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Seagen Inc Ordinary Shares SGEN

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Morningstar’s Analysis

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PREMIUM

Seagen Reports Solid Q3 Results; Raising Fair Value Estimate to $150 on Improved Near-Term Outlook

Rachel Elfman Equity Analyst

Analyst Note

| Rachel Elfman |

Narrow-moat Seagen reported solid third-quarter results with net product sales over $366 million, representing an increase of 37% over the prior-year period. Continued strong performance from Adcetris, Padcev, and Tukysa contributed to Seagen’s revenue growth. Management raised its 2021 revenue guidance to $1.51 billion-$1.55 billion, an increase of 5.5% from the midpoint of its previous guidance for the year. We’ve updated our model to reflect an improved 2021 outlook and the FDA approval of Tivdak at the end of the third quarter. We’ve raised our fair value estimate to $150 per share from $144 and maintain our narrow moat rating.

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Company Profile

Business Description

Seagen Inc. (formerly known as Seattle Genetics) is a biotech firm that develops and commercializes therapies to treat cancers. Seagen’s therapies are based on antibody-drug conjugate technology that utilizes the targeting ability of monoclonal antibodies to deliver cell-killing agents directly to cancer cells. The company's lead product, Adcetris, has received approval for six indications to treat Hodgkin lymphoma and T-cell lymphoma. Other approved products include Padcev for bladder cancer, Tukysa for breast cancer, and Tivdak for cervical cancer. The company has several other oncology programs in pivotal trials. Seagen also licenses its antibody-drug conjugate technology to several leading biotechnology and pharmaceutical companies.

Contact
21823 - 30th Drive South East, Building 3
Bothell, WA, 98021
T +1 425 527-4000
Sector Healthcare
Industry Biotechnology
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Speculative Growth
Employees 2,092

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