Seattle Genetics, Inc. (NASDAQ:SGEN) Q2 2019 Earnings Conference Call - Final Transcript

Jul 16, 2019 • 04:30 pm ET


Seattle Genetics, Inc. (NASDAQ:SGEN) Q2 2019 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to today's Seattle Genetics Second Quarter 2019 Financial Results Conference Call. Today's conference is being recorded. For opening remarks, I'd like to turn the conference over to Peggy Pinkston, Vice President of Investor Relations. Please go ahead.

Peggy Pinkston

Thank you, operator, and good afternoon everyone. I'd like to welcome all of you to Seattle Genetics second quarter 2019 conference call. With me today are Clay Siegall, President and Chief Executive Officer; Robin Taylor, Chief Commercial Officer; Todd Simpson, Chief Financial Officer; and Roger Dansey Chief Medical Officer.

Accompanying today's conference call are supporting slides, which are available on our website in the Investors section, Events and Presentations page.

Following our prepared remarks today, we'll open the line for questions. We ask that you limit yourself to one to two questions to ensure we're able to get to everybody during our call today.

Today's conference call will include forward-looking statements regarding future events or the future financial and operating performance of the Company, such as those among others relating to the Company's 2019 financial outlook, including anticipated 2019 ADCETRIS sales and future revenues, cost and expenses, and the Company's potential and anticipated timing to achieve future, clinical and regulatory milestones, including data readouts, regulatory submissions, and approvals.

Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Among the factors that may cause such a difference include the difficulty in forecasting sales, revenues and expenses, and the uncertainty associated with the pharmaceutical development and regulatory approval process.

More information about the risks and uncertainties faced by Seattle Genetics is contained under the caption Risk Factors included in the Company's periodic reports filed with the Securities and Exchange Commission including the Company's quarterly report on Form 10-Q for the quarter ended March 31st, 2019.

Now I'll turn the call over to Clay.

Clay B. Siegall

Thanks, Peg, and good afternoon, everyone. In the past few months, we've delivered on several important goals focused on growing our flagship brand ADCETRIS and continuing our evolution into a multi-product oncology Company. Our late-stage portfolio includes enfortumab vedotin, which have been submitted to FDA for approval in metastatic urothelial cancer based on the positive outcome of the EV-201 trial.

In addition, we're advancing two other programs in pivotal trials. Tucatinib in HER2-positive metastatic breast cancer and tisotumab vedotin in metastatic cervical cancer. I'll begin with some comments on ADCETRIS, which is an important global product for the treatment of lymphoma.

Under our collaboration with Takeda, it is now available in 73 countries. In the US and Canada, we reported record ADCETRIS net sales of $159 million in the second quarter, up 18% from the first quarter of the year. This growth was mainly driven by increased utilization in frontline peripheral T-cell lymphoma. There were -- there was also increased use in frontline Hodgkin lymphoma. In addition, these results reflect second quarter strength that we have previously seen with ADCETRIS. We will provide more detail on our commercial progress