Seattle Genetics (SGEN) Misses Q1 EPS by 19c, Revenues Miss; Maintains FY20 Sales Outlook

Seattle Genetics (NASDAQ: SGEN) reported Q1 EPS of ($0.98), $0.19 worse than the analyst estimate of ($0.79). Revenue for the quarter came in at $198.51 million versus the consensus estimate of $207.14 million.

“We have had a remarkable start to 2020, delivering record product sales in the first quarter that are now coming from both ADCETRIS and PADCEV. Notably, strong PADCEV sales in the first full quarter of launch reflect the unmet need among patients with metastatic bladder cancer,” said Clay Siegall, Ph.D., President and Chief Executive Officer of Seattle Genetics. “With the recent approval of TUKYSA for patients with metastatic HER2-positive breast cancer, we have now launched our third product just four months after our second. In addition, we are investing in potential label expansions in all three products to maximize their use to patients in need. We are also preparing for European commercial operations and have hired general managers in major European markets ahead of potential ex-U.S. approvals of TUKYSA. With two new products, growing revenues, and an advancing pipeline of novel cancer programs, we have exciting prospects for future growth.”

GUIDANCE:

Seattle Genetics sees FY2020 revenue of $810-865 million, versus the consensus of $965.65 million.

• The Company continues to monitor the impact of the COVID-19 global pandemic on its business and is taking appropriate steps to protect the safety of employees, healthcare professionals and patients. Seattle Genetics’ 2020 financial guidance remains unchanged from that provided on February 6, 2020.

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

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