Agios Reports First Quarter 2020 Financial Results and Provides Update on Business Operations and COVID-19 Response First Quarter TIBSOVO Net Revenue of $22.7 Million; Company Reiterates 2020 TIBSOVO Net U.S. Revenue Gui

Agios Reports First Quarter 2020 Financial Results and Provides Update on Business Operations and COVID-19 Response

TIBSOVO Net Revenue of $22.7 Million; Company Reiterates 2020 TIBSOVO Net U.S. Revenue Guidance of $105 115 Million

New Clinical Data from Mitapivat in Thalassemia Accepted for Presentation at the European Hematology Association Annual

Decision for Mitapivat in Sickle Cell Disease on Track for Mid-2020; Data to be Submitted for Presentation at the American Society of Hematology Annual Meeting

Cash Conservation Efforts Extend Runway to the End of June 2022

CAMBRIDGE, Mass., April 30, 2020 Agios Pharmaceuticals, Inc. (NASDAQ: AGIO), a leader in the field of cellular metabolism to

treat cancer and rare genetic diseases, today reported business highlights and financial results for the first quarter ended March 31, 2020. In addition, Agios provided an update on its response to the global

COVID-19 pandemic and the expected impact on its business operations.

Though there is no modern playbook

for a crisis like the COVID-19 pandemic, we moved quickly to reduce the risk of our team s and communities exposure to the virus and took action to enable uninterrupted access to our commercial and

clinical medicines for the patients who are counting on us, said Jackie Fouse, Ph.D., chief executive officer at Agios.

challenges we faced in the first quarter in the wake of the COVID-19 pandemic, we made significant clinical and commercial progress, including completing enrollment in the ACTIVATE pivotal trial of mitapivat

in PK deficiency, delivering strong TIBSOVO performance and achieving key U.S. and EU regulatory milestones. We have also made important resource allocation decisions with the goal of

delivering on our key business objectives while conserving cash and increasing our financial flexibility, continued Dr. Fouse. Through these efforts, we remain on track to achieve our Agios 2025 strategic vision. As we have all

worked to adapt to these unexpected and trying circumstances, the teamwork and resilience demonstrated by my colleagues has truly been remarkable and provides confidence that we will come out of these challenging times even stronger than we were

FIRST QUARTER 2020 HIGHLIGHTS & RECENT PROGRESS

RESPONSE & IMPACT ON BUSINESS OUTLOOK

To date, patient and physician demand for TIBSOVO (ivosidenib tablets) an oral therapy for AML

has not been negatively impacted by the COVID-19 pandemic. AML is a serious disease that progresses rapidly if untreated, and in most cases treatment delays are not recommended. Professional oncology

guidelines for the treatment of cancer patients during the pandemic favor effective oral options with well tolerated safety profiles.

inventory levels and a robust supply chain strategy, Agios does not anticipate interruptions to supply of TIBSOVO , even if extended disruptions to manufacturing operations were to occur as a

result of the COVID-19 pandemic.

In addition, Agios has taken steps to ensure new and existing TIBSOVO patients can access the medication. TIBSOVO can be delivered directly to patients residences to ensure they can receive their

medication even if they are homebound for a prolonged period of time. The myAgiosTM patient assistance program has remained a constant resource for patients, including those who have lost health

insurance due to unemployment.

Based on these considerations, Agios continues to expect its 2020

TIBSOVO net U.S. revenue to be between $105 and 115 million.

Because hospitals globally have shifted resources to treat patients with COVID-19, Agios expects some delays in its

clinical programs based on anticipated challenges related to data collection, access to trial sites and patient enrollment.

established a clinical trial task force to ensure the safety of patients in its clinical trials and to support patients on a case-by-case basis to enable their continued

participation in the studies. Where appropriate, Agios has instituted home visits, telemedicine approaches, the use of local laboratories and courier shipments of investigational medicines.

The status of each Agios clinical program, along with the expected impact of

COVID-19, is outlined below. The ultimate extent of the impact of the COVID-19 pandemic on clinical trial enrollment, continuation and data collection will depend on

future developments, which are highly uncertain.

Rare Genetic Diseases

Hematologic Malignancies

Cash Conservation Actions

In order to conserve cash while supporting the execution of critical business objectives during this period of uncertainty, Agios has made decisions to cease in-house development of AG-636; delay select research programs, including the Friedreich s Ataxia program, and longer-term clinical studies; limit staff hiring and

significantly reduce contract workforce; and pause certain infrastructure projects. Additional savings are anticipated across the business as a result of reduced spending levels that will occur naturally due to the

COVID-19 pandemic, such as travel expenses and clinical trial spend.

FIRST QUARTER 2020 FINANCIAL RESULTS

Revenue: Total revenue for the first quarter of 2020 was $87.1 million, which includes $22.7 million of net product revenue from

sales of TIBSOVO , $61.1 million in collaboration revenue and $3.3 million in royalty revenue from net global sales of

IDHIFA under the collaboration agreement with Celgene. This compares to revenue of $30.2 million for the first quarter of 2019.

The year-over-year increase in total revenue was primarily due to a $42.2 million increase in collaboration revenue. As previously announced,

Celgene declined to extend the metabolic immuno-oncology research collaboration with Agios. In addition, Celgene declined its option to designate one undisclosed research program for continued development and

opt-in right. As a result, Agios recognized the majority of the deferred revenue during the first quarter of 2020. The remainder of the deferred revenue balance will be recognized in the second quarter of 2020

through the expiration of the research term in mid-May. The revenue increase was also driven by an increase of $13.5 million of net sales of

Cost of Sales: Cost of sales were $0.5 million for the first quarter of

2020 compared to $0.3 million for the first quarter of 2019.

Research and Development (R&D) Expenses: R&D expenses

were $91.3 million for the first quarter of 2020 compared to $95.6 million for the first quarter of 2019. The decrease in R&D expenses was primarily due to the recognition of milestones for the initiation of the HOVON150/AMLSG29

study in the first quarter of 2019 and decreased activity for the ClarIDHy study and the Phase 1 hematologic malignancy study of TIBSOVO .

Selling, General and Administrative (SG&A) Expenses: SG&A expenses were $38.5 million for

the first quarter of 2020 compared to $31.8 million for the first quarter of 2019. The increase in SG&A expenses were driven by higher personnel costs, including stock-based compensation expense, related to our workforce.

Net Loss: Net loss was $40.3 million for the first quarter of 2020 compared to $93.1 million for the first quarter of 2019.

Cash Position and Guidance: Cash, cash equivalents and marketable securities as of March 31, 2020 were $613.1 million compared

to $707.8 million as of March 31, 2019.

As a result of the company s cash conservation actions, the company expects that its

cash, cash equivalents and marketable securities as of March 31, 2020, together with anticipated product and royalty revenue, anticipated interest income, and anticipated expense reimbursements under our collaboration and license agreements,

but excluding any additional collaboration-related payments, will enable the company to fund its anticipated operating expenses and capital expenditure requirements through June 2022.

CONFERENCE CALL INFORMATION

Agios will host a conference

call and live webcast with slides today at 8:00 a.m. ET to discuss first quarter 2020 financial results and recent business activities. To participate in the conference call, please dial 1-877-377-7098 (domestic) or 1-631-291-4547

(international) and referring to conference ID 1151878. The live webcast can be accessed under Events & Presentations in the Investors section of the company s website at www.agios.com. The archived webcast will be

available on the company s website beginning approximately two hours after the event.

About Agios 2025 Strategic Vision

The Agios 2025 strategic vision delineates the company s view for growth with established and expanding franchises focused on treating

hematologic malignancies, solid tumors and rare genetic diseases. As part of this vision, Agios expects to achieve the following milestones by the end of 2025:

About Agios/Celgene Collaboration

IDHIFA (enasidenib) is part of our collaboration with Celgene Corporation, a wholly owned

subsidiary of Bristol-Myers Squibb Company. Under the terms of our 2010 collaboration agreement focused on cancer metabolism, Celgene has worldwide development and commercialization rights for

IDHIFA . Agios continues to conduct certain clinical

development activities within the IDHIFA development program and is eligible to receive reimbursement for those development activities

and up to $80 million in remaining milestone payments, and royalties on any net sales. Celgene and Agios are currently co-commercializing IDHIFA

in the U.S. Celgene will reimburse Agios for costs incurred for its co-commercialization efforts.

Agios is focused on discovering and developing novel investigational medicines to treat malignant hematology, solid tumors and rare genetic diseases

through scientific leadership in the field of cellular metabolism. In addition to an active research and discovery pipeline across these three therapeutic areas, Agios has two approved oncology precision medicines and multiple first-in-class investigational therapies in clinical and/or preclinical development. For more information, please visit the company s website at www.agios.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking

statements include those regarding Agios plans, strategies and expectations for its and its collaborator s preclinical, clinical and commercial advancement of its drug development programs including TIBSOVO (ivosidenib tablets), IDHIFA (enasidenib), mitapivat, vorasidenib, AG-270, and AG-946; the potential benefits of Agios product candidates; its key milestones and guidance for 2020; its plans regarding future data presentations; its financial guidance regarding the period in which it will

have capital available to fund its operations; and the potential benefits of its strategic plans and focus. The words anticipate, expect, goal, hope, milestone, plan,

potential, possible, strategy, will, vision, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these

identifying words. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from Agios current expectations and beliefs. For example, there can be no

guarantee that any product candidate Agios or its collaborators is developing will successfully commence or complete necessary preclinical and clinical development phases, or that development of any of Agios product candidates will

successfully continue. There can be no guarantee that any positive developments in Agios business will result in stock price appreciation. Management s expectations and, therefore, any forward-looking statements in this press release

could also be affected by risks and uncertainties relating to a number of other important factors, including, without limitation: risks and uncertainties related to the impact of the COVID-19 pandemic

to Agios business, operations, strategy, goals and anticipated milestones, including its ongoing and planned research activities, ability to conduct ongoing and planned clinical trials, clinical supply of current or future

drug candidates, commercial supply of current or future approved products, and launching, marketing and selling current or future approved products; Agios results of clinical trials and preclinical studies, including subsequent analysis of

existing data and new data received from ongoing and future studies; the content and timing of decisions made by the U.S. FDA, the EMA or other regulatory authorities, investigational review boards at clinical trial sites and

publication review bodies; Agios ability to obtain and maintain requisite regulatory approvals and to enroll patients in its planned clinical trials; unplanned cash requirements and

expenditures; competitive factors; Agios ability to obtain, maintain and enforce patent and other intellectual property protection for any product candidates it is developing; Agios ability to maintain key collaborations; and general

economic and market conditions. These and other risks are described in greater detail under the caption Risk Factors included in Agios public filings with the Securities and Exchange Commission. Any forward-looking statements

contained in this press release speak only as of the date hereof, and Agios expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Condensed Consolidated Balance Sheet Data