Shares of Agios Pharmaceuticals (AGIO) plunged 5.41% in Thursday's pre-market trading after the company reported mixed first-quarter results that fell short of revenue expectations. The biopharmaceutical firm, focused on developing treatments for rare diseases, posted lower-than-anticipated sales of its flagship drug PYRUKYND.

For the quarter ended March 31, Agios reported revenue of $8.7 million, missing the FactSet consensus estimate of $9.7 million. This represents only a modest increase from $8.2 million in the same period last year. The company's net loss narrowed to $89.3 million, or $1.55 per share, better than the expected loss of $91.4 million.

Despite the revenue miss, Agios highlighted progress in its clinical pipeline. CEO Brian Goff stated, "We are pleased with our strong start to 2025, highlighted by the acceptance of our sNDA for thalassemia with a PDUFA goal date of September 7, 2025." The company is also advancing its Phase 3 RISE UP study of mitapivat in sickle cell disease, with topline results expected in late 2025.

Looking ahead, Agios maintains a strong financial position with $1.4 billion in cash, cash equivalents, and marketable securities as of March 31. The company believes this will provide sufficient runway to fund operations and potential product launches in thalassemia and sickle cell disease.

While Agios continues to make strides in its clinical development programs, investors appear focused on the near-term revenue performance of PYRUKYND. The stock's sharp decline suggests the market had higher expectations for the drug's commercial traction in the first quarter.