Analyst Note| Rachel Elfman |
Seagen reported solid third-quarter results in line with our expectations. Quarterly revenue of $510 million represented a 20% increase from the prior-year period, which was largely driven by strong performance from Adcetris, Padcev, and Tukysa. We forecast Seagen will achieve 2022 revenue of roughly $1.9 billion, which includes modest contributions from Seagen’s recently approved drug, Tivdak. We maintain our fair value estimate of $150 per share, and we view the stock as slightly undervalued, currently trading at a 14% discount to our fair value estimate.