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Benzinga
Benzinga
Technology
Vandana Singh

Why Are Seagen Shares Sinking Today?

Seagen Inc (NASDAQ:SGEN) reported Q4 revenues of $429.9 million, compared to $601.3 million a year ago, beating the consensus of $407.21 million.

  • Collaboration revenues for Q4 FY20 reflected license revenue related to ladiratuzumab vedotin and Tukysa agreements with Merck & Co Inc (NYSE:MRK). 
  • Net product sales increased 26% to $369.2 million, primarily attributable to Tukysa and Padcev. 
  • Royalty revenues increased 17% to $46 million primarily driven by sales of Adcetris outside the U.S. and Canada by Takeda Pharmaceutical Co Ltd (NYSE:TAK) and, to a lesser extent, royalties from Polivy by Roche Holdings AG (OTC: RHHBY) and Blenrep by GlaxoSmithKline plc (NYSE: GSK), which are based on Seagen's technology.
  • Related: Seagen's SEA-CD40 Combo Regime Shows Preliminary Antitumor Activity In Pancreatic Cancer.
  • The Company posted a Q4 EPS loss of $(0.95), missing the consensus of $(0.82).
  • Seagen held $2.2 billion in cash and investments.
  • Guidance: For FY22, Seagen expects total sales of $1.66 billion - $1.75 billion, below the consensus of $2.16 billion.
  • Outlook includes Adcetris sales of $730 million - $755 million (+5% Y/Y at midpoint), Padcev sales of $435 million - $455 million (+31% Y/Y) and Tukysa sales of $315 million - $335 million (almost flat).
  • Price Action: SGEN shares traded 15.8% lower at $119 during after-hours trading on Wednesday.
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