Seattle Genetics Earnings Cheat Sheet: Loss Widens, Dragging Company Below Expectations

Seattle Genetics, Inc. (NASDAQ:SGEN) reported its results for the second quarter. Seattle Genetics, Inc. is a biotechnology company, which is focused on the development and commercialization of monoclonal antibody-based therapies for the treatment of cancer and autoimmune disease.

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Seattle Genetics Earnings Cheat Sheet for the Second Quarter

Results: Loss widened to $51.5 million (45 cents per diluted share) from $8.3 million (loss of 8 cents per share) in the same quarter a year earlier.

Revenue: Fell 64.6% to $13.1 million from the year earlier quarter.

Actual vs. Wall St. Expectations: SGEN fell short of the mean analyst estimate of a loss of 39 cents per share. It beat the average revenue estimate of $11 million.

Quoting Management: “The two unanimous ODAC recommendations in favor of accelerated approval of ADCETRIS position it to be the first in a new generation of ADCs to be approved by the FDA. Our top priority is our ongoing interactions with the FDA on a confirmatory trial strategy to enable accelerated approval of ADCETRIS,” said Clay B. Siegall, Ph.D., president and chief executive officer of Seattle Genetics.

Key Stats:

The company fell short of forecasts after beating estimates in the previous two quarters. In the first quarter, it topped the mark by 6 cents, and in the fourth quarter of the last fiscal year, it was ahead by 4 cents.

Revenue has fallen for the past three quarters. In the first quarter, revenue declined 73.8% to $12.2 million while the figure fell 62.6% in the fourth quarter of the last fiscal year from the year earlier.

Competitors to Watch: Pfizer Inc. (NYSE:PFE), Bristol Myers Squibb Co. (NYSE:BMY), Biogen Idec Inc. (NASDAQ:BIIB), Celldex Therapeutics, Inc. (NASDAQ:CLDX), Genzyme Corporation (NASDAQ:GENZ), Micromet Inc. (NASDAQ:MITI), Allos Therapeutics, Inc. (NASDAQ:ALTH), Cephalon, Inc. (NASDAQ:CEPH), Celgene Corporation (NASDAQ:CELG), and ImmunoGen, Inc. (NASDAQ:IMGN).

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(Source: Xignite Financials)