Seattle Genetics Earnings Cheat Sheet: Sales Plunge 73%

Seattle Genetics, Inc. (NASDAQ:SGEN) reported its results for the first 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 First Quarter

Results: Swung to a loss of $32.7 million (30 cents/diluted share) in the quarter. The biotechnology company had net income of $11.5 million or 11 cents per share in the year earlier quarter.

Revenue: Fell 73.8% to $12.2 million YoY.

Actual vs. Wall St. Expectations: SGEN beat the mean analyst estimate of a loss of 37 cents/share. Estimates ranged from a loss of 28 cents per share to a loss of 44 cents per share.

Quoting Management: “The recent action by FDA to accept for filing our Biologics License Applications for brentuximab vedotin in relapsed or refractory Hodgkin lymphoma and systemic anaplastic large cell lymphoma mark a significant regulatory milestone for the program. We are preparing for planned commercial launch this year based on priority review designations with a PDUFA date of August 30, 2011,” said Clay B. Siegall, Ph.D., President and Chief Executive Officer of Seattle Genetics. “In parallel with our regulatory activities and pre-commercial initiatives, we are conducting clinical trials in earlier lines of lymphoma therapy and plan to initiate further clinical trials of brentuximab vedotin in additional CD30-positive malignancies. Brentuximab vedotin is one of 14 ADCs in clinical development using our technology, including our three internal programs and 11 additional programs by our collaborators. This broad investigation suggests the future potential of our ADC technology in addressing the unmet needs of cancer patients. With more than $455 million in cash and investments, we are well-positioned to continue executing on our commercial and development plans.”

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), Merck (NYSE:MRK) and ImmunoGen, Inc. (NASDAQ:IMGN)

Stock Performance: Shares of SGEN are down 4.75% from the today’s closing price of $16.43:

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