BOTHELL, Wash. (AP) -- Seattle Genetics Inc. said Wednesday that sales of its lymphoma drug Adcetris totaled $34.7 million in the second quarter, up slightly from the first quarter. The results missed analysts' estimates.
Adcetris, Seattle Genetics' only marketed product, is used as a treatment for Hodgkin's lymphoma and systemic anaplastic large cell lymphoma. The Food and Drug Administration approved the drug in August 2011, and sales in the first quarter of 2012 totaled $34.5 million. The company is conducting additional clinical trials to broaden its marketing approval.
Seattle Genetics said it lost $17.2 million, or 15 cents per share, in the second quarter, an improvement from a loss of $51.5 million, or 45 cents per share, a year earlier. Revenue rose to $48.8 million from $13.1 million. In addition to Adcetris sales, Seattle Genetics reported $12.9 million from collaborations and $1.2 million in royalty revenue.
Analysts forecast a loss of 15 cents per share on $50.5 million in revenue, according to FactSet.
Shares of Seattle Genetics fell 46 cents to $23.87 Wednesday.
