Why Seattle Genetics (SGEN) Hit An All-Time High Today

NEW YORK (TheStreet) -- Seattle Genetics (SGEN) soared to an all-time high of $51.97 on Wednesday morning after the biotech company announced a narrower-than-expected loss in its fourth-quarter results, along with revenues that surpassed analysts' expectations.

The company reported a loss of 13 cents a share, which was narrower than the Zacks consensus estimate of 24 cents but still wider than the loss of nine cents a share from the fourth quarter one year ago. Revenues increased to $67.4 million from $63.9 million in the same period one year earlier. This surpassed analysts' expectations of $59 million.

"Our 2013 financial results highlight our progress with ADCETRIS, which now has approvals or marketing authorizations in 39 countries and generated total 2013 global net sales of more than $250 million, reflecting growth inthe United States and Canada as well as product launches by Takeda in the rest of the world. We also reported strong collaboration revenues in 2013, including multiple upfront and milestone payments generated under our ADC collaborations," said President and CEO Clay B. Siegall, Ph.D. in the company's statement.

"We remain well positioned to continue investing in the broad clinical development of ADCETRIS in earlier lines of lymphoma therapy and other CD30-positive malignancies, as well as advancement of our five clinical-stage pipeline programs for cancer. We anticipate several important milestones during 2014, notably data from our ADCETRIS phase 3 AETHERA clinical trial as well as clinical data from two of our proprietary ADCs, SGN-CD19A and SGN-CD33A."

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