Seattle Genetic's First-Quarter Results in Line with 2017 Expectations
Seattle Genetics' first-quarter results put the company on track to meet our full-year estimates. Excluding a 2016 milestone payment, Adcetris (relapsed/refractory non-Hodgkin’s lymphoma) sales in North America grew 20% year-over-year this quarter, while royalties on rest-of-world Adcetris revenue jumped 38%. While we did not adjust our full year top-line estimates for the firm, we plan on increasing our $44 per share fair value estimate to incorporate our new expectations for U.S. corporate tax...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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