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Seattle Genetics Inc Wa (SGEN) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Seattle Genetics Inc Wa

CIK: 1060736 Ticker: SGEN

Exhibit 99.1

Seattle Genetics Reports Fourth Quarter and Year 2013 Financial Results

-Total 2013 Revenues of $269.3 Million, Including $144.7 Million in

ADCETRIS® (Brentuximab Vedotin) U.S. and Canada Net Product Sales-

-Data Anticipated in 2014 from ADCETRIS Phase 3 AETHERA Trial and SGN-CD19A and SGN-CD33A Pipeline Programs-

-Conference call today at 4:30 p.m. ET-

Bothell, WA — February 11, 2014 — Seattle Genetics, Inc. (Nasdaq: SGEN) today reported financial results for the fourth quarter and year ended December 31, 2013. The company also highlighted ADCETRIS (brentuximab vedotin) commercialization and clinical development activities, progress with its antibody-drug conjugate (ADC) pipeline, collaborator updates and upcoming milestones.

“Our 2013 financial results highlight our progress with ADCETRIS, which now has approvals or marketing authorizations in 39 countries and generated total 2013 global net sales of more than $250 million, reflecting growth in the United States and Canada as well as product launches by Takeda in the rest of the world. We also reported strong collaboration revenues in 2013, including multiple upfront and milestone payments generated under our ADC collaborations,” said Clay B. Siegall, Ph.D., President and Chief Executive Officer at Seattle Genetics. “We remain well positioned to continue investing in the broad clinical development of ADCETRIS in earlier lines of lymphoma therapy and other CD30-positive malignancies, as well as advancement of our five clinical-stage pipeline programs for cancer. We anticipate several important milestones during 2014, notably data from our ADCETRIS phase 3 AETHERA clinical trial as well as clinical data from two of our lead proprietary ADCs, SGN-CD19A and SGN-CD33A.”

Recent ADCETRIS Highlights

 

  Announced that Seattle Genetics and its collaborator Takeda Pharmaceutical Company Limited (Takeda) have aligned with the U.S. Food and Drug Administration (FDA) and European Union regulatory agencies on a protocol amendment to unblind the phase 3 AETHERA clinical trial in the second half of 2014.

 

  Negotiated an agreement with the Pan-Canadian Pricing Alliance (PCPA) recommending provincial funding of ADCETRIS as a treatment for patients with relapsed/refractory Hodgkin lymphoma (HL) and relapsed/refractory systemic anaplastic large cell lymphoma (sALCL). The PCPA includes key provinces/territories with the exception of Quebec, where discussions are ongoing.

 

  Received orphan drug designation from the FDA for diffuse large B-cell lymphoma (DLBCL).

 

  Reported on data from multiple clinical trials of ADCETRIS, including its evaluation in frontline HL, frontline mature T-cell lymphoma (MTCL), relapsed cutaneous T-cell lymphoma (CTCL) and relapsed DLBCL at the 2013 American Society of Hematology (ASH) annual meeting.

 

  Achieved a $5 million milestone payment from Takeda triggered by Takeda surpassing ADCETRIS annual net sales of $100 million in its territories. The milestone will be recognized as royalty revenue in the first quarter of 2014.


The following information was filed by Seattle Genetics Inc Wa (SGEN) on Tuesday, February 11, 2014 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Accounts Payable And Accrued Liabilities (tables)
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Basis Of Presentation And Summary Of Significant Accounting Policies - Other Non-current Assets - Additional Information1 (detail)
Basis Of Presentation And Summary Of Significant Accounting Policies - Schedule Of Concentration Of Accounts Receivable Attributable To Certain Major Distributors Or Collaborators (detail)
Basis Of Presentation And Summary Of Significant Accounting Policies - Schedule Of Other Non-current Assets (detail)
Basis Of Presentation And Summary Of Significant Accounting Policies - Schedule Of Percent Of Revenue Associated With Each Major Distributor Or Collaborator (detail)
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Ticker: SGEN
CIK: 1060736
Form Type: 10-K Annual Report
Accession Number: 0001193125-14-077371
Submitted to the SEC: Fri Feb 28 2014 4:17:13 PM EST
Accepted by the SEC: Fri Feb 28 2014
Period: Tuesday, December 31, 2013
Industry: Biological Products No Disgnostic Substances

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