Seattle Genetics, the maker of cancer drug Adcetris, beat analyst expectations by a noticeable margin in its third-quarter earnings, reported Thursday.
The company brought in a revenue of $135.3 million in the third quarter, soundly beating analyst expectations of just $112.8 million. More than half of that revenue, $79.2 million, came from sales of Adcetris, which is on the market in Canada and the U.S.
The company also beat expectations in net loss per share: It reported a $0.35 loss per share, as opposed to the $0.42 analysts had predicted.
“We have recently delivered on several important goals that continue to strengthen the ADCETRIS brand and advance our portfolio of pipeline programs,” Clay Siegall, Seattle Genetics CEO, said in a statement.
Siegall said the quarter’s clinical highlights included a special FDA designation of Adcetris — which means it may soon be used as a treatment for more cancers — and the advancement of two more products into phase 2 trials, part of the three-step clinical trial process required before drugs can be approved for market by the FDA.
