Seattle Genetics (SGEN) saw its loss widen to $59.99 million, or $0.42 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $20.48 million, or $0.15 a share.

Revenue during the quarter went down marginally by 1.82 percent to $109.13 million from $111.16 million in the previous year period. Gross margin for the quarter contracted 76 basis points over the previous year period to 95.99 percent. Operating margin for the quarter stood at negative 54.35 percent as compared to a negative 18.91 percent for the previous year period.

Operating loss for the quarter was $59.32 million, compared with an operating loss of $21.02 million in the previous year period.

"We continue to successfully execute on our ADCETRIS commercial objectives, and are positioned to achieve several important clinical development milestones during 2017. Notably, we expect to report top-line data from the phase 3 ECHELON-1 trial this year. ECHELON-1 has the potential to redefine the way newly diagnosed classical Hodgkin lymphoma patients are treated for the first time in decades. In addition, we are on track to submit a supplemental BLA to the FDA in mid-2017 for ADCETRIS use in CTCL based on data from the ALCANZA trial," said Clay Siegall, Ph.D., president and chief executive officer of Seattle Genetics. "Across our pipeline, enrollment in our phase 3 CASCADE trial of vadastuximab talirine SGN-CD33A is strong. And, based on positive feedback from the FDA, we plan to advance enfortumab vedotin ASG-22ME into a pivotal trial in metastatic urothelial cancer later this year. We are delivering on our goal of building Seattle Genetics into a multi-product oncology company addressing the substantial unmet medical needs of cancer patients."