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ALPN Nasdaq· Alpine Immune Sciences Inc.
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ALPN Nasdaq· Alpine Immune Sciences Inc.
Earnings report Q4 2023

Alpine Immune Sciences Records Significant Revenue Growth Driven by Collaboration Agreements

Segments of revenue

Alpine Immune Sciences' revenue is primarily derived from collaboration agreements. The company reported a total collaboration revenue of $58.88 million, a substantial 96% increase from the previous year's $30.06 million. The revenue was mainly driven by partnerships with AbbVie, Amgen, and Adaptimmune. The AbbVie agreement contributed the most, with revenue of $41.93 million, marking a 146% increase from the prior year. The Amgen collaboration generated $16.49 million, a 38% increase, while the Adaptimmune agreement saw a decrease of 55%, contributing only $464,000.

Strengths

The company's strength lies in its successful collaboration agreements, particularly with AbbVie and Amgen, which have significantly boosted its revenue. The increase in revenue from the AbbVie agreement was primarily due to a $20.4 million cumulative catch-up adjustment related to the completion of enrollment in the Synergy study.

Challenges

Despite the overall increase in collaboration revenue, the company faced a setback with its Adaptimmune agreement, which saw a 55% decrease in revenue. This suggests that not all collaboration agreements are equally profitable or successful.

Noteworthy

The significant increase in revenue from the AbbVie agreement was largely due to a one-time cumulative catch-up adjustment of $20.4 million. This was related to the completion of enrollment in the Synergy study, which led to downward revisions to the projected program duration and corresponding estimated total costs to complete the program.

Summary

Alpine Immune Sciences demonstrated strong financial performance with significant growth in collaboration revenue, primarily driven by its agreements with AbbVie and Amgen. However, the company faced challenges with its Adaptimmune agreement, which saw a decrease in revenue. The one-time adjustment related to the Synergy study significantly contributed to the revenue increase.

Source documents

Form 10-K  filed on Mar 19, 2024
37 pages scanned

Reference data

Company financials Q4 revenue 30.9M
Analyst estimates Q4 EPS missed by -145.85%
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