Financial Data and Key Metrics Changes - Total revenues for Q2 2020 were $278 million, driven by record product sales, with a year-to-date total of $513 million [21][5] - Product sales from oncology franchises totaled $240 million, reflecting a 51% increase from the previous year [22] - R&D expenses increased to $198 million in Q2 and $393 million for the first half of 2020, indicating a focus on pipeline investment [24] Business Line Data and Key Metrics Changes - ADCETRIS net sales were $168 million in Q2, with a full-year guidance maintained at $675 million to $700 million [6][25] - PADCEV net sales in the U.S. were $57 million in Q2, a 66% increase from Q1, with full-year guidance set at $215 million to $235 million [7][25] - TUKYSA generated $16 million in revenue in its first partial quarter post-launch [10] Market Data and Key Metrics Changes - The company reported strong adoption of PADCEV for metastatic urothelial cancer, with ongoing trials to expand its use [8][9] - TUKYSA is being positioned in the market for HER2 positive breast cancer, with approvals in multiple countries [10][11] Company Strategy and Development Direction - The company aims to expand the indications for its commercial brands and is advancing over a dozen early-stage assets in clinical and preclinical development [14] - A virtual R&D day is planned to provide more details on the pipeline and commitment to first-in-class therapies [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory despite challenges posed by the COVID-19 pandemic [5] - Positive feedback from KOLs on clinical data supports the potential for accelerated approvals in various indications [13][90] Other Important Information - The company ended Q2 with $896 million in cash and investments, bolstered by the sale of Immunomedics shares [24] - The company is refining its guidance for R&D expenses to a range of $820 million to $870 million for 2020 [25] Q&A Session Summary Question: Insights on TUKYSA's initial launch - Management noted it is early in the launch but is pleased with the awareness and uptake in both academic and community settings [41][42] Question: Factors affecting PADCEV's guidance - Management indicated that while the initial uptake has been strong, growth rates may slow as the launch progresses, with guidance reflecting a 35% to 55% growth rate in the second half [44][47] Question: Gating factors for BLA filing for TV - Management is actively working towards a BLA submission and is encouraged by the positive data from the pivotal trial [51][54] Question: Initial launch feedback for TUKYSA - There is significant enthusiasm among doctors regarding TUKYSA, and it is being used in both patients with and without brain metastases [58][61] Question: Details on the INNO2VATE trial - The trial is focused on evaluating the role of tisotumab vedotin as a single agent or in combination with other therapies for cervical cancer [67] Question: PADCEV usage in frontline settings - Management confirmed ongoing trials to evaluate PADCEV in combination with KEYTRUDA in frontline metastatic disease [75][78]

Summary of Seagen (SGEN) FY Conference Call - April 29, 2025 Company Overview - **Company**: Seagen (SGEN) - **Industry**: Biotechnology, specifically focused on cancer therapies - **Products**: Three approved products - ADCETRIS, PADCEV, and DUKYSA [4][5] Key Points and Arguments Product Pipeline and Development - Seagen has a robust pipeline with approximately 12 to 14 products in clinical development, aiming to expand existing drugs into blockbuster status [6] - ADCETRIS has surpassed $1 billion in global sales, with expectations for PADCEV and TUKYSA to follow suit [6] - Upcoming drug, TB, is set to present full data at ESMO, targeting cervical cancer [5][61] Recent Collaborations - Seagen announced two deals with Merck, focusing on the drug LV, an antibody drug conjugate, and a commercial deal for TUKYSA [7][8] - The collaboration with Merck is based on mutual respect and successful past projects, particularly with PADCEV [9][10] Competitive Landscape - The triple-negative breast cancer segment is underserved, with a significant need for new therapies due to poor prognosis [13][14] - LV is being optimized for use in triple-negative and hormone-responsive breast cancer, with promising early results [16] Financial Position and Business Development - Seagen expects to have approximately $2.5 billion in capital available for development and expansion following the Merck deal [20][21] - Plans include developing more than a dozen products, expanding globally, and enhancing manufacturing capabilities [22][24] - The company is open to business development deals, including in-licensing and acquisitions, to bolster its pipeline [25][26] PADCEV Performance - PADCEV has achieved a 35% market share in the second-line treatment setting in the U.S. [30] - The drug is undergoing pivotal trials to expand its use in frontline settings, with promising data from combination therapies [34][36] Future Opportunities - Seagen is exploring various indications for PADCEV, including non-muscle invasive bladder cancer, with a focus on improving patient outcomes [40][46] - TUKYSA is positioned for label expansion in breast cancer and other HER2-expressing malignancies, with ongoing trials [50][57] Upcoming Data and Expectations - Full data for Tisotumab vedotin (TB) will be presented at ESMO, with expectations of strong anti-tumor activity in cervical cancer [59][61] Other Important Content - The company emphasizes the importance of optimizing dosing schedules for drug efficacy, as seen with PADCEV [15] - Seagen's commitment to thorough due diligence in potential deals is highlighted, ensuring that only promising opportunities are pursued [28] This summary encapsulates the key insights from the Seagen FY Conference Call, focusing on the company's strategic direction, product pipeline, collaborations, and market positioning.

Financial Data and Key Metrics Changes - Total revenues for Q3 2020 were $1.1 billion, with year-to-date revenues of $1.6 billion [21] - Product sales reached $267 million in Q3, with year-to-date product sales of $706 million [21] - Collaboration revenues significantly increased to $758 million in Q3, compared to $18 million in the same period of 2019 [22] - The company ended Q3 with $1.7 billion in cash and investments, bolstered by $725 million in upfront payments from Merck [25][26] Business Line Data and Key Metrics Changes - ADCETRIS sales were $163 million in Q3, a 3% decrease from Q3 2019, attributed to the pandemic's impact on new diagnoses [16][18] - PADCEV sales were $62 million in Q3, an 8% increase over Q2 2020, indicating strong adoption in both academic and community settings [19] - TUKYSA generated $42 million in net product revenues in its first full quarter since launch, with strong adoption and reimbursement coverage exceeding expectations [20] Market Data and Key Metrics Changes - The pandemic has led to a 15% decrease in new Hodgkin lymphoma diagnoses, impacting ADCETRIS sales [16][18] - The company is seeing a shift in site of care that negatively affected gross to net pricing for ADCETRIS [17] - The collaboration with Merck is expected to enhance global reach and patient access for TUKYSA and LV [10] Company Strategy and Development Direction - The company aims to invest in clinical development for ADCETRIS, PADCEV, and TUKYSA, while advancing late-stage pipeline products [12] - Strategic collaborations with Merck are focused on co-developing LV and TUKYSA, enhancing the company's market position [10][12] - The company plans to continue expanding its international infrastructure to support TUKYSA's launch in Europe [9] Management's Comments on Operating Environment and Future Outlook - Management expressed concern over the long-term impact of COVID-19 on cancer patient diagnoses and treatment [48][49] - The company remains optimistic about maintaining market share despite the pandemic's challenges [49] - Future guidance for ADCETRIS has been adjusted to $650 million to $660 million due to fewer new patient diagnoses [26] Other Important Information - The company is pursuing legal action against Daichi Sankyo for patent infringement related to a breast cancer drug [13] - Upcoming R&D Day is scheduled for November 16, where the company will discuss its pipeline and development activities [12] Q&A Session Summary Question: Can you comment on ADCETRIS market dynamics and diagnosis rates? - Management noted that product sales have increased year-over-year, but the pandemic has led to fewer patients starting treatment, which is concerning for future diagnoses [48][49] Question: What is the outlook for PADCEV's growth? - Management indicated that the launch has been strong, and while there may be a slight slowdown in growth, they are maintaining guidance and expect significant developments ahead [54][56] Question: Can you provide details on TUKYSA's launch and adoption hurdles? - The company reported strong uptake in both community and academic settings, with ongoing efforts to enhance awareness and access despite COVID-19 challenges [72][73] Question: How does the cash influx from Merck affect capital allocation? - Management emphasized that the priority is to drive existing products into blockbuster status while exploring new drug opportunities and maintaining innovation [89][92]

Financial Data and Key Metrics Changes - Total revenues for Q1 2020 were $235 million, including ADCETRIS net sales of $164 million (up 22% year-over-year) and PADCEV net sales of $34 million [22][6][5] - Royalty revenues increased to $20 million from $16 million in Q1 2019, while collaboration revenues decreased to $16 million from $45 million due to a prior milestone payment [23][24] - R&D expenses were $195 million, reflecting higher investment across the pipeline, while SG&A expenses were $122 million, driven by commercialization efforts [24][25] Business Line Data and Key Metrics Changes - ADCETRIS net sales were $164 million, maintaining guidance for full-year sales between $675 million and $700 million [6][7] - PADCEV achieved net sales of $34 million in its first full quarter, with strong uptake noted particularly in community settings [10][20] - TUKYSA was launched with positive reception, and the company is investing in a broad development program across HER2 positive cancers [12][21] Market Data and Key Metrics Changes - ADCETRIS sales growth was driven by frontline indications in Hodgkin lymphoma and T-cell lymphoma [17] - PADCEV's initial sales performance indicates strong physician and patient reception, with ongoing efforts to evaluate its use in earlier lines of bladder cancer [10][20] - TUKYSA's launch is supported by a dedicated sales force and marketing materials ready on the approval day, indicating strong market entry [21] Company Strategy and Development Direction - The company aims to establish ADCETRIS as the standard of care in frontline Hodgkin lymphoma and PTCL while advancing clinical trials [40] - Continued focus on the PADCEV launch and broad development program, including trials in first-line metastatic and muscle-invasive bladder cancer [40] - TUKYSA's development program includes ongoing regulatory efforts and trials in various HER2 positive cancers [36][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining guidance despite potential impacts from COVID-19, emphasizing the importance of ongoing cancer treatments [28][81] - The company is closely monitoring the impact of COVID-19 on operations and has implemented measures to ensure continuity [28] - Management remains optimistic about the future, citing strong demand for their products and ongoing clinical trials [28][40] Other Important Information - The company is involved in an arbitration process with Daiichi Sankyo regarding technology ownership, which is expected to be more efficient than court proceedings [15][100] - The company has a robust early-stage clinical pipeline, including several ADCs and immunotherapy agents [14] Q&A Session Summary Question: What has been the key drivers for the rapid uptake of PADCEV? - Management noted strong initial sales of $34 million and emphasized the drug's importance for a disease with limited treatment options [42][43] Question: What impact has COVID-19 had on ADCETRIS use? - Management acknowledged potential impacts but maintained that ADCETRIS remains a critical treatment for patients [48][50] Question: What are the plans for TUKYSA regarding co-pay barriers? - The company has established programs to assist eligible patients with co-pay costs to minimize barriers to access [56][59] Question: Can you elaborate on the discussions with the FDA regarding accelerated approval for PADCEV? - Management confirmed strong interactions with the FDA and ongoing enrollment in trials aimed at supporting accelerated approval [62][65] Question: How is the company handling Nectin-4 expression in studies? - The company is measuring Nectin-4 expression in trials and is prepared to adapt if it becomes a relevant biomarker for patient selection [90][93]

Summary of Seattle Genetics Conference Call Company Overview - **Company**: Seattle Genetics - **Key Products**: PADCEV, TUKYSA, ADCETRIS - **Recent Approvals**: PADCEV for metastatic bladder cancer, TUKYSA for HER2 positive metastatic breast cancer Core Points and Arguments 1. **Recent Product Approvals**: - PADCEV was approved in December for metastatic bladder cancer, with Q1 sales reaching $34 million. TUKYSA was approved in April, based on positive HER2CLIMB trial results [3][4] - TUKYSA is the first drug approved in the U.S. under Project Orbis, with recent approval in Switzerland [5] 2. **Commercial Strategy**: - Focus on commercializing ADCETRIS, PADCEV, and TUKYSA despite COVID-19 challenges [7] - Plans to expand indications for approved drugs, with ongoing registrational trials for PADCEV in various bladder cancer settings [8][10] 3. **Market Potential**: - Significant unmet need in bladder cancer, with approximately 20,000 patients presenting with metastatic disease annually in the U.S. [12] - Ongoing trials for PADCEV in muscle invasive and non-muscle invasive bladder cancer, as well as other solid tumors [11][13] 4. **Sales Performance**: - ADCETRIS sales in Q1 were approximately $164 million, with guidance for 7% to 11% growth for the year [21][22] - PADCEV's strong launch attributed to high response rates in a high unmet need patient population [27] 5. **COVID-19 Impact**: - Minimal impact on sales due to ADCETRIS being an outpatient therapy; efforts to mitigate COVID-19 effects on business operations have been successful [21][52] - Focus on maintaining clinical trials and supply chain integrity during the pandemic [53][54] 6. **Pipeline and Future Trials**: - Upcoming data expected for cervical cancer trials, with potential for combination therapies in other solid tumors [47][49] - Dual approach to gaining first-line approval for PADCEV through ongoing trials [36][39] 7. **Business Development Strategy**: - Continued interest in business development opportunities, particularly in oncology, but viewed as a "nice to have" rather than a necessity [59][60] Other Important Content - **Regulatory Strategy**: Building capabilities for European market entry, including health technology assessments and KOL engagement [41] - **Sales Team Experience**: The average experience of the sales team is 18 years, which is expected to enhance connections with healthcare providers [44] - **Long-term Planning**: Discussions on potential long-term impacts of COVID-19 on business operations and clinical development [56] This summary encapsulates the key points discussed during the Seattle Genetics conference call, highlighting the company's recent achievements, strategic focus, and market opportunities.

Financial Data and Key Metrics Changes - Total revenues for the first quarter were $234.5 million, with cash and investments around $800 million and no debt [48] - Revenue guidance for the year is projected between $675 million and $700 million for ADCETRIS [48] Business Line Data and Key Metrics Changes - ADCETRIS net sales reached $164 million in the first quarter, up 22% year-over-year, driven by frontline indications in Hodgkin lymphoma and PTCL [21] - PADCEV, approved for locally advanced or metastatic bladder cancer, is expanding its clinical development to include first-line metastatic urothelial cancer [25][30] - TUKYSA, an oral drug for HER2 positive breast cancer, was recently approved and is expected to have a global impact, with ongoing regulatory activities for approvals in Europe and Asia [32][35] Market Data and Key Metrics Changes - ADCETRIS is commercially available in over 70 countries, with global sales exceeding $1 billion for the first time in 2019 [20][22] - PADCEV has shown a 73% objective response rate in the EV103 trial for first-line metastatic urothelial cancer [27] Company Strategy and Development Direction - The company is focused on establishing ADCETRIS as the standard of care in more patients globally and advancing clinical trials [49] - Plans for PADCEV include a strong launch in the US and expanding clinical development programs [50] - TUKYSA's strategy involves working with regulatory agencies for additional approvals and expanding its program in HER2 positive cancers [50] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenges posed by COVID-19 but emphasized the commitment to patient care and ongoing clinical trials [17] - The company is optimistic about the future growth of its product portfolio and pipeline, with expectations for continued revenue growth [48][49] Other Important Information - The company has three therapeutic franchises, each with multiple indications, showcasing strong drug development and regulatory expertise [16] - The management highlighted the importance of digital means for commercial activities during the pandemic [18] Q&A Session Summary Question: Were there any questions submitted? - No questions were submitted during the meeting, leading to the conclusion of the session [53][54]

Financial Performance - First quarter 2025 revenues reached $13.7 billion[26], a 6% decrease compared to $14.9 billion in the first quarter of 2024[28], primarily due to a decline in Paxlovid revenues[28] - Adjusted diluted EPS for the first quarter of 2025 was $0.92[26], a 10% increase compared to $0.82 in the first quarter of 2024[28], driven by operating efficiency and favorable global income tax resolutions[28] - Adjusted Cost of Sales as a percentage of revenues decreased by 1.5 percentage points, from 20.4% in Q1 2024 to 18.9% in Q1 2025[28], driven by favorable revision of accrued royalties and favorable FX[28] - Adjusted SI&A expenses decreased by 12% to $3.0 billion[28] from $3.5 billion[28] in the first quarter of 2024, reflecting productivity improvements and lower spending on COVID-19 products[28] - Adjusted R&D expenses decreased by 12% to $2.2 billion[28] from $2.5 billion[28] in the first quarter of 2024, driven by pipeline focus and optimization[28] Capital Allocation and Cost Savings - The company reinvested $2.2 billion in internal R&D in the first quarter of 2025[30] - $2.4 billion was returned to shareholders in the first quarter of 2025[30] - The company expects $7.2 billion in total net cost savings by the end of 2027[34], while reinvesting $500 million to strengthen R&D productivity[34] Strategic Priorities and Pipeline - The company reaffirms its 2025 financial guidance, with revenue expected to be in the range of $61.0 to $64.0 billion[35], and adjusted diluted EPS expected to be in the range of $2.80 to $3.00[35] - The company anticipates 4 regulatory decisions and 9 Phase 3 readouts in 2025[14]

Financial Performance - Seattle Genetics reported Q1 2020 net sales of $164 million and maintains its 2020 guidance range of $675 million to $700 million[5] - Total product sales reached $199 million in Q1 2020[14] - Net product sales in Q1 2020 were $1985 million, compared to $135 million in Q1 2019, representing an increase[20] - ADCETRIS net sales increased by 22% from Q1 2019 to Q1 2020[11] - First full quarter of PADCEV sales reached $345 million[19] Product Development and Commercialization - PADCEV is pursuing an accelerated approval pathway in first-line metastatic urothelial cancer[5] - TUKYSA U S launch is underway following a strong FDA label based on HER2CLIMB[5] - The company is expanding European capabilities to support potential ex-U S approvals[5] Clinical Trials and Pipeline - Topline data for tisotumab vedotin from the innovaTV 204 trial is anticipated late in the second or into the third quarter of 2020[3] - Encouraging Phase 1 data with PADCEV plus KEYTRUDA in Cisplatin-Ineligible First-line mUC showed 73% ORR (n=45, cisplatin-ineligible pts)[39] - Seattle Genetics is advancing a broad PADCEV clinical development program, including trials in first-line mUC[40] Financial Outlook - The company's 2020 financial outlook remains unchanged from February 6, 2020, with ADCETRIS U S and Canada net product sales expected to be $675 to $700 million[26]

Julie, treated for metastatic breast cancer on a TUKYSA clinical trial Transformative therapies | Targeting cancer 1 Transformative Therapies | Targeting Cancer Today's Agenda SECOND QUARTER 2020 FINANCIAL RESULTS AND BUSINESS UPDATE July 30, 2020 3 . CLAY SIEGALL, Ph.D. President and CEO | INTRODUCTION | Peggy Pinkston, VP, Investor Relations | | --- | --- | | CEO OPENING REMARKS | Clay Siegall, Ph.D., President & CEO | | COMMERCIAL UPDATE | Chip Romp, EVP, Commercial U.S. | | FINANCIAL RESULTS & GUIDANCE ...

Financial Performance - Total Q3 revenues reached $1.1 billion[7] - Net product sales hit a record $267 million, a 60% increase over 3Q19[7, 14] - Collaboration & license agreement revenues surged to $758.3 million, primarily due to $725 million in upfront payments from Merck[22] - ADCETRIS U S and Canada net product sales guidance is $650 to $660 million[27] - Royalty revenues guidance increased to $125 to $130 million[27] Product Updates - PADCEV and TUKYSA contributed to net product sales growth[22] - PADCEV data supports global registrations and expanded U S indication[8] - TUKYSA is expanding capabilities to support launch in Europe, with MAA under review[8] - Tisotumab vedotin BLA submission planned under FDA accelerated approval pathway[8] Clinical Trial Data - EV-301 trial showed a hazard ratio of 0.70 (P=0.001) for overall survival and 0.61 (P<0.00001) for progression-free survival with PADCEV[34] - EV-201 Cohort 2 trial showed a 52% objective response rate with PADCEV[34] - Tisotumab Vedotin showed a confirmed ORR of 24%[42] Strategic Collaborations - Received $1.8 billion under Merck collaborations, including upfront payments and prepaid R&D in Q3, and a $1 billion equity investment closed in Q4[7] - Granted Merck exclusive license to commercialize TUKYSA outside U S, Canada, and Europe[8] - Signed worldwide co-development and commercialization agreement with Merck for ladiratuzumab vedotin[8]