Seagen's shares down as guidance disappoints

10 February 2022

Shares of US biotech Seagen (Nasdaq: SGEN) slumped more than 14% to $121.56 in early trading today, following the company’s release of financial results for the fourth quarter and year ended December 31, 2021, after markets closed on Wednesday.

Overall, Seagen had strong sales across all the key products. However, 2022 guidance was a concern for some investors. For 2022, Seagen expects total revenue excluding Tivdak (tisotumab vedotin-tftv) sales to reach between $1.665 and $1.745 billion compared to $2.2 billion consensus forecasts.

Total revenues in the fourth quarter and full year were $429.9 million and $1.574 billion, respectively, down 28.5% compared to $601.3 million and down 27.5% from $2.176 billion for the same periods in 2020.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK