By Ben Glickman
Seagen posted a wider-than-expected third-quarter loss despite sales rising sharply. Here’s what you need to know.
NET INCOME: The cancer-treatment developer posted a loss of $215.8 million, or $1.15 a share, compared with a loss of $190.8 million, or $1.03 a share, a year earlier. Analysts polled by FactSet expected a per-share loss of 82 cents.
REVENUE: Seagen’s revenue rose 27% to $648.7 million, topping the $635.1 million forecast by analysts, according to FactSet.
PRODUCT SALES: The company’s product sales surged 33% to $571 million, topping the $566.7 million forecast by analysts and lifting the company’s overall results.
WHAT WE WATCHED
PFIZER ACQUISITION: Management for Seagen continues to expect the acquisition by Pfizer to close in late 2023 or early 2024. The companies secured approval from the European Commission for the deal in October, but still are waiting for certain closing conditions.
PADCEV: Seagen’s results were boosted by an almost doubling of sales of Pacdev. Sales increased 89% year on year in the third quarter after the launch of Pacdev in combination with Keytruda to treat patients with advanced urothelial cancer.
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