Cancer drugmaker Seattle Genetics reported stronger-than-expected revenues for the second quarter as its stock rose more than 8 percent in after-hours trading.
The Bothell, Wash.-based drugmaker posted $218 million in Q2 revenue, versus $170 million for the same period last year. The money came primarily from sales of Adcetris, which is approved for the treatment of certain lymphoma cancers.
Losses in the quarter rose to $79 million, or $0.49 per share. Wall Street analysts had expected losses of $0.38 per share.
In May, Adcetris was approved in Canada for the treatment of Hodgkin lymphoma in combination with chemotherapy. Seattle Genetics also received a $7.5 million payment from Takeda in June following a frontline approval of the drug. The drugmaker expects to take in more than $610 million from net sales of Adcetris this year.
This morning, Seattle Genetics submitted an application to the FDA for a biologic drug called enfortumab vedotin that treats metastatic urothelial cancer. Seattle Genetics is also developing drugs for metastatic breast and cervical cancers, with pivotal trial data expected in 2019 and 2020.
Seattle Genetics raised its outlook range for revenues related to collaboration and licensing agreements by $15 million and lowered the forecast for costs from general expenses by $35 million.
