Seattle Genetics reports narrower 2Q loss
Seattle Genetics says 2Q loss narrowed on revenue from licensing deals
BOTHELL, Wash. (AP) -- Seattle Genetics Inc. said Wednesday that its financial losses narrowed in the second quarter because of higher revenue from licensing and collaborative agreements with Bayer and others drugmakers.
The company said it lost $6.9 million, or 6 cents per share, compared with a loss of $17.2 million, or 15 cents per share, a year earlier. Revenue increased to $73.6 million from $48.4.
Most of the growth came from licensing agreements, including up to $20 million from Bayer for use of Seattle Genetics' antibody drug conjugate technology, which is used to fight cancer.
Analysts polled by FactSet expected the company to report a loss of 19 cents per share.
Seattle Genetics' markets its own targeted cancer drug Adcetris, which is used as a treatment for Hodgkin's lymphoma and systemic anaplastic large cell lymphoma. The Food and Drug Administration approved the drug in August 2011. The drug had sales of $35.7 million in the second quarter and $55.3 million for the first six months of the year.
CEO Clay Siegall noted in a statement that Adcetris is approved in 35 countries and the company has 20 ongoing clinical trials.
The company is studying an experimental compound, SGN-CD33A for acute myeloid leukemia.
Shares of Seattle Genetics Inc. fell 97 cents, or 2.39 percent, to $39.55 in after-hours trading.
