Seattle Genetics, Inc. (NASDAQ: SGEN) stock fell over 1% on October 30th, 2019 9as of 10:21 am GMT-4; Source: Google finance) after the company posted mixed results for the third quarter of FY 19. The company has reported the net loss for the third quarter of 2019 of $91.9 million, compared to net loss of $67.4 million for the third quarter of 2018. At the end of September 2019, the company has generated the cash and investments of $870.3 million, which included net proceeds of approximately $549 million from the Company’s common share offering in July 2019. The Company’s held stock investments valued at $103.6 million as on 30 September 2019.
SGEN in the third quarter of FY 19 has reported the adjusted loss per share of 54 cents, missing the analysts’ estimates for the adjusted loss per share of 37 cents, according to Zacks Consensus Estimate. The company had reported the adjusted revenue of $213.26 million in the third quarter of FY 19, beating the analysts’ estimates for revenue by 1.26%.
ADCETRIS net sales for the U.S. and Canada in the third quarter were up 32% to $167.6 million compared to net sales of $127.0 million in the third quarter of 2018. The company posted the royalty revenues in the third quarter of $27.3 million, compared to $22.7 million in the third quarter of 2018 driven by sales of ADCETRIS outside the U.S. and Canada by Takeda, which increased for the periods in 2019 compared to the same periods in 2018. The amounts earned under the Company’s ADCETRIS and ADC collaborations were $18.4 million in the third quarter of 2019, compared to $19.8 million for the same period in 2018. The Collaboration revenues comprises of the earned portion of $42.5 million in milestones achieved year-to-date in 2019. These milestones are based on Takeda’s additional approvals of ADCETRIS in frontline HL and the FDA approval of Genentech’s Polivy (polatuzumab vedotin).
Meanwhile, in the late-stage pipeline is Enfortumab vedotin or EV which the company is developing in collaboration with Astellas. During the third quarter, the company had submitted the BLA for EV in previously treated metastatic urothelial cancer patients and it was filed by the FDA with priority review, with an action date of March 15th, 2020. If approved, EV would be the company’s second marketed product and would expand the commercial portfolio into solid tumors. Further, the company’s next late-stage clinical program is Tucatinib. SGEN is already preparing the NDA which the company intends to submit to the FDA in the first quarter of 2020, which would put Tucatinib in line to become the third marketed product.