Seattle Genetics Inc. (SGEN) announced financial results for the third quarter, posting a net loss of $19.8 million or $0.21 per share, compared to a loss of $21.8 million or $0.27 per share in last year period.
On average, 10 analysts polled by Thomson Reuters expected the company to report a loss of $0.25 per share. Analysts' estimates typically exclude special items.
Revenues for the third quarter were $11.6 million, compared to $8.1 million in the year-ago period. Wall Street analysts expected revenues of $9.34 million. Revenues for the period were primarily driven by the earned portion of the upfront fee, reimbursements and milestone payments received under the company's dacetuzumab collaboration with Genentech. Revenues also reflect amounts earned under the company's ADC collaborations.
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