BOTHELL, Wash.--(BUSINESS WIRE)--

Seattle Genetics, Inc. (SGEN) today reported financial results for the third quarter and nine months ended September 30, 2012. The company also highlighted ADCETRIS (brentuximab vedotin) commercialization and clinical development activities, antibody-drug conjugate (ADC) pipeline and collaborator progress and upcoming milestones.

Through significant commercial, regulatory and clinical development efforts we are continuing to bring ADCETRIS to patients, expanding into other territories under our collaboration with Millennium/Takeda, and advancing the evaluation of ADCETRIS into earlier lines of therapy and other CD30-positive malignancies, said Clay B. Siegall, Ph.D., President and Chief Executive Officer at Seattle Genetics. At the upcoming American Society of Hematology (ASH) annual meeting in December, there will be more than a dozen data presentations by Seattle Genetics and investigators highlighting the evaluation of ADCETRIS in numerous lymphoma types. In addition, at ASH we will introduce our lead preclinical program, SGN-CD33A, which employs our next generation ADC technology, and we expect multiple data presentations by our ADC collaborators. The substantial progress with ADCETRIS and our other pipeline programs, as well as by our collaborators reinforces our ADC leadership position as we strive to change the way cancer is treated.

Recent ADCETRIS Highlights

ADC Collaborator Progress

Other Recent Highlights

Upcoming Milestones

Third Quarter and First Nine Months 2012 Financial Results

Total revenues in the third quarter of 2012 were $49.8 million, compared to $20.7 million in the third quarter of 2011. Total revenues for the nine month period ended September 30, 2012 were $146.9 million, compared to $45.9 million in 2011. Revenues in 2012 include ADCETRIS net product sales of $33.7 million in the third quarter and $102.8 million for the year to date. In addition, revenues include ADCETRIS royalty revenues of $1.7 million in the third quarter and $2.9 million for the year to date related to sales of ADCETRIS by Millennium under its international named patient program. Revenues also reflect amounts earned under the companys ADCETRIS and ADC collaborations totaling $14.5 million in the third quarter of 2012 and $41.1 million for the year to date.

Total costs and expenses for the third quarter of 2012 were $63.6 million, compared to $61.6 million for the third quarter of 2011. For the first nine months of 2012, total costs and expenses were $193.4 million, compared to $171.6 million in the first nine months of 2011. The planned increases in 2012 costs and expenses were primarily driven by ADCETRIS commercialization activities, cost of sales and research and development of the companys other ADC pipeline programs.

Link:
Seattle Genetics Reports Third Quarter 2012 Financial Results

Comments are closed.