One-Off Items Shake Up Seattle Genetics' 4Q; Maintaining $65 FVE
We don't anticipate a material change to our fair value estimate for no-moat Seattle Genetics following fourth-quarter results. Fourth-quarter revenue of over $174 million was slightly higher than our expectations, mostly due to better-than-expected Adcetris sales by partner Takeda, resulting in $83 million in royalty revenue, up 26% from last year. However, bottom-line results were lower than our expectations and analyst consensus. An $18 million inventory write-off bumped up cost of sales to o...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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