Seattle Genetics Inc. (SGEN, Financial) filed Quarterly Report for the period ended 2012-03-31.
Seattle Genetic has a market cap of $2.27 billion; its shares were traded at around $18.77 with and P/S ratio of 24. Seattle Genetic had an annual average earning growth of 3.2% over the past 10 years.
Revenues earned under our ADCETRIS and ADC collaborations with Millennium represented 46% and 59% of our collaboration and license agreement revenues during the three months ended March 31, 2012 and 2011, respectively. Revenues from Millennium decreased during the three months ended March 31, 2012 from the comparable period in 2011 primarily as a result of the earned portion of an exclusive license fee that was paid in the first quarter of 2011 related to the ADC collaboration, partially offset by increased revenue from the ADCETRIS collaboration.
Genentech revenues decreased 39% to $0.9 million during the three months ended March 31, 2012 from the comparable period in 2011 as a result of the earned portion of milestone payments made to us in the 2011 period.
Abbott revenues for the three month period ended March 31, 2012 reflect the earned portion of an $8 million upfront payment and reimbursable support we provided to Abbott under our ADC collaboration agreement that we entered into in March 2011.
Pfizer revenues increased 13% during the three months ended March 31, 2012 from the comparable period in 2011 as a result of revenue recognition attributable to a milestone payment made to us in late 2011.
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Seattle Genetic has a market cap of $2.27 billion; its shares were traded at around $18.77 with and P/S ratio of 24. Seattle Genetic had an annual average earning growth of 3.2% over the past 10 years.
Highlight of Business Operations:
We began commercial sales of ADCETRIS in the United States during August 2011, and our revenues are generated from a combination of ADCETRIS sales and our collaboration and license agreements. Collaboration revenues reflect the earned amount of upfront technology access fees, milestone payments, reimbursement for support and materials supplied to our collaborators, and development cost-sharing under our product collaborations. For the three months ended March 31, 2012, total revenues increased to $48.2 million, compared to $12.2 million for the same period in 2011. This increase reflects product sales of ADCETRIS in 2012 and growth in collaboration revenue. For the three months ended March 31, 2012, total costs and expenses increased 41% to $63.7 million, compared to $45.1 million for the same period in 2011. This reflects increases in sales and marketing expenses, clinical development activities to explore additional potential applications of ADCETRIS and development costs associated with advancing our ADC product candidates as well as cost of sales for the 2012 period. As of March 31, 2012, we had $308.9 million in cash, cash equivalents and short-term investments, and $220.2 million in total stockholders equity.Revenues earned under our ADCETRIS and ADC collaborations with Millennium represented 46% and 59% of our collaboration and license agreement revenues during the three months ended March 31, 2012 and 2011, respectively. Revenues from Millennium decreased during the three months ended March 31, 2012 from the comparable period in 2011 primarily as a result of the earned portion of an exclusive license fee that was paid in the first quarter of 2011 related to the ADC collaboration, partially offset by increased revenue from the ADCETRIS collaboration.
Genentech revenues decreased 39% to $0.9 million during the three months ended March 31, 2012 from the comparable period in 2011 as a result of the earned portion of milestone payments made to us in the 2011 period.
Abbott revenues for the three month period ended March 31, 2012 reflect the earned portion of an $8 million upfront payment and reimbursable support we provided to Abbott under our ADC collaboration agreement that we entered into in March 2011.
Pfizer revenues increased 13% during the three months ended March 31, 2012 from the comparable period in 2011 as a result of revenue recognition attributable to a milestone payment made to us in late 2011.
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