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Seattle Genetics Inc. Message Board

  • redhot47fla redhot47fla Nov 5, 2013 4:12 PM Flag

    SGEN 3Q 2013 Results - stronger revenues and cash reserves, higher costs and net loss, upward revision for Adcetris

    Total revenues in the third quarter of 2013 were $71.0 million, compared to $49.8 million in the third quarter of 2012. Revenues for the nine month period ended September 30, 2013 were $201.9 million, compared to $146.9 million for the same period in 2012. Revenues in 2013 included ADCETRIS net product sales of $36.5 million in the third quarter and $106.1 million for the year-to-date. Revenues in 2013 also included ADCETRIS royalty revenues of $5.3 million for the third quarter and $11.2 million for the year-to-date from international sales of ADCETRIS by Takeda. In addition, revenues reflect amounts earned under the company’s ADCETRIS and ADC collaborations totaling $29.2 million in the third quarter of 2013 and $84.5 million for the year-to-date in 2013. Collaboration revenues have increased in 2013 driven by the company’s ADCETRIS collaboration with Takeda as well as its ADC collaborations.

    Total costs and expenses for the third quarter of 2013 were $94.8 million, compared to $63.6 million for the third quarter of 2012. For the first nine months of 2013, total costs and expenses were $249.0 million, compared to $193.4 million in the first nine months of 2012. The planned increases in 2013 costs and expenses were primarily driven by ADCETRIS expenses, including clinical trials to explore potential additional uses of ADCETRIS and drug supply to Takeda under the collaboration. Research and development expenses also include increased investment in the company’s ADC pipeline programs….
    Net loss for the third quarter of 2013 was $23.7 million, or $0.19 per share, compared to a net loss of $13.7 million, or $0.12 per share, for the third quarter of 2012. For the nine months ended September 30, 2013, net loss was $46.8 million, or $0.39 per share, compared to a net loss of $43.2 million, or $0.37 per share, for the same period in 2012….

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