Seattle Genetics Earnings: Here’s Why Shares are Up 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 up 1.38%.
Seattle Genetics Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.14 in the quarter versus EPS of $-0.11 in the year-earlier quarter.
Revenue: Rose 18.8% to $57.32 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Seattle Genetics Inc. reported adjusted EPS loss of $0.14 per share. By that measure, the company beat the mean analyst estimate of $-0.20. It beat the average revenue estimate of $53.72 million.
Quoting Management: “In 2013 we have continued to deliver on the ambitious goals we have set for ADCETRIS, our pipeline and our ADC technology,” said Clay B. Siegall, Ph.D., President and Chief Executive Officer at Seattle Genetics. “We and our collaborator, Millennium: The Takeda Oncology Company, are bringing ADCETRIS to patients in need through approvals to date in the United States, Canada, European Union and Switzerland. In addition, across both corporate and investigator-sponsored studies, there are currently more than 20 ongoing ADCETRIS clinical trials, including four phase 3 studies. Seattle Genetics is also advancing several additional ADCs, including two programs planned for phase 1 trial initiations during 2013, while our collaborators continue to advance more than a dozen ADCs in clinical development.”
Key Stats (on next page)…