No-Moat Seattle Genetics' Oncology Portfolio Continues to Expand
Seattle Genetics reported revenue of $195 million, slightly below our expectations, with Adcetris sales seasonably softer in the first quarter. Net Adcetris sales of $135 million in the United States and Canada represent a 42% increase from last year, and we are maintaining our forecast of about $610 million for the full year, which falls at the lower end of management's maintained guidance. Operating expenses were mostly in line with our expectations, with costs and expenses from Seattle's mult...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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