Seattle Genetics Shares Head Higher After Positive Earnings and ADCETRIS Sales Expansion

July 19, 2019

By The Life Science Report

Source: Streetwise Reports   07/17/2019

Seattle Genetics announced a 28.3% increase in net sales for its second quarter 2019 powered by ADCETRIS sales along with a promising pipeline.

After the close of trading Tuesday, Seattle Genetics Inc. (SGEN:NASDAQ) reported financial results for Q2/19 and the H1/19. In the announcement, the company also highlighted ADCETRIS (brentuximab vedotin) commercialization and clinical development accomplishments and progress with its late-stage clinical programs for cancer.

The firm’s President and CEO Clay Siegall, Ph.D advised that “in the second quarter, we achieved record ADCETRIS net sales in the U.S. and Canada, reflecting growth in frontline CD30-expressing peripheral T-cell lymphomas as well as frontline advanced Hodgkin lymphoma.” Mr. Siegall added that “the biologics license application for enfortumab vedotin was submitted to the FDA for patients with locally advanced or metastatic urothelial cancer, taking us another step closer to becoming a multi-product oncology company, and we expect to report top-line data from the tucatinib pivotal trial, HER2CLIMB, in HER2-positive metastatic breast cancer later this year and from the tisotumab vedotin pivotal trial, innovaTV 204, in metastatic cervical cancer in the H1/20.”


Get our Weekly Commitment of Traders Report: - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.




Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter






The company stated that revenues in Q2/19 and H1/19 ending June 30, 2019, increased to $218.4 million and $413.6 million, respectively, compared to $170.2 million in Q2/18 and $310.8 million for H1/18.

Highlighted in the report was that ADCETRIS net sales for the U.S. and Canada in Q2/19 were $159.0 million, a 30% increase over the $122.4 million Q1/18. Royalty revenues in Q2/19 were up 16% to $23.3 million over $20.6 million in Q/18. Amounts earned under the company’s ADCETRIS and ADC collaborations increased as well to $36.1 million in the second quarter of 2019, compared to $27.2 million for the same period in 2018.

According to the company, Seattle Genetics flagship product is ADCETRIS (brentuximab vedotin), “which utilizes the company’s industry-leading antibody-drug conjugate (ADC) technology and is currently approved for the treatment of multiple CD30-expressing lymphomas.” “ADCETRIS is commercially available in 72 countries is approved in the U.S. for six indications including use as frontline therapy for Stage 3 and 4 Hodgkin lymphoma (HL) and CD30-expressing peripheral T-cell lymphomas (PTCL).”

The firm ‘s pipeline includes a potential second approved drug in the EV-201 pivotal trial of enfortumab vedotin in metastatic urothelial cancer, and plans to submit application for approval to the FDA in 2019. It also is working on other late-stage programs targeting solid tumors in HER2-positive metastatic breast cancer and metastatic cervical cancer.

The market appears to be quite pleased with the reported results as SGEN shares opened higher today at $69.89 (+$6.71, +10.62%) over Tuesday ‘s closing price of $63.18. The company’s shares have traded more than 18% higher today on higher than average volume between $69–75.06/share and are presently trading at $74.85/share.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: SGEN:NASDAQ,
)