Seattle Genetics, Inc.
) reported first quarter 2013 net loss per share of 14 cents,
narrower than the Zacks Consensus Estimate of a loss of 19 cents,
but wider than the year-ago loss of 11 cents per share.
First quarter revenues were $57.3 million, compared with $48.2
million in the year-ago quarter. Revenues surpassed the Zacks
Consensus Estimate of $54 million.
Net revenues for the first quarter included Adcetris revenues
(down 1.7% to $33.9 million), collaboration and license agreement
revenues (up 52.8% to $21 million) and royalty revenues. With
Adcetris generating $33.9 million of revenues in this quarter,
Seattle Genetics is on track to achieve its guidance of $130
million to $140 million by the end of 2013.
Research and development expenses increased 24% year over year
to $47.7 million. Selling, general and administrative expenses
fell 1.3% year over year to $21.9 million.
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 mature
T-cell lymphomas (MTCL) including patients with systemic
anaplastic large cell lymphoma (sALCL) and other types of
peripheral T-cell lymphomas.
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. Adcetris is approved
for the treatment of relapsed or refractory Hodgkin lymphoma (HL)
By mid-2013, Seattle Genetics will initiate a phase I/II study
of Adcetris in combination with bendamustine for second-line HL
In the second half of 2013, Seattle Genetics will initiate a
phase II frontline study of Adcetris in combination with
Roche Holding / Biogen Idec
) Rituxan and standard chemotherapy (R-CHOP) for patients with
diffuse large B-cell lymphoma.
Seattle Genetics has collaborations with various companies for
the development of antibody-drug conjugates (ADCs). ADC
collaborators are progressing on various programs.
Seattle Genetics currently carries a Zacks Rank #4 (Sell).
Transcept Pharmaceuticals, Inc.
) looks more attractive with a Zacks Rank #1 (Strong Buy).
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