Needham & Company Maintains a 'Buy' on Seattle Genetics (SGEN); Q2 Preview of Adcetris Sales 1:06 PM ET, 07/18/2012 - Street Insider
Needham & Company maintains a 'Buy' on Seattle Genetics (NASDAQ: SGEN).
Analyst, Alan Carr, said, "SGEN is expected to report 2Q12 financial results on 8/8/12. Our 2Q12 Adcetris net sales estimate is $36.3M. The company reported $34.5M in 1Q12 Adcetris sales (+4% q/q). Volume growth was +12% q/q. Management provided initial 2012 Adcetris sales guidance of $140-150M in May 2012."
"We are focused on the long-term commercial potential of Adcetris. Data from three ongoing company-sponsored Adcetris clinical trials were presented at the ASCO meeting in early June. Results from a Phase 2 retreatment trial indicate physicians can return to the drug and expect efficacy comparable to initial treatment. Encouraging signs of efficacy were seen in the first interim analysis of a Phase 2 trial in CD30+ r/r NHL patients, including r/r DLBCL (4/7 OR)...An MAA for Adcetris was accepted by the EMA in June 2011. We expect approval in Europe in 2H12, at which point a milestone payment from Takeda is due."