Seagen 2nd-qtr sees record product sales, with strong growth

2 August 2023

US biotech Seagen (Nasdaq: SGEN), the subject of a $43 billion takeover by US pharma giant Pfizer (NYSE: PFE), today reported financial results for the second quarter ended June 30, 2023, highlighting record net product sales, with significant year-over-year growth of 26% to $544 million

Total revenues for the second quarter were $604 million, a rise of 21.3% year-on-year, primarily driven by growth in net product sales. Net loss for the second quarter was $212 million, or $1.13 per diluted share, compared with $135 million, or $0.73, in the like 2022 quarter.

Given the pending acquisition by Pfizer, Seagen noted it is no longer providing financial guidance for 2023 and will not be hosting its quarterly conference call and does not expect to do so for future quarters.

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