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Seattle Genetics Reports Third Quarter 2012 Financial Results

Stocks in this article: SGEN

Conference Call Details

Seattle Genetics’ management will host a conference call and webcast to discuss the financial results and provide an update on business activities. The event will be held today at 1:30 p.m. Pacific Time (PT); 4:30 p.m. Eastern Time (ET). The live event will be available from Seattle Genetics’ website at www.seattlegenetics.com, under the Investors and News section, or by calling (866) 225-8754 (domestic) or (480) 629-9866 (international). The access code is 4570300. A replay of the discussion will be available beginning at approximately 3:30 p.m. PT today from Seattle Genetics’ website or by calling (800) 406-7325 (domestic) or (303) 590-3030 (international), using access code 4570300. The telephone replay will be available until 4:00 p.m. PT on Friday, November 9, 2012.

About Seattle Genetics

Seattle Genetics is a biotechnology company focused on the development and commercialization of monoclonal antibody-based therapies for the treatment of cancer. The FDA granted accelerated approval of ADCETRIS in August 2011 for two indications. ADCETRIS is being developed in collaboration with Millennium: The Takeda Oncology Company. In addition, Seattle Genetics has three other clinical-stage ADC programs: SGN-75, ASG-5ME and ASG-22ME. Seattle Genetics has collaborations for its ADC technology with a number of leading biotechnology and pharmaceutical companies, including Abbott, Agensys (an affiliate of Astellas), Bayer, Celldex Therapeutics, Daiichi Sankyo, Genentech, GlaxoSmithKline, Millennium, Pfizer and Progenics, as well as ADC co-development agreements with Agensys and Genmab. More information can be found at www.seattlegenetics.com.

Certain of the statements made in this press release are forward looking, such as those, among others, relating to the company’s expectations for initiation of future clinical trials, data availability from ongoing clinical trials, expectations for additional regulatory approvals and expectations for revenue and expenses for the year 2012. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include sales of ADCETRIS may not be as expected or expenses may exceed current projections. We may also be delayed in our planned trial initiations and regulatory submissions and approvals for reasons outside of our control. We may also fail to receive milestone payments under our collaborations. In addition, if we do not meet our financial guidance or the expectations of analysts or investors, our stock price may be adversely impacted. More information about the risks and uncertainties faced by Seattle Genetics is contained in the company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 filed with the Securities and Exchange Commission. Seattle Genetics disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

Seattle Genetics, Inc. Condensed Consolidated Balance Sheets(Unaudited)(In thousands)

 
 

September 30, 2012

  December 31, 2011
Assets
Cash, cash equivalents, and investments $ 313,934 $ 330,696
Other assets   101,396   94,520
Total assets $ 415,330 $ 425,216
 
Liabilities and Stockholders' Equity
Accounts payable and accrued liabilities $ 42,525 $ 53,048
Deferred revenue and long-term liabilities 150,229 153,319
Stockholders' equity   222,576   218,849
Total liabilities and stockholders' equity $ 415,330 $ 425,216
 
 
Seattle Genetics, Inc. Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts)
 
  Three months ended September 30,   Nine months ended September 30,
2012   2011 2012   2011
Revenues
Net product sales $ 33,658 $ 10,047 $ 102,845 $ 10,047
Collaboration and license agreement revenues 14,476 10,619 41,119 35,844
Royalty revenues   1,698     -     2,936     -  
Total revenues   49,832     20,666     146,900     45,891  
Costs and expenses
Cost of sales 2,742 724 8,808 724
Cost of royalty revenues 613 - 1,115 -
Research and development 41,392 41,080 122,634 123,157
Selling, general and administrative   18,842     19,795     60,889     47,705  
Total costs and expenses   63,589     61,599     193,446     171,586  
Loss from operations (13,757 ) (40,933 ) (46,546 ) (125,695 )
Investment and other income, net   105     248     3,360     830  
Net loss $ (13,652 ) $ (40,685 ) $ (43,186 ) $ (124,865 )
 
Basic and diluted net loss per share $ (0.12 ) $ (0.35 ) $ (0.37 ) $ (1.11 )
 

Weighted-average shares used in computing basic and diluted net loss per share

118,471 114,727 117,361 112,435
 




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