Seattle Genetics, Inc. (SGEN) saw its loss widen to $55.14 million, or $0.39 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $24.86 million, or $0.18 a share. Revenue during the quarter grew 12.62 percent to $105.28 million from $93.48 million in the previous year period. Operating margin for the quarter stood at negative 53.05 percent as compared to a negative 26.90 percent for the previous year period.
Operating loss for the quarter was $55.85 million, compared with an operating loss of $25.14 million in the previous year period.
"Our accomplishments in 2016 were substantial, highlighted by strong progress with our ADCETRIS phase 3 trials: ALCANZA, ECHELON-1 and ECHELON-2. This progress positions us to potentially achieve a series of regulatory and commercial milestones in 2017 and 2018,” said Clay Siegall, Ph.D., President and Chief Executive Officer of Seattle Genetics. "Also during 2016 we initiated the phase 3 CASCADE clinical trial of vadastuximab talirine (SGN-CD33A; 33A) and reported phase 1 data from enfortumab vedotin (ASG-22ME) that we believe support advancement of this program into registrational trials. As we evolve into a global, multi-product oncology company, we are focused on continuing to deliver on our goals of advancing our pipeline and establishing ADCs as a key component of the future of cancer care."
Seattle Genetics forecasts revenue to be in the range of $405 million to $445 million for fiscal year 2017.
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