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.
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