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Seattle Genetics Reports Fourth Quarter And Year 2012 Financial Results

Stocks in this article: SGEN

Other Recent Highlights

  • Initiated two phase I trials of SGN-CD19A, a CD19-targeted ADC. One trial is in B-cell acute lymphocytic leukemia and one is in B-cell non-Hodgkin lymphomas.
  • Reported interim data from a phase I clinical trial of ASG-5ME in patients with metastatic pancreatic cancer demonstrating tolerability and preliminary evidence of antitumor activity. Phase I trials of ASG-5ME in prostate and gastric cancer are ongoing.
  • Reported preclinical data on SGN-CD33A, a novel ADC using the company’s next generation technology, and clinical data from collaborator programs at the ASH annual meeting.
  • Expanded the company’s ADC relationship with AbbVie (formerly part of Abbott), generating an upfront payment to Seattle Genetics of $25 million.
  • Received a milestone payment under an ADC collaboration with AbbVie triggered by AbbVie’s initiation of a phase I clinical trial of an ADC utilizing Seattle Genetics’ technology for patients with squamous cell tumors.
  • Received milestone payments under an ADC collaboration with Genentech, a member of the Roche Group, triggered by Genentech’s advancement of two ADCs utilizing Seattle Genetics’ technology into phase II clinical development.
  • Achieved a milestone payment under an ADC collaboration with GlaxoSmithKline triggered by preclinical progress with an ADC utilizing Seattle Genetics’ technology.

Upcoming Milestones

  • Initiate a phase I/II clinical trial of ADCETRIS in combination with bendamustine for second-line HL patients during the first quarter of 2013.
  • Submit a supplemental biologics license application (sBLA) for ADCETRIS for its use in the retreatment of patients and for extended duration of use beyond 16 cycles of therapy in the first half of 2013.
  • Submit an investigational new drug (IND) application to the FDA for SGN-CD33A, a CD33-targeted ADC utilizing the company’s next generation technology. A phase I trial in acute myeloid leukemia is expected to begin during 2013.
  • Submit an IND application to the FDA for SGN-LIV1A, a LIV-1-targeted ADC. A phase I trial in breast cancer is expected to begin during 2013.

Fourth Quarter and Year 2012 Financial Results

Total revenues in the fourth quarter of 2012 were $63.9 million, compared to $48.9 million in the fourth quarter of 2011. Total revenues for the year ended December 31, 2012 were $210.8 million, compared to $94.8 million in 2011. Revenues in 2012 include ADCETRIS net product sales of $35.4 million in the fourth quarter and $138.2 million for the year. Revenues in 2012 reflect $2.6 million in ADCETRIS net sales to patients in Canada under a Special Access Program that were recognized in the fourth quarter. Revenues also reflect amounts earned under the company’s ADCETRIS and ADC collaborations totaling $26.4 million in the fourth quarter of 2012 and $67.5 million for the year.

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