Seattle Genetics' Revenue Rises 19% on Adcetris Sales Growth

Antibody-drug conjugate developer Seattle Genetics delivers strong sales gains from lead drug Adcetris despite a flat year-over-year net loss.

May 1, 2014 at 7:02PM

Antibody-drug conjugate developer Seattle Genetics (NASDAQ:SGEN) reported its first-quarter results after the closing bell this evening, giving hope to optimists that ADC-based companies could have a viable and potentially profitable platform over the long run.

For the quarter, Seattle Genetics produced $68.3 million in revenue, a 19.2% increase over the $57.3 million in the prior-year quarter. In total, the company recorded $38.7 million in Adcetris product sales, $16.9 million in Adcetris collaboration revenue, and recognized a $5 million milestone payment from marketing partner Takeda Pharmaceuticals. According to CEO Clay Siegall, Adcetris is now commercially available in 40 countries.

Seattle Genetics also points out that it anticipates reporting phase 3 results from its AETHERA trial in the second-half of 2014, as well as announcing mid-stage data from its study of Adcetris in diffuse large B-cell lymphoma sometime this year.

Total expenses for the quarter increased 14.8%, to $84.6 million, as higher research and development costs to fund Adcetris' development and ongoing studies comprised the bulk of its higher costs.

Net loss for the quarter was a mirror image to last year, with the company reporting a loss of $16.3 million. However, with more shares outstanding now than at this time last year, its EPS loss was $0.01 narrower at $0.13. Seattle Genetics announced that it ended the quarter with $355.4 million in cash and cash equivalents compared to $374.3 million at the end of the sequential fourth quarter.

Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.

The Motley Fool recommends Seattle Genetics. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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