Seagen reports Q3 EPS ($1.15) consensus (79c)

Reports Q3 revenue $648.65M, consensus $635.08M…David Epstein, Chief Executive Officer of Seagen said, “Seagen continues to build momentum in 2023 and delivered strong performance, marked by record quarterly net product sales, with significant year-over-year growth of 33%, contributing to total revenues of $649M. Growth was primarily driven by PADCEV or enfortumab vedotin-ejfv, which grew 89% over the same quarter of last year following the successful launch in the U.S. in combination with Keytruda, pembrolizumab, as a front-line treatment for patients with advanced urothelial cancer who are not eligible to receive cisplatin-containing chemotherapy. We also announced positive trial readouts across our commercial portfolio in multiple patient settings.” Highlights include: PADCEV in combination with Keytruda demonstrated a 53% reduction in the risk of death and a near doubling in the median overall survival versus chemotherapy in patients with previously untreated locally advanced or metastatic urothelial cancer who were eligible for cisplatin- or carboplatin-containing chemotherapy regardless of PD-L1 status.