Seattle Genetics (SGEN) Sinks Following Q3 Results, Q4 Outlook

Seattle Genetics (NASDAQ: SGEN) is down 16% after-hours after the company reported Q3 EPS of ($0.34), $0.07 worse than the analyst estimate of ($0.27). Revenue for the quarter came in at $169.4 million versus the consensus estimate of $166.92 million.

The company sees Q4 ADCETRIS net product sales of $128-$133 million and FY 2018 ADCETRIS net product sales of $473-$478 million.

“ADCETRIS net sales during the third quarter and year-to-date increased by more than 50 percent over the same periods in 2017, as we continue to expand into the frontline Hodgkin lymphoma setting following FDA approval earlier this year. In addition, we recently reported positive top-line results from the phase 3 ECHELON-2 trial in frontline peripheral T-cell lymphoma, including a statistically significant improvement in overall survival for the ADCETRIS regimen,” said Clay Siegall, Ph.D., President and Chief Executive Officer of Seattle Genetics. “We plan to submit an application for approval to the FDA in November and look forward to highlighting results from ECHELON-2 at the American Society of Hematology Annual Meeting in December. Our late-stage programs continue to progress, and we believe they have the potential to transform Seattle Genetics into a multi-product oncology company. We now plan to report top-line results from the pivotal trial of enfortumab vedotin in metastatic urothelial cancer in the first quarter of 2019. Additionally, we expect to complete enrollment of 480 patients in the HER2CLIMB pivotal trial of tucatinib in metastatic breast cancer in early 2019 to support analysis of the primary endpoint.”

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

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