Seattle Genetics (SGEN) Tops Q1 EPS by 21c, Revenues Beat; Offers FY19 Revenue Mid-Point Below Consensus

Seattle Genetics (NASDAQ: SGEN) reported Q1 EPS of ($0.08), $0.21 better than the analyst estimate of ($0.29). Revenue for the quarter came in at $195.2 million versus the consensus estimate of $186.77 million.

• ADCETRIS® (Brentuximab Vedotin) Net Sales in U.S. and Canada Were $135.0 Million in the First Quarter, an Increase of 42 Percent Over the First Quarter of 2018
• Positive Topline Results from Pivotal Trial of Enfortumab Vedotin in Locally Advanced or Metastatic Urothelial Cancer Support Planned 2019 Submission of Biologics License Application
• Target Enrollment Reached in HER2CLIMB Pivotal Trial of Tucatinib in HER2-Positive Metastatic Breast Cancer; Topline Results Expected in 2019

“In the first quarter we achieved an important milestone toward becoming a multi-product oncology company with the announcement of positive topline results from the pivotal trial of enfortumab vedotin in patients with locally advanced or metastatic urothelial cancer, and we plan to submit an application for approval to the FDA in 2019,” said Clay Siegall, Ph.D., President and Chief Executive Officer of Seattle Genetics. “We continue to execute on expanding ADCETRIS use in the two frontline indications, and maintain our 2019 net sales guidance of $610 million to $640 million in the U.S. and Canada. We have also advanced our other late-stage programs, including reaching target enrollment in the HER2CLIMB pivotal trial of tucatinib in HER2-positive metastatic breast cancer. We expect to report topline results from HER2CLIMB in 2019.”

GUIDANCE:

Seattle Genetics sees FY2019 revenue of $790-840 million, versus the consensus of $822.02 million.

For earnings history and earnings-related data on Seattle Genetics (SGEN) click here.

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