Seattle Genetics Inc. Earnings: Beats Analysts’ Estimates as Loss Narrows
Helped by revenue growth, Seattle Genetics, Inc. (NASDAQ:SGEN) narrowed its loss in the fourth quarter. Seattle Genetics is a biotechnology company 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 Fourth Quarter
Results: Loss narrowed to $27.2 million (loss of 24 cents per diluted share) from $34.5 million (loss of 34 cents per share) in the same quarter a year earlier.
Revenue: Rose more than sixfold to $48.9 million from the year earlier quarter.
Actual vs. Wall St. Expectations: Seattle Genetics, Inc. beat the mean analyst estimate of a loss of 30 cents per share. It beat the average revenue estimate of $39.1 million.
Quoting Management: “We are pleased with the successful launch of ADCETRIS and our execution in bringing this drug to patients in need,” said Clay B. Siegall, Ph.D., President and Chief Executive Officer of Seattle Genetics. “Our commercialization initiatives continue to focus on expanding awareness of ADCETRIS among oncologists, particularly in the community setting, and ensuring an efficient reimbursement process.”
The company has now beaten estimates the last two quarters. In the third quarter, it topped expectations with a loss of -35 cents versus a mean estimate of a loss of 46 cents per share.
The company’s revenue has now risen for two straight quarters. In the third quarter, revenue increased 29.2% to $20.7 million from the year earlier quarter.
Looking Forward: Expectations for the company’s next quarter performance are higher than they were ninety days ago. The average estimate for the first quarter of the next fiscal year is now at a loss of 25 cents per share, up from a loss of 31 cents. For the fiscal year, the average estimate has moved from a loss of $1.45 a share to a loss of $1.40 over the last ninety days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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