Increasing Seattle Genetics FVE to $65 Following Japan Approval; 3Q Within Our Expectations
Adcetris sales this quarter were in line with our expectations at $127 million, a 60% increase from last year. Our full-year expectations of $476 million in Adcetris net product sales is within management's guidance. In September, Adcetris in combination with chemotherapy was approved by Japanese regulators in frontline Hodgkin lymphoma for patients with CD30 expression, triggering a $10 million milestone payment from Takeda. After adjusting for this milestone payment, slightly better-than-expec...Seattle Genetics is a biotechnology company that develops and commercializes therapies targeting cancer. The company is commercializing ADCETRIS?, or brentuximab vedotin, for the treatment of several types of lymphoma. The company is also developing a pipeline of therapies for solid tumors and blood-related cancers designed to address unmet medical needs and improve treatment outcomes for patients. Many of the company's programs, including ADCETRIS, are based on its antibody-drug conjugate (ADC), technology. The company's late-stage pipeline includes two ADCs and an oral tyrosine kinase inhibitor, for solid tumors that are in clinical trials designed to support applications for potential regulatory approvals.
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