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.”
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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 $6975.06/share and are presently trading at $74.85/share.
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( Companies Mentioned: SGEN:NASDAQ,