Seattle Genetics Earnings: Here’s Why Investors are Not Happy Now
Seattle Genetics Inc. (NASDAQ:SGEN) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 2.44%.
Seattle Genetics Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-0.06 in the quarter versus EPS of $-0.15 in the year-earlier quarter.
Revenue: Rose 50.76% to $73.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Seattle Genetics Inc. reported adjusted EPS loss of $0.06 per share. By that measure, the company beat the mean analyst estimate of $-0.19. It beat the average revenue estimate of $57.72 million.
Quoting Management: “During the second quarter, we continued to make strong progress on our key corporate priorities, including the commercialization of ADCETRIS, the broad clinical development of ADCETRIS in CD30-positive malignancies and the advancement of our product pipeline,” said Clay B. Siegall, Ph.D., President and Chief Executive Officer at Seattle Genetics. “ADCETRIS is now approved in 35 countries, and our clinical development program comprises more than 20 ongoing clinical trials, including four phase 3 studies. We recently expanded our clinical-stage product pipeline by moving SGN-CD33A, which utilizes our newest ADC technology, into a phase 1 trial and exercising our option to co-develop ASG-15ME with Agensys/Astellas. We also entered into a new ADC collaboration with Bayer.”
Key Stats (on next page)…