Seattle Genetics (SGEN) Tops Q2 EPS by 51c, Revenues Beat; Offers FY20 Revenue Guidance

Seattle Genetics (NASDAQ: SGEN) reported Q2 EPS of ($0.12), $0.51 better than the analyst estimate of ($0.63). Revenue for the quarter came in at $278 million versus the consensus estimate of $256.43 million.

PRODUCT SALES SUMMARY

• ADCETRIS: Continued growth with net sales in the U.S. and Canada of $167.5 million in the second quarter of 2020, an increase of five percent over the second quarter of 2019.
• PADCEV: U.S. net sales in the second quarter were $57.2 million, an increase of 66 percent over the first quarter of 2020.
• TUKYSA: Second quarter net sales of $15.8 million following U.S. approval in mid-April.

“We generated record product sales of $240.5 million in the second quarter driven by ADCETRIS, PADCEV and now a third commercial product, TUKYSA, following the FDA approval in mid-April for metastatic HER2-positive breast cancer,” said Clay Siegall, Ph.D., President and Chief Executive Officer of Seattle Genetics. “We successfully launched TUKYSA in the United States and are building our international capabilities to support global launches. In addition, we reported another quarter of strong PADCEV sales with revenues of $91.6 million in its first two full quarters on the market. Our total revenues are on track to exceed $1 billion in 2020.”

Dr. Siegall continued, “We also made substantial progress in the second quarter across our pipeline of more than a dozen programs. We reported positive results from the innovaTV 204 trial of tisotumab vedotin in recurrent or metastatic cervical cancer and plan to discuss with the FDA the potential submission of a Biologics License Application to support an accelerated approval. In addition, we advanced two novel drug candidates into phase 1 trials. We plan to host an investor R&D day later in 2020 to highlight the breadth of opportunities across our programs.”

GUIDANCE:

Seattle Genetics sees FY2020 revenue of $1.025-1.1 billion, versus the consensus of $1.08 billion.

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

You May Also Be Interested In

• Vivos Therapeutics posts 35% revenue gain but widens net loss
• SVB & T Corporation (SVBT) Tops Q2 EPS by 275c
• Newton Golf Company (NWTG) Reports Q2 Loss of $0.49