Seattle Genetics, Inc. (NASDAQ: SGEN) stock more than doubles in last one year

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Seattle Genetics, Inc. (NASDAQ: SGEN) stock generated over 137.3% in the last one year, while S&P 500 barely delivered 1.8% (as of May 11th, 2020; Source: Yahoo Finance). Moreover, the company posted better than expected results for the first quarter of FY 20. At the end of March, 2020, Seattle Genetics had $799.6 million in cash and investments and holdings of Immunomedics common stock valued at $104.1 million.

SGEN in the first quarter of FY 20 has reported the adjusted loss per share of 64 cents, while adjusted revenue of $234.51 million in the first quarter of FY 20, beating the analysts’ estimates for revenue by 10.58%. For the first quarter, the company posted increase in Royalty  driven by sales of ADCETRIS outside the U.S. and Canada by Takeda and sales of Polivy (polatuzumab vedotin-piiq) by Roche. Collaboration revenues had fallen to $16 million in the first quarter of 2020 compared to $45 million in the first quarter of last year. The decrease in collaboration revenues is on the back of a $30 million milestone from Takeda earned last year. That was triggered due to the approval of ADCETRIS in the EU for frontline Hodgkin lymphoma.

Moreover, the company has posted 22% rise in ADCETRIS net sales to $164 million in the first quarter of 2020 over the first quarter of 2019. The company has maintained the guidance of full year 2020 ADCETRIS net sales to be in the range of $675 million to $700 million. The company also anticipates to report five year progression free survival results later this year from both the ECHELON-1 and ECHELON-2 trials. These data could further establish the positive long-term benefit of the approved ADCETRIS+ chemotherapy regimen in frontline Stage III/IV Hodgkin lymphoma and in frontline CD30 expressing PTCL.

PADCEV got approved in late December, 2019, which was three months ahead of the PDUFA date. In the first full quarter on the market, the company posted PADCEV net sales in the U.S. were $34 million.

The third and newest commercial product is TUKYSA, the brand name for tucatinib and the label is granted by FDA. TUKYSA is approved for use in combination with trastuzumab and capecitabine for patients with metastatic HER-2 positive breast cancer including patients with brain metastasis.

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