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Seattle Genetics Inc. Reports Operating Results (10-Q)

November 05, 2010 | About:
10qk

10qk

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Seattle Genetics Inc. (SGEN) filed Quarterly Report for the period ended 2010-09-30.

Seattle Genetics Inc. has a market cap of $1.5 billion; its shares were traded at around $14.83 with and P/S ratio of 28.9. Seattle Genetics Inc. had an annual average earning growth of 2.2% over the past 10 years.SGEN is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, RS Investment Management, Bruce Kovner of Caxton Associates.
This is the annual revenues and earnings per share of SGEN over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of SGEN.


Highlight of Business Operations:

To date, we have generated revenues principally from our collaboration and license agreements. These revenues reflect upfront technology access fees, milestone payments, reimbursement for support and materials supplied to our collaborators, and development cost-sharing under our brentuximab vedotin collaboration with Millennium. For the nine months ended September 30, 2010, revenues increased to $99.3 million, compared to $30.2 million for the same period in 2009. This increase was primarily due to accelerated revenue recognition during the first half of 2010 related to the termination of our dacetuzumab collaboration with Genentech. For the nine months ended September 30, 2010, total operating expenses increased 30% to $132.6 million, compared to $102.4 million for the same period in 2009. Our net loss for the nine-month period ended September 30, 2010 was $31.7 million compared to a net loss of $69.6 million for the same period in 2009, which decrease was driven by the accelerated recognition of revenues earned under the dacetuzumab collaboration agreement with Genentech during the 2010 period. As of September 30, 2010, we had $315.6 million in cash, cash equivalents and short-term and long-term investments, and $189.8 million in total stockholders’ equity.

Millennium revenues reflect amounts earned under our December 2009 brentuximab vedotin collaboration agreement and our March 2009 ADC collaboration agreement. Millennium revenues increased in the third quarter and nine months ended September 30, 2010 compared to the corresponding periods of 2009 primarily as a result of the recognition of the earned portion of a $60.0 million up front payment received by us in the first quarter of 2010 related to the brentuximab vedotin collaboration agreement, and amounts payable to us for development activities conducted under the brentuximab vedotin collaboration that are reimbursed by Millennium. Millennium revenues also include the earned portion of a $4.0 million upfront payment and reimbursable support and research materials we provided to Millennium under our ADC collaboration agreement entered into in March 2009.

Daiichi Sankyo revenues increased during both the three and nine month periods ended September 30, 2010 as a result of the earned portion of a $4.0 million upfront payment and reimbursable support we provided to Daiichi Sankyo under our ADC collaboration agreement entered into in July 2008. Agensys revenues increased in the third quarter and nine months ended September 30, 2010 compared to the corresponding periods of 2009. This increase primarily resulted from the recognition of the earned portion of a $12.0 million payment we received in the fourth quarter of 2009 related to an amendment to our collaboration agreement that expanded the scope and extended the research term of the agreement.

Read the The complete Report

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