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Seattle Genetics Inc Wa (SGEN) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Seattle Genetics Inc Wa

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CIK: 1060736 Ticker: SGEN

Exhibit 99.1
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Seattle Genetics Reports Second Quarter 2020 Financial Results

-Total Revenues of $278.0 Million in the Second Quarter, Including Record Net Product Sales of $240.5 Million Driven by Three Marketed Products: ADCETRIS®, PADCEV® and TUKYSA™-
-Reported Positive Topline Results from Pivotal Trial of Tisotumab Vedotin-
-Conference Call Today at 4:30 p.m. ET-

BOTHELL, Wash. — July 30, 2020
 — Seattle Genetics, Inc. (Nasdaq:SGEN) today reported financial results for the second quarter and six months ended June 30, 2020. The Company also highlighted ADCETRIS (brentuximab vedotin), PADCEV (enfortumab vedotin-ejfv) and TUKYSA (tucatinib) commercial and development accomplishments, as well as progress with its lead pipeline programs to treat cancer.
“We generated record product sales of $240.5 million in the second quarter driven by ADCETRIS, PADCEV and now a third commercial product, TUKYSA, following the FDA approval in mid-April for metastatic HER2-positive breast cancer,” said Clay Siegall, Ph.D., President and Chief Executive Officer of Seattle Genetics. “We successfully launched TUKYSA in the United States and are building our international capabilities to support global launches. In addition, we reported another quarter of strong PADCEV sales with revenues of $91.6 million in its first two full quarters on the market. Our total revenues are on track to exceed $1 billion in 2020.”

PRODUCT SALES SUMMARY

•ADCETRIS: Continued growth with net sales in the U.S. and Canada of $167.5 million in the second quarter of 2020, an increase of five percent over the second quarter of 2019.
•PADCEV: U.S. net sales in the second quarter were $57.2 million, an increase of 66 percent over the first quarter of 2020.
•TUKYSA: Second quarter net sales of $15.8 million following U.S. approval in mid-April.

Dr. Siegall continued, “We also made substantial progress in the second quarter across our pipeline of more than a dozen programs. We reported positive results from the innovaTV 204 trial of tisotumab vedotin in recurrent or metastatic cervical cancer and plan to discuss with the FDA the potential submission of a Biologics License Application to support an accelerated approval. In addition, we advanced two novel drug candidates into phase 1 trials. We plan to host an investor R&D day later in 2020 to highlight the breadth of opportunities across our programs.”

COMMERCIAL PRODUCT HIGHLIGHTS
ADCETRIS
•Announced Partner's Ex-U.S. Regulatory Progress: In May 2020, Takeda received approval from the European Commission for ADCETRIS for the treatment of patients with previously untreated systemic anaplastic large cell lymphoma (sALCL) in combination with CHP (cyclophosphamide, doxorubicin, prednisone). Also in May 2020, Takeda received approval from China's National Medical Products Administration for ADCETRIS for the treatment of relapsed or refractory sALCL and Hodgkin lymphoma. This marks the first approval of ADCETRIS in China.

The following information was filed by Seattle Genetics Inc Wa (SGEN) on Friday, July 31, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Seattle Genetics Inc Wa's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Loss
Condensed Consolidated Statements Of Stockholders' Equity
Common Stock
Common Stock (Details)
Fair Value
Fair Value (Tables)
Fair Value - Additional Information (Details)
Fair Value - Summary Of Debt Securities (Details)
Fair Value - Summary Of Fair Value Hierarchy Of Assets Carried At Fair Value And Measured On A Recurring Basis (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Investment And Other Income (Loss), Net
Investment And Other Income (Loss), Net (Details)
Investment And Other Income (Loss), Net (Tables)
Legal Matters
Net Loss Per Share
Net Loss Per Share (Details)
Operating Leases
Operating Leases (Tables)
Operating Leases - Additional Information (Details)
Operating Leases - Lease Cost (Details)
Operating Leases - Summary Of Balance Sheet Information (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Additional Information (Details)
Revenue From Contracts With Customers - Summary Of Collaboration And License Agreement Revenues By Collaborator (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Ticker: SGEN
CIK: 1060736
Form Type: 10-Q Quarterly Report
Accession Number: 0001060736-20-000023
Submitted to the SEC: Fri Jul 31 2020 10:14:55 AM EST
Accepted by the SEC: Fri Jul 31 2020
Period: Tuesday, June 30, 2020
Industry: Biological Products No Disgnostic Substances

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