 | 638,321 | 29,435 | 313,874 |
| Other Long-Term Assets | 3,931 | 4,724 | 4,057 | 3,956 |
| Total Assets | 1,297,225 | 1,663,199 | 937,118 | 1,238,718 |
| Accounts Payable | 18,355 | 16,643 | 9,780 | 18,616 |
| Accrued Expenses | 45,459 | 46,861 | 43,167 | 30,350 |
| Current Portion of Leases | 18,392 | 16,781 | 15,008 | 13,663 |
| Other Current Liabilities | — | 871 | — | — |
| Total Current Liabilities | 82,206 | 81,156 | 67,955 | 62,629 |
| Leases | 21,815 | 40,207 | 56,988 | 71,996 |
| Other Long-Term Liabilities | 90 | 880 | 1,156 | 3,279 |
| Total Long-Term Liabilities | 21,905 | 41,087 | 58,144 | 75,275 |
| Total Liabilities | 104,111 | 122,243 | 126,099 | 137,904 |
| Common Stock | 75 | 73 | 72 | 0 |
| Treasury Stock | (802,486) | (802,486) | (802,486) | (802,486) |
| Additional Paid-in Capital | 2,555,037 | 2,493,811 | 2,436,523 | 2,386,325 |
| Accumulated Other Comprehensive Income | 2,193 | (1,518) | (441) | (12,535) |
| Retained Earnings | (561,705) | (148,924) | (822,649) | (470,561) |
| Total Common Shareholders' Equity | 1,193,114 | 1,540,956 | 811,019 | 1,100,743 |
| Total Shareholders' Equity | 1,193,114 | 1,540,956 | 811,019 | 1,100,743 |
| Total Liabilities and Shareholders' Equity | 1,297,225 | 1,663,199 | 937,118 | 1,238,718 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | (412,781) | 673,725 | (352,088) | (231,801) |
| Depreciation & Amortization | 5,177 | 5,653 | 6,623 | 8,564 |
| Share-Based Compensation Expense | 52,552 | 42,847 | 44,766 | 49,296 |
| Other Adjustments | 15,117 | (1,092,298) | 23,694 | (119,104) |
| Changes in Trade Receivables | (6,468) | (1,299) | (604) | (1,759) |
| Changes in Inventories | (5,304) | (8,540) | (10,584) | (8,492) |
| Changes in Accounts Payable | 1,746 | 6,601 | (8,733) | 3,436 |
| Changes in Accrued Expenses | (1,402) | 3,694 | 12,817 | (1,617) |
| Changes in Income Taxes Payable | (871) | 871 | — | — |
| Changes in Other Operating Activities | (20,743) | (21,095) | (11,953) | (8,001) |
| Cash from Operating Activities | (372,977) | (389,841) | (296,062) | (309,478) |
| Capital Expenditure | (4,316) | (1,685) | (999) | (4,881) |
| Proceeds from Sale of Property, Plant & Equipment | — | 40 | 1,325 | 964 |
| Purchases of Investments | (641,759) | (1,542,433) | (417,930) | (1,030,781) |
| Proceeds from Sale of Investments | 1,033,259 | 818,383 | 674,679 | 1,146,175 |
| Other Investing Activities | (10,000) | 1,089,136 | (17,500) | 131,784 |
| Cash from Investing Activities | 377,184 | 363,441 | 239,575 | 243,261 |
| Issuance of Common Shares | 8,676 | 14,442 | 5,433 | 2,681 |
| Net Issuance / (Repurchases) of Common Shares | 8,676 | 14,442 | 5,433 | 2,681 |
| Other Financing Activities | — | — | — | (331) |
| Cash from Financing Activities | 8,676 | 14,442 | 5,433 | 2,350 |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 12,883 | (11,958) | (51,054) | (63,867) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $1.59B |
| P/E | -3.82x |
| P/S | 29.45x |
| EV/EBITDA | -1.66x |
| Return on Equity | -30.2% |
| Return on Invested Capital | -86.2% |
| Current Ratio | 11.46x |
| Free Cash Flow Margin | -698.3% |
Margins
Gross margin
88.3%
Operating margin
-873.9%
Net margin
-764.0%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $45M | +259.3% | -247.1% | $-111M |
| Q1 2026 | $21M | +137.7% | -530.3% | $-110M |
| Q4 2025 | $20M | +86.1% | -608.9% | $-122M |
| Q3 2025 | $13M | +43.7% | -907.4% | $-117M |
| Q2 2025 | $12M | — | -1020.1% | $-127M |
| Q1 2025 | $9M | — | -1222.0% | $-107M |
| Q4 2024 | $11M | — | -1165.3% | $-125M |
| Q3 2024 | $9M | — | -1146.9% | $-103M |
More on Agios Pharmaceuticals, Inc.
Figures compiled from public company filings.
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