BOTHELL, Wash. (AP) _ Seattle Genetics Inc. (SGEN) on Thursday reported fourth-quarter net income of $25.8 million, after reporting a loss in the same period a year earlier.
The Bothell, Washington-based company said it had profit of 14 cents per share. Losses, adjusted for investment gains, came to 22 cents per share.
The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 45 cents per share.
The biotechnology company posted revenue of $289.8 million in the period, which also beat Street forecasts. Eight analysts surveyed by Zacks expected $223.9 million.
For the year, the company reported that its loss narrowed to $158.7 million, or 96 cents per share. Revenue was reported as $916.7 million.
Seattle Genetics shares have climbed nearly 4% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $118.64, a rise of 57% in the last 12 months.