Seagen Q2 Earnings - Better Than Expected, Mum On M&A, Lifts Outlook

  • Seagen Inc SGEN released its Q2 earnings and kept quiet on any update on the M&A front as rumors fly around a potential Merck & Co Inc MRK buyout. 
  • Related: Merck's Potential Buyout Of Seagen Expected Within Next Few Weeks: Report.
  • Seagen reported Q2 sales of $497.5 million, up 28% Y/Y, beating the consensus of $437.55 million.
  • The EPS loss of $(0.73) came in higher than $(0.47) a year ago and surpassed the consensus of $(0.86).
  • Seagen held approximately $1.9 billion in cash and investments.
  • Also Read: Seagen's Bladder Cancer Trial Data Meets Expectation, Analysts Say.
  • Guidance: The company also raised its full-year guidance to $1.71 billion - $1.79 billion, up from $1.66 billion - $1.75 billion predicted in Q1 of this year, compared to the consensus of $1.78 billion.
  • Seagen is expecting $1.5 billion in net product sales and $50 - $60 million in collaboration and license agreement revenues. 
  • Last quarter, Seagen estimated it would only net $25 to $30 million from that sector.
  • Price Action: SGEN shares are up 0.95% at $179.11 during the market session on the last check Friday.
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Posted In: BiotechEarningsLarge CapNewsGuidanceHealth CareGeneralBriefs