Seagen Reports Q3 Miss, Revenues Beat, 2022 Guidance Raised

Seagen (NASDAQ:SGEN) reported its Q3 results, with EPS of ($1.03) coming in worse than the Street estimate of ($0.95). Revenue was $510 million, compared to the Street estimate of $459.58 million.

The company raised its fiscal 2022 net product sales guidance (including Adcetris, Tukysa, and Padcev) to $1.580–1.615 billion from $1.500–1.565 billion driven by strong Adcetris momentum and less-than-expected impact on Tukysa in 2022.

The company also confirmed the submission of an sBLA to FDA in October for Padcev+Keytruda in 1L la/mUC. CEO search efforts continue and the timing of several catalysts from the pipeline has been updated.