Seattle-based biotech company Seattle Genetics announced a revenue of $109 million for the first quarter of 2017 Thursday, narrowly beating analyst expectations of $103 million.
The company’s stock climbed slightly after markets closed, up 2 percent to $68.26.
The majority of the company’s revenue — $70.3 million — came from sales of Adcetris, the company’s antibody-based immunotherapy treatment for advanced lymphoma. It is the first and only of the company’s drugs on the market.
Seattle Genetics’ total revenue was lower this quarter than in the first quarter of 2016, when it posted a revenue of $111 million. But revenue from Adcetris sales climbed 20 percent compared to the first quarter of last year, good news for the company.
Seattle Genetics’ loss per share hit expectations precisely at $0.42. In the first quarter of 2016, that number was just $0.15, an indication of the company’s ongoing research and development efforts.
Seattle Genetics has a dozen other drugs in various stages of clinical trials, with several in the final stages before seeking FDA approval.
