Seattle Genetics shares slump after losses grow

Seattle Genetics CEO Clay Siegall. (Seattle Genetics photo)

Seattle Genetics on Thursday reported higher-than-expected losses for the fourth quarter, sending shares down 8 percent in after-hours trading.

Quarterly revenues came in at $175 million, above Wall Street expectations and an improvement of 35 percent compared with the same quarter last year.

But losses for the company grew to $120 million, or $0.75 per share, versus analyst estimates of $0.43 per share. The company attributed $53.2 million of the losses to an investment in Immunomedics, a New Jersey-based cancer drugmaker.

Last year, Seattle Genetics’ Adcetris drug won Food and Drug Administration approval for treatment of a fast-growing type of non-Hodgkin lymphoma. It also received approval for a new indication in Canada. Most of the company’s sales come from Adcetris.

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