Seagen trading 12% higher as financial results exceed estimates
US biotech Seagen (Nasdaq: SGEN) was trading 12% higher early in Thursday’s trading after its latest financial results beat estimates.
The company’s revenue for the fourth quarter of 2022 rose by 23% to $528.15 million, beating the analyst consensus of $479.84 million. Seagen posted a loss per share of $0.80, far better than the expected loss per share of $1.03 and an improvement on the loss of $0.95 of the same period a year earlier.
Analyst SVB Securities noted that Seagen beat consensus estimates across its major products Padcev (enfortumab vedotin-ejfv), Tukysa (tucatinib), and Adcetris (brentuximab vedotin).
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