Seattle Genetics pares 1Q loss on Adcetris sales

BOTHELL, Wash. (AP) -- Seattle Genetics Inc. said Tuesday it took a smaller loss in the first quarter after launching its cancer drug Adcetris. Its revenue for the quarter, however, came in below Wall Street forecasts and its shares dropped 7 percent in extended trading.

The company said sales of Adcetris totaled $34.5 million in the first quarter. The drug was approved by the Food and Drug Administration in August, and is used as a treatment for Hodgkin's lymphoma and systemic anaplastic large cell lymphoma.

Seattle Genetics said it lost $12.3 million, or 11 cents per share, in the first three months of 2012. The result matched analysts' expectations. A year ago it took a loss of $32.7 million, or 30 cents per share.

Revenue climbed to $48.2 million from $12.2 million. Analysts expected the company post $51.3 million in revenue, according to FactSet.

Seattle Genetics said it expects $140 million to $150 million in Adcetris sales in 2012. It backed its forecast of $55 million to $65 million in revenue from collaboration and license agreements.

Shares of Seattle Genetics dropped $1.38 to $17.65 in aftermarket trading following the release of the earnings report. They had ended the regular session down 17 cents to $19.03.