Seagen Inc (SGEN, Financial) released its financial results for the third quarter ended September 30, 2023, on November 1, 2023. The company reported record net product sales of $571 million, marking a 33% increase over 3Q22. This growth was primarily driven by PADCEV, which grew 89% over the same quarter of last year following its successful launch in the U.S. in combination with Keytruda as a front-line treatment for patients with advanced urothelial cancer.
Financial Highlights
The company's total revenues for the third quarter and nine months ended September 30, 2023, were $649 million and $1,772 million, respectively, compared to $510 million and $1,434 million for the same periods in 2022. This growth was primarily driven by an increase in net product sales.
Net product sales for the third quarter and year-to-date of 2023 were $571 million and $1,583 million, respectively, marking a 33% and 27% increase over the same periods in 2022. The increase was driven by continued commercial execution, with ADCETRIS demonstrating a year-over-year growth of 13%, and PADCEV growth driven by its use as a first-line treatment for patients with locally advanced or metastatic urothelial cancer.
Portfolio and Pipeline Progress
Seagen Inc (SGEN, Financial) also reported significant progress in its portfolio and pipeline. The company announced positive trial readouts across its commercial portfolio in multiple patient settings. PADCEV in combination with Keytruda demonstrated a 53% reduction in the risk of death and a near doubling in the median overall survival in patients with previously untreated locally advanced or metastatic urothelial cancer.
The company also initiated a phase 3 trial of disitamab vedotin in combination with pembrolizumab in patients with previously untreated locally advanced or metastatic HER2-positive urothelial cancer, along with a phase 1 trial for SGN-EGFRd2, a novel T cell engaging bispecific antibody.
Proposed Pfizer Transaction
The proposed Pfizer transaction is on track and anticipated to close in late-2023 or early-2024, subject to closing conditions, with ongoing FTC review and recent EC approval.
Despite the challenges, Seagen Inc (SGEN, Financial) 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 $649 million.
Explore the complete 8-K earnings release (here) from Seagen Inc for further details.
