Seagen (SGEN) Misses Q1 EPS by 6c, Revenues Miss

Seagen (NASDAQ: SGEN) reported Q1 EPS of ($0.67), $0.06 worse than the analyst estimate of ($0.61). Revenue for the quarter came in at $331.98 million versus the consensus estimate of $336.17 million.

“Year-over-year quarterly net product sales growth of 52 percent was driven by rapid adoption of our newest products, PADCEV and TUKYSA, in addition to strong sales of ADCETRIS. We continue to project 2021 total net product sales in our territories of approximately $1.3 billion,” said Clay Siegall, Ph.D., President and Chief Executive Officer of Seagen. “Looking ahead, we expect continued global progress across the portfolio. This includes TUKYSA launches in Europe following marketing authorizations received in the first quarter. In collaboration with Astellas we are pursuing several PADCEV marketing applications across the United States, Europe, Japan and Latin America. In addition, we are preparing for potential U.S. launch of a fourth drug following FDA acceptance of our tisotumab vedotin BLA submission with Priority Review. We are continuing to deliver cutting-edge innovation and medicines that make a meaningful difference in the lives of cancer patients.”

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

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