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Seattle Genetics, Inc. (SGEN - Snapshot Report) reported fourth quarter 2012 net loss per share of 9 cents, narrower than the Zacks Consensus Estimate of a loss of 13 cents and the year-ago loss of 24 cents per share.
Fourth quarter revenues were $63.9 million, compared with $48.9 million in the year-ago quarter. Revenues surpassed the Zacks Consensus Estimate of $56 million. Revenues were mainly driven by collaboration and license agreement revenues and Adcetris (brentuximab vedotin) sales.
Full year 2012 net loss per share was 46 cents, narrower than the Zacks Consensus Estimate of a loss of 55 cents and the year-ago loss of $1.34 per share. Revenues in 2012 were $210.8 million, compared with $94.8 million in 2011. Revenues for 2012 were below the Zacks Consensus Estimate of $212 million.
The Quarter in Detail
Net revenues for the fourth quarter included Adcetris revenues (up 6.5% to $35.4 million), collaboration and license agreement revenues (up 68.4% to $26.4 million) and royalty revenues.
Seattle Genetics is making efforts to expand Adcetris’ label. In Jan 2013, a global phase III study (ECHELON-2) was initiated on Adcetris. In this study, Adcetris plus chemotherapy will be evaluated for the front-line treatment of CD30-positive MTCL including patients with sALCL and other types of peripheral T-cell lymphomas.
Earlier this month Health Canada approved Adcetris for the treatment of relapsed or refractory Hodgkin lymphoma (HL) and systemic anaplastic large cell lymphoma (sALCL). For similar indications, Adcetris was approved by the US Food and Drug Administration (FDA) in Aug 2011 and in the EU in Oct 2012.
Seattle Genetics intends to submit a supplemental biologics license application (sBLA) in the first half of 2013 for the use of Adcetris in the retreatment of patients and for extended duration of use beyond 16 cycles of therapy.
Research and development expenses increased 18.7% year over year to $47.7 million. Selling, general and administrative expenses fell 6.4% year over year to $23.4 million.
Seattle Genetics expects Adcetris sales in the range of $130 to $140 million in 2013. 2012 Adcetris revenues were $138.2 million.
Revenues from collaboration and license agreements in 2013 are expected in the range of $65 million to $75 million. The company reported 2012 collaboration and license agreements revenues of $67.5 million.
Research and development expenses are expected to increase to $210 million to $230 million in 2013. Selling, general and administration expenses are also expected to increase to $85 million to $95 million.
Seattle Genetics currently carries a Zacks Rank #4 (Sell). Right now, Cytokinetics, Inc. (CYTK - Snapshot Report), Cambrex Corp. (CBM - Snapshot Report) and Targacept, Inc. (TRGT - Snapshot Report) look more attractive with a Zacks Rank #1 (Strong Buy).
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