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Seattle Genetics Reports Third Quarter 2012 Financial Results

Total costs and expenses for the third quarter of 2012 were $63.6 million, compared to $61.6 million for the third quarter of 2011. For the first nine months of 2012, total costs and expenses were $193.4 million, compared to $171.6 million in the first nine months of 2011. The planned increases in 2012 costs and expenses were primarily driven by ADCETRIS commercialization activities, cost of sales and research and development of the company’s other ADC pipeline programs.

Under the ADCETRIS collaboration with Millennium, development costs incurred by Seattle Genetics are included in research and development expense. Joint development costs are co-funded by Millennium on a 50:50 basis. Reimbursement payments received from Millennium are recognized as revenue over the development period of the collaboration along with other development payments received, including the upfront payment and milestone payments. Seattle Genetics co-funds development activities performed by Millennium under the collaboration, which reduces the amount of reimbursement payments received from Millennium.

Non-cash, share-based compensation expense for the first nine months of 2012 was $17.9 million, compared to $14.0 million in the first nine months of 2011.

Net loss for the third quarter of 2012 was $13.7 million, or $0.12 per share, compared to a net loss of $40.7 million, or $0.35 per share, for the third quarter of 2011. For the nine months ended September 30, 2012, net loss was $43.2 million, or $0.37 per share, compared to a net loss of $124.9 million, or $1.11 per share, for the same period in 2011.

As of September 30, 2012, Seattle Genetics had $313.9 million in cash, cash equivalents and investments, compared to $330.7 million as of December 31, 2011.

2012 Revenue Outlook

Seattle Genetics now anticipates that revenues from ADCETRIS net product sales will be in the range of $132 million to $137 million in 2012.

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