Recent News
On December 24, 2025 the U.S. Food and Drug Administration approved AQVESME (mitapivat) for anemia in adults with alpha- or beta-thalassemia, with the company implementing a REMS and targeting commercial availability in late January 2026. Agios announced the U.S. commercial launch for its thalassemia indication following that approval. On March 2, 2026 the Emirates Drug Establishment approved PYRUKYND (mitapivat) for adult patients with non‑transfusion‑dependent and transfusion‑dependent alpha‑ or beta‑thalassemia in the United Arab Emirates.
Technical Analysis
Directional indicators present limited trend strength: ADX at 9.25 signals no trend, while DI+ shows a peak‑and‑reversal and DI‑ reads 22.92 and increasing; that combination biases the near term toward downside pressure unless DI+ resumes an upward move. Relating this to valuation, weak directional strength reduces the immediate probability of a sustained breakout that would validate the current over‑valued assessment.
MACD registers negative at -0.03 but the MACD trend shows a dip‑and‑reversal; the indicator remains below its signal line (0.03), so bullish momentum has begun to re-emerge but lacks confirmation until MACD crosses above the signal line. This incomplete momentum pickup suggests any rally may require follow‑through to alter the valuation narrative.
MRO at -14.8 indicates the price sits below the model target, implying upside potential toward that target; given WMDST’s over‑valued judgment, MRO’s negative reading frames a technical setup where mechanical mean reversion could lift price without immediately validating the elevated valuation.
RSI near 48.8 sits in neutral territory while its trend shows a peak‑and‑reversal, signaling recent loss of bullish breadth. Neutral RSI combined with subdued ADX points to range‑bound action and a higher sensitivity to fundamental catalysts such as commercial uptake or regulatory updates.
Price relationships reinforce a short‑to‑intermediate bearish tilt: last close $27.92 sits beneath the 200‑day average ($33.96) and just around the 20/50‑day averages (~$28.21–$28.22). The 12‑day EMA trend shows a dip‑and‑reversal, and Bollinger bands remain tight (20‑day stdev $0.58), indicating low volatility; a confirmed MACD cross or a material commercial update would likely drive the next directional move.
Fundamental Analysis
Revenue growth displays strong top‑line acceleration: YoY revenue growth equals 179.29%, with quarter‑over‑quarter revenue up 15.13%. Those gains reflect product rollouts and expanding indications for mitapivat and feed directly into the near‑term commercial thesis supporting the introduction of AQVESME for thalassemia.
Profitability metrics still lag: operating margin (EBIT margin) stands at -6.09%, a decline QoQ of -32.89% and a YoY decline of -47.75%. That EBIT margin sits below the industry peer mean of -0.27% and below the industry peer median of 0.22%, indicating current operating economics underperform peers despite accelerating revenue.
Liquidity and balance sheet strength constitute a material offset to operating losses: cash and short‑term investments total $854,425,000, cash ratio at 10.39, current ratio 11.46 and quick ratio 11.06, delivering substantial runway for commercialization and R&D investment. Total debt remains modest at $40,207,000, and debt‑to‑assets sits at 3.10%.
Cash flow and earnings show negative operating and free cash flow: operating cash flow -$96,213,000 and free cash flow -$97,333,000, while net income equals -$108,039,000. EPS came in at -$1.85 versus an estimate of -$1.94, producing an EPS surprise of +4.64%, which provides a small positive tone within otherwise loss‑making results.
Valuation multiples present mixed signals versus peer benchmarks: price‑to‑book at 1.45 sits well below the industry peer mean of 7.94; price‑to‑sales at 86.56 stands above the industry peer mean of 40.57; forward P/E remains negative. Enterprise value to revenue measures (EVR ~45.78) and the stated WMDST valuation classify the equity as over‑valued given current earnings and cash flow performance despite strong revenue momentum.
R&D spend remains high at $88,056,000, supporting pipeline candidates AG‑946, AG‑181 and siRNA programs; this R&D investment underpins the revenue growth outlook but prolongs negative operating margins until product revenues scale materially.
Brief valuation summary: WMDST values the stock as over‑valued, reflecting a combination of elevated market multiples relative to earnings and cash flows, offset in part by robust cash reserves and accelerating product revenue from recent approvals.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-12 |
| NEXT REPORT DATE: | 2026-05-14 |
| CASH FLOW | Begin Period Cash Flow | $ 92.7 M |
| Operating Cash Flow | $ -96.21 M | |
| Capital Expenditures | $ -1.12 M | |
| Change In Working Capital | $ -4.59 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -3.58 M | |
| End Period Cash Flow | $ 89.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 20.0 M | |
| Forward Revenue | $ 3.3 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.9 M | |
| Depreciation | $ 1.3 M | |
| Depreciation and Amortization | $ 1.3 M | |
| Research and Development | $ 88.1 M | |
| Total Operating Expenses | $ 141.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 18.1 M | |
| EBITDA | $ -120.31 M | |
| EBIT | $ -121.58 M | |
| Operating Income | $ -121.58 M | |
| Interest Income | $ 12.4 M | |
| Interest Expense | — | |
| Net Interest Income | $ 12.4 M | |
| Income Before Tax | $ -109.06 M | |
| Tax Provision | $ -1.02 M | |
| Tax Rate | 0.932 % | |
| Net Income | $ -108.04 M | |
| Net Income From Continuing Operations | $ -108.04 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.94 | |
| EPS Actual | $ -1.85 | |
| EPS Difference | $ 0.09 | |
| EPS Surprise | 4.639 % | |
| Forward EPS | $ -1.21 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.3 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.2 B | |
| Total Current Assets | $ 942.1 M | |
| Cash and Short-Term Investments | $ 854.4 M | |
| Cash | $ 89.1 M | |
| Net Receivables | $ 10.6 M | |
| Inventory | $ 32.9 M | |
| Long-Term Investments | $ 3.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 18.4 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 82.2 M | |
| Net Debt | — | |
| Total Debt | $ 40.2 M | |
| Total Liabilities | $ 104.1 M | |
| EQUITY | ||
| Total Equity | $ 1.2 B | |
| Retained Earnings | $ -561.71 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 20.41 | |
| Shares Outstanding | 58.449 M | |
| Revenue Per-Share | $ 0.34 | |
| VALUATION | Market Capitalization | $ 1.7 B |
| Enterprise Value | $ 914.0 M | |
| Enterprise Multiple | -7.597 | |
| Enterprise Multiple QoQ | -36.556 % | |
| Enterprise Multiple YoY | -31.512 % | |
| Enterprise Multiple IPRWA | high: 102.834 median: 58.093 mean: 22.894 AGIO: -7.597 low: -145.027 |
|
| EV/R | 45.777 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.087 | |
| Asset To Liability | 12.46 | |
| Debt To Capital | 0.033 | |
| Debt To Assets | 0.031 | |
| Debt To Assets QoQ | -3.518 % | |
| Debt To Assets YoY | -9.545 % | |
| Debt To Assets IPRWA | high: 0.934 mean: 0.254 median: 0.191 AGIO: 0.031 low: 0.0 |
|
| Debt To Equity | 0.034 | |
| Debt To Equity QoQ | -2.77 % | |
| Debt To Equity YoY | -8.87 % | |
| Debt To Equity IPRWA | high: 1.62 mean: 0.398 median: 0.109 AGIO: 0.034 low: -1.035 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.449 | |
| Price To Book QoQ | -18.809 % | |
| Price To Book YoY | 1.066 % | |
| Price To Book IPRWA | high: 20.409 mean: 7.944 median: 6.164 AGIO: 1.449 low: -10.511 |
|
| Price To Earnings (P/E) | -15.983 | |
| Price To Earnings QoQ | -27.638 % | |
| Price To Earnings YoY | -40.437 % | |
| Price To Earnings IPRWA | high: 105.518 median: 53.472 mean: 15.653 AGIO: -15.983 low: -145.713 |
|
| PE/G Ratio | -4.064 | |
| Price To Sales (P/S) | 86.555 | |
| Price To Sales QoQ | -51.346 % | |
| Price To Sales YoY | -57.948 % | |
| Price To Sales IPRWA | high: 438.506 AGIO: 86.555 mean: 40.574 median: 20.207 low: -75.758 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -24.235 | |
| Forward PE/G | -6.162 | |
| Forward P/S | 478.993 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.073 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.015 | |
| Asset Turnover Ratio QoQ | 64.967 % | |
| Asset Turnover Ratio YoY | 139.614 % | |
| Asset Turnover Ratio IPRWA | high: 0.406 mean: 0.117 median: 0.109 AGIO: 0.015 low: -0.066 |
|
| Receivables Turnover | 2.559 | |
| Receivables Turnover Ratio QoQ | -0.515 % | |
| Receivables Turnover Ratio YoY | -13.825 % | |
| Receivables Turnover Ratio IPRWA | high: 6.004 AGIO: 2.559 mean: 1.44 median: 1.333 low: -1.505 |
|
| Inventory Turnover | 0.058 | |
| Inventory Turnover Ratio QoQ | 8.352 % | |
| Inventory Turnover Ratio YoY | 24.083 % | |
| Inventory Turnover Ratio IPRWA | high: 3.387 mean: 0.739 median: 0.473 AGIO: 0.058 low: 0.009 |
|
| Days Sales Outstanding (DSO) | 35.66 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 770.606 | |
| Cash Conversion Cycle Days QoQ | 5.997 % | |
| Cash Conversion Cycle Days YoY | -36.377 % | |
| Cash Conversion Cycle Days IPRWA | high: 937.301 AGIO: 770.606 mean: 198.714 median: 192.562 low: -928.365 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.023 | |
| CapEx To Revenue | -0.056 | |
| CapEx To Depreciation | -0.885 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.2 B | |
| Net Invested Capital | $ 1.2 B | |
| Invested Capital | $ 1.2 B | |
| Net Tangible Assets | $ 1.2 B | |
| Net Working Capital | $ 859.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 10.394 | |
| Current Ratio | 11.46 | |
| Current Ratio QoQ | -17.077 % | |
| Current Ratio YoY | -3.685 % | |
| Current Ratio IPRWA | high: 30.664 AGIO: 11.46 mean: 5.47 median: 2.901 low: 0.35 |
|
| Quick Ratio | 11.059 | |
| Quick Ratio QoQ | -17.414 % | |
| Quick Ratio YoY | -4.314 % | |
| Quick Ratio IPRWA | high: 12.299 AGIO: 11.059 mean: 2.612 median: 2.464 low: 0.279 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.334 | |
| Cost Of Debt | 0.023 % | |
| Interest Coverage Ratio | -12157.8 | |
| Interest Coverage Ratio QoQ | 4.029 % | |
| Interest Coverage Ratio YoY | -2.766 % | |
| Interest Coverage Ratio IPRWA | high: 404.333 mean: 39.876 median: 3.319 low: -696.975 AGIO: -12157.8 |
|
| Operating Cash Flow Ratio | -1.392 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 1030.109 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -6.385 % | |
| Revenue Growth | 55.023 % | |
| Revenue Growth QoQ | 1512.632 % | |
| Revenue Growth YoY | 179.29 % | |
| Revenue Growth IPRWA | high: 280.972 % AGIO: 55.023 % mean: 12.992 % median: 3.233 % low: -200.0 % |
|
| Earnings Growth | 3.933 % | |
| Earnings Growth QoQ | -150.605 % | |
| Earnings Growth YoY | -109.712 % | |
| Earnings Growth IPRWA | high: 203.846 % AGIO: 3.933 % mean: -21.155 % median: -28.395 % low: -250.0 % |
|
| MARGINS | ||
| Gross Margin | 90.589 % | |
| Gross Margin QoQ | 4.168 % | |
| Gross Margin YoY | 2.642 % | |
| Gross Margin IPRWA | high: 102.453 % AGIO: 90.589 % median: 79.505 % mean: 78.397 % low: -13.436 % |
|
| EBIT Margin | -608.895 % | |
| EBIT Margin QoQ | -32.894 % | |
| EBIT Margin YoY | -47.748 % | |
| EBIT Margin IPRWA | high: 1116.376 % median: 21.964 % mean: -27.228 % AGIO: -608.895 % low: -2536.231 % |
|
| Return On Sales (ROS) | -608.895 % | |
| Return On Sales QoQ | -32.894 % | |
| Return On Sales YoY | -47.748 % | |
| Return On Sales IPRWA | high: 1116.376 % median: 27.569 % mean: -27.633 % AGIO: -608.895 % low: -2536.231 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -97.33 M | |
| Free Cash Flow Yield | -5.632 % | |
| Free Cash Flow Yield QoQ | 43.857 % | |
| Free Cash Flow Yield YoY | -7.262 % | |
| Free Cash Flow Yield IPRWA | high: 19.179 % mean: 0.334 % median: 0.303 % AGIO: -5.632 % low: -30.203 % |
|
| Free Cash Growth | 8.502 % | |
| Free Cash Growth QoQ | 338.247 % | |
| Free Cash Growth YoY | -85.462 % | |
| Free Cash Growth IPRWA | high: 205.565 % AGIO: 8.502 % median: -24.801 % mean: -28.048 % low: -220.947 % |
|
| Free Cash To Net Income | 0.901 | |
| Cash Flow Margin | -572.97 % | |
| Cash Flow To Earnings | 1.059 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -8.054 % | |
| Return On Assets QoQ | 11.228 % | |
| Return On Assets YoY | 44.156 % | |
| Return On Assets IPRWA | high: 27.866 % median: 1.475 % mean: -1.86 % AGIO: -8.054 % low: -47.9 % |
|
| Return On Capital Employed (ROCE) | -10.006 % | |
| Return On Equity (ROE) | -0.091 | |
| Return On Equity QoQ | 12.443 % | |
| Return On Equity YoY | 44.556 % | |
| Return On Equity IPRWA | high: 0.657 median: 0.055 mean: 0.017 AGIO: -0.091 low: -0.879 |
|
| DuPont ROE | -8.719 % | |
| Return On Invested Capital (ROIC) | -10.095 % | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | -173.767 % | |
| Return On Invested Capital IPRWA | high: 19.946 % median: 3.016 % mean: 0.946 % AGIO: -10.095 % low: -50.412 % |
|