Pharma stock under pressure: Seattle Genetics, Inc. (NASDAQ: SGEN)

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Seattle Genetics, Inc. (NASDAQ: SGEN) stock lost over 3.3% in the pre-market session on 7th Feb, 2020 (Source: Google finance) after the company posted fourth quarter of FY 19, which were below expectations. The company has reported the net income for the fourth quarter of 2019 of $25.8 million, compared to a net loss of $119.8 million for the fourth quarter of 2018. Net income in the fourth quarter of 2019 includes the net investment income of $64.2 million, which was mainly associated with Seattle Genetics’ common stock holdings in Immunomedics, which are marked-to-market. As of December 31, 2019, the company had $868.3 million in cash and investments. At the end of 2019, the company has become a multi-product oncology company after the rapid FDA approval of PADCEV for previously treated metastatic urothelial cancer patients, expanding the commercial portfolio into solid tumors. Further, in collaboration with Takeda, the global sales of ADCETRIS is more than $1 billion in 2019. The company now intends to bring a third product to market with the tucatinib marketing applications in the United States, Europe and other countries for patients with metastatic HER2-positive breast cancer.

Moreover, in January 2020, the company has completed the enrollment in the phase 3 EV-301 clinical trial in metastatic urothelial cancer patients who previously received both platinum chemotherapy and a PD-1/L1 inhibitor. The company has also recently started the phase 3 EV-302 clinical trial by evaluating the combination of PADCEV and Keytruda (pembrolizumab) with or without chemotherapy compared to chemotherapy alone in patients with previously untreated locally advanced or metastatic urothelial cancer. The company has also started the phase 2 EV-202 clinical trial to evaluate single-agent PADCEV in a range of solid tumors, including non-small cell lung, head and neck, gastric/esophageal and breast cancers.

SGEN in the fourth quarter of FY 19 has reported the adjusted loss per share of 22 cents, while adjusted revenue of $289.80 billion in the fourth quarter of FY 19. ADCETRIS net sales in the U.S. and Canada for the fourth quarter were up 26 percent to $166.2 million. Royalty revenues in the fourth quarter have increased to $72.3 million, compared to $24.6 million in the fourth quarter of 2018. The fourth quarter of 2019 also included a $40 million milestone from Takeda boosted by annual net sales exceeding $400 million in Takeda’s territory during 2019.

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