Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Vandana Singh

Read Why This Analyst Is 'Encouraged' By Seagen's Q1 Sales

  • Following Seagen Inc's (NASDAQ:SGEN) 1Q22 earnings release, RBC Capital Markets is encouraged by the quarterly sales of the product portfolio in light of previously set cautious guidance.
  • The analysts have raised the price target to $136 from $132, with the Sector Perform rating unchanged.
  • Though the reiteration of the FY guide confirms performance remains on a plan over a year of execution and ramping readouts. 
  • Seagen reported Q1 product sales of $383.1 million, up 27% Y/Y, primarily driven by PADCEV growth.
  • Total sales reached $426 million, beating the consensus of $401.27 million. EPS loss of $(0.74) came in better than the consensus loss of $(1.00).
  • Seagen expects FY22 total sales of $1.66 billion - $1.75 billion, versus the consensus of $1.78 billion.
  • The analysts note that while the solid 1Q cushions near-term hesitancy, they anticipate competition from AstraZeneca Plc's (NASDAQ:AZN) Enhurtu.
  • Price Action: SGEN shares are up 1.30% at $131.92 during the market session on the last check Friday.
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.