Seattle Genetics, Inc. (NASDAQ:SGEN) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 04:30 pm ET


Seattle Genetics, Inc. (NASDAQ:SGEN) Q2 2020 Earnings Conference Call - Final Transcript


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Good day, and welcome to the Seattle Genetics Second Quarter 2020 Financial Results Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Ms. Peggy Pinkston, Vice President, 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 2020 financial results conference call. With me today are Clay Siegall, President and Chief Executive Officer; Chip Romp, Executive Vice President, Commercial, US; Todd Simpson, Chief Financial Officer; and Roger Dansey, Chief Medical Officer.

Accompanying today's conference call are supporting slides, which you'll find on our website in the Investors section, Events and Presentations page. Following our prepared remarks, we'll open the line for questions. We aim to keep this call to one hour and so I ask that you limit yourself to one question to give everyone an opportunity to participate in Q&A during our call today.

Today's conference call will include forward-looking statements regarding future or anticipated events and results, including the Company's 2020 financial outlook, anticipated product sales, revenues, costs and expenses and potential 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. Factors that may cause such a difference include the difficulty in forecasting sales, revenues and expenses, impacts related to the COVID-19 pandemic 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 31, 2020.

And now I'll turn the call over to Clay.

Clay B. Siegall

Thank you, Peg, and good afternoon, everyone. The past few quarters have been a period of remarkable growth for Seattle Genetics across the business. We have now extended our commercial portfolio to three drugs with the approval of PADCEV in December, followed by the approval of TUKYSA in April.

In the second quarter, we reported total revenues of $278 million, driven by record product sales comprising ADCETRIS and these two new marketed products. In addition, we announced positive top line data from a fourth program, tisotumab vedotin and made strong progress across our pipeline with significant clinical development accomplishments. I'm proud of the dedication of our team and the important advances we're making to address the unmet medical needs of cancer patients even in this time of a global pandemic.

Starting with ADCETRIS. We reported net sales of $168 million in the second quarter and $332 million for the first half of 2020. Based on progress to date, we're maintaining our guidance of full year 2020 ADCETRIS net sales in the range of $675 million to $700 million. TUKYSA continues to secure additional approvals for ADCETRIS, expanding its availability to patients globally. Most recently, ADCETRIS Plus Chemotherapy was