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 0.68%.
Seattle Genetics Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-0.09 in the quarter versus EPS of $-0.32 in the year-earlier quarter.
Revenue: Rose 30.7% to $63.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Seattle Genetics Inc. reported adjusted EPS loss of $-0.09 per share. By that measure, the company beat the mean analyst estimate of $-0.11. It beat the average revenue estimate of $57.21 million.
Quoting Management: “We are strongly positioned to continue delivering on our goal of bringing ADCETRIS to patients through commercial execution. Additionally, we are building upon encouraging data in earlier lines of therapy and a range of CD30-positive malignancies through our clinical development and regulatory activities,” said Clay B. Siegall, Ph.D., President and Chief Executive Officer at Seattle Genetics. “There are more than 20 ongoing ADCETRIS clinical trials, including four phase III trials, designed to broadly explore its therapeutic potential. In addition, we have made important progress in advancing six other ADCs in clinical and preclinical development, and our ADC technology is being broadly applied in more than a dozen clinical development programs by our collaborators. Our strong financial position and cash flow from product sales and collaborations enable us to continue building value in the company.”
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