Seagen reports Q1 EPS (93c), consensus (82c)

Reports Q revenue $519.7M, consensus $517.02M."Seagen delivered strong performance in the first quarter, with significant growth of 22 percent for both total revenue and net product sales, compared to 2022, driven by our multi-product commercial portfolio," said David Epstein, Chief Executive Officer of Seagen. "This month the FDA granted accelerated approval for PADCEV with KEYTRUDA for first-line treatment of patients with locally advanced or metastatic urothelial cancer who are ineligible for cisplatin. Additionally, the NCCN Guidelines for bladder cancer were recently updated to include the combination as a preferred regimen in this setting. This new indication substantially expands the number of addressable patients for this first-in-class therapy." "In addition, this month we presented 17 abstracts at the American Association for Cancer Research (AACR) Annual Meeting, including clinical and preclinical data from our early-stage pipeline," added Mr. Epstein. "At the upcoming American Society of Clinical Oncology Annual Meeting we will be presenting data from more than a dozen abstracts, including an oral presentation on long-term follow-up data from the combination of PADCEV and KEYTRUDA as well as updated data for SGN-B6A, a vedotin ADC targeting integrin beta-6, which is highly expressed in multiple solid tumors. We continue to link innovation to impact as we work to optimize the potential of our commercial products, prioritize the development of our most transformational pipeline assets and develop next-generation ADC technologies through the exploration of new payloads and linkers. Together with Pfizer, we will accelerate our ability to deliver transformative cancer medicines to more patients in need around the world."