Seattle Genetics reported fourth quarter revenue of $93.5 million, beating Wall Street’s expectations of $88.28 million, and a net loss of $24.9 million, or $0.18 each share, which likewise beat analyst expectations of a loss of $0.twenty each share.
Still, the company’s stock ended Wednesday at $26.87 each share, down 7 percent. Shares of Seattle Genetics are down 40 percent in the past year.
Nearly every one of the company’s product sales in 2015 were steered by its cancer drug ADCETRIS. The drug owned tape-record net sales of $63 thousand over the fourth quarter, a 7 percent quarter-over-quarter increase. Annual ADCETRIS sales were likewise up 27 percent because last year, coming in at $226 million.
Seattle Genetics is among the region’s larger biotechnology companies, focusing on the subject of the improvement and sales of cancer drugs. Seattle Genetics has actually made an antibody drug conjugate (ADC) that can easily deliver cell-killing agents straight and solely to cancerous cells, in contrast to traditional cancer procedures that target cells indiscriminately, according to its website. Along with an ADC, non-cancerous cells are spared, lowering the harmful effects common to various other cancer procedures that don’t supply a targeted approach.
ADCTERIS is the company’s primary ADC on the subject of the question and electrics its sales. Along with offering tape-record sales for the quarter and for the year, ADCTERIS merely received received FDA approval for an expanded label, meaning that the drug been approved for much more uses and can easily be sold as such, said Clay Siegall, president and CEO of Seattle Genetics in its SEC filing.
Furthermore, ADCETRIS was lately approved in 2 added countries, making it now offered in over 60 nations, Siegall said. Due to its triumph Along with ADCETRIS, Seattle Genetics is optimistic, despite joining the red for the quarter and for the year. They anticipate revenue to enhance to between $390 thousand and $430 thousand in 2016, along Along with projected ADCETRIS sales of $255 thousand to $275 thousand in the coming year.
Seattle Genetics is likewise at the same time of creating much more than 25 various other ADCs outside of ADCETRIS, which could come to be resources of revenue, according to its website.
“Along with a tough monetary position, we are well-placed to keep on delivering on the subject of our aggressive commercial, health care and study goals,” Siegall concluded.
Total revenue for 2015 was $336.8 million, a 17 percent year-over-year increase. Net loss for the year was $120.5 million, compared to a net loss of $76.1 thousand in 2014.
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