Summary of Corbus Pharmaceuticals Holdings (CRBP) 2025 Conference Call Company Overview - **Company**: Corbus Pharmaceuticals Holdings (CRBP) - **Date of Conference**: May 21, 2025 - **Key Speaker**: Yuval Cohen, CEO Key Points Discussed ADC CRB-701 Development - **Data Presentation**: Recent data from the first Western dataset for CRB-701 shows safety and efficacy comparable to existing treatments like PADCEV, particularly in bladder and cervical cancers [5][6] - **Ocular Prophylaxis Impact**: The use of ocular prophylaxis in Western trials resulted in significantly fewer ocular events compared to trials in China [5] - **Head and Neck Cancer**: Initial data from head and neck cancer patients is promising, with a small cohort showing encouraging results [6][8] - **Safety Profile**: CRB-701 demonstrates a markedly safer profile than PADCEV, with fewer adverse events and lower dropout rates [8] - **Market Strategy**: The company aims to target "empty swim lanes" in oncology, focusing on tumor types where PADCEV is not currently used [9][10] Future Data Expectations - **Project OPTIMIZ**: The company is conducting Project OPTIMIZ, which includes trials for bladder, head and neck, and cervical cancers, with significant patient enrollment expected [13][14] - **Data Release Timeline**: More mature data is anticipated to be presented at a major oncology conference later in the year, with a marked increase in patient numbers [14][36] Head and Neck Cancer Focus - **Market Size**: Head and neck cancer represents a significant market opportunity, with approximately 80,000 patients in the US, half of whom may become metastatic [35] - **Regulatory Path**: The regulatory path for head and neck cancer may be more complex compared to cervical cancer, which has a smaller patient population but potentially faster approval timelines [36][37] Combination Therapy Insights - **Checkpoint Inhibitor Combinations**: The company is exploring combinations of CRB-701 with checkpoint inhibitors, with a focus on patient selection based on immune-related biomarkers [23][24] - **Data-Driven Decisions**: Future strategies will be guided by data outcomes, particularly in relation to competing therapies in the market [25][27] Other Drug Developments - **CB1 Inverse Agonist (CRB-913)**: The company is developing CRB-913, which aims to have a safer profile with significantly lower brain penetration compared to competitors, potentially reducing neuropsych adverse events [41][42] - **Phase Ib Studies**: The design of Phase Ib studies will focus on safety and tolerability, with results expected in the second half of the year [49][50] Upcoming Milestones - **Phase One Data**: The company plans to present data for multiple assets in the second half of the year, indicating a busy and potentially impactful period ahead [61] Additional Insights - **Market Competition**: The competitive landscape includes other modalities targeting similar indications, with a focus on differentiating CRB-701 based on its unique safety and efficacy profile [20][21] - **Regulatory Considerations**: The company is aware of the challenges in navigating regulatory pathways, especially for larger indications like head and neck cancer [36][37] This summary encapsulates the key discussions and strategic directions of Corbus Pharmaceuticals as presented in the conference call, highlighting their focus on innovative cancer therapies and the importance of data in guiding their development strategies.

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 Data and Key Metrics Changes - For Q1 2025, Pfizer reported revenues of $13.7 billion, a decline of 6% operationally, primarily due to lower Paxlovid revenues and changes in the IRA Medicare Part D redesign [24][25][27] - Diluted EPS for Q1 2025 was $0.52, with adjusted diluted EPS at $0.92, exceeding expectations due to strong gross margin and cost management [25][28] - Adjusted gross margin expanded to approximately 81%, driven by favorable crude royalties, despite an unfavorable product mix [27] Business Line Data and Key Metrics Changes - The Vyndaqel family of products showed robust growth, although competition from new entrants is anticipated [19] - Nurtech revenue grew 40% operationally in Q1, reflecting strong demand and effective engagement with healthcare professionals [19] - The oncology portfolio, including TACCEV and LOBRENA, demonstrated significant growth, with TACCEV growing 25% and LOBRENA growing 39% operationally [20][21] Market Data and Key Metrics Changes - International operations returned to growth in Q1 2025, driven by disciplined focus on key growth drivers [18] - The U.S. market showed strength in key products, contributing to overall performance despite challenges from Paxlovid and other products [25][27] Company Strategy and Development Direction - Pfizer's strategic priority for 2025 includes improving R&D productivity and advancing its pipeline with a focus on potential blockbuster products [7][9] - The company is committed to building its cardiometabolic pipeline and exploring partnerships or acquisitions to enhance its offerings [8] - A refined commercial model has been implemented to prioritize impactful products and regions, enhancing operational efficiency [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the volatile external environment, emphasizing strong relationships with government leaders [6] - The company reaffirmed its 2025 guidance, expecting revenues between $61 billion and $64 billion and adjusted diluted EPS between $2.8 and $3 [34] - Management highlighted ongoing productivity improvements and cost management as key to enhancing shareholder value [22][30] Other Important Information - Pfizer's capital allocation strategy includes maintaining and growing dividends while investing in R&D and pursuing share repurchases [29] - The company anticipates approximately $7.7 billion in savings by the end of 2027 from various cost improvement initiatives [31] Q&A Session Summary Question: Dividend commitment amidst tariff uncertainties - Management reiterated that the dividend remains a critical component of their capital allocation strategy, emphasizing improved operating margins to support cash flow [39][43] Question: Stability of COVID business - Management indicated that Paxlovid utilization trends closely follow infection rates, with expectations of multiple COVID waves throughout the year [41][45] Question: Future obesity asset profile - Management confirmed a commitment to obesity treatment, focusing on differentiated oral medicines and addressing significant unmet needs in the market [52][55] Question: Impact of tariffs on manufacturing investments - Management expressed that certainty regarding tariffs would encourage significant investments in R&D and manufacturing in the U.S. [93][99] Question: Cost realignment program and guidance - Management stated that while $1.2 billion in additional savings is expected, most will be realized in 2026 and 2027, with some savings from R&D expected this year [102][105]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported revenues of $13.7 billion, a decline of 6% operationally, primarily due to lower Paxlovid revenues and changes in the IRA Medicare Part D redesign [26][27] - The diluted EPS for Q1 2025 was $0.52, with adjusted diluted EPS of $0.92, exceeding expectations due to strong gross margin and cost management [27][29] - Adjusted gross margin expanded to approximately 81%, driven by favorable crude royalties, despite an unfavorable product mix [28] Business Line Data and Key Metrics Changes - The Vyndaqel family of products showed robust growth, although competition from new market entrants is anticipated [20] - Nurtech revenue grew 40% operationally in the quarter, reflecting strong demand and effective engagement with healthcare professionals [20] - The oncology portfolio also performed well, with TACCEV growing 25% and LOBRENA growing 39% operationally [21] Market Data and Key Metrics Changes - International operations returned to growth in Q1 2025 across all divisions, driven by prioritization of key growth drivers [19] - The U.S. market demonstrated continuous improvement in execution, with strong performance from key products [18] Company Strategy and Development Direction - The company is focused on improving R&D productivity and advancing its pipeline with a disciplined approach to portfolio management [8][9] - There is a commitment to building the cardiometabolic pipeline, including obesity treatments, through internal programs and potential partnerships [9] - The company aims to enhance its oncology, vaccines, and inflammation immunology sectors while maintaining a strong focus on internal medicine [10][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the volatile external environment, emphasizing the strength of the business and relationships with government leaders [7] - The company reaffirmed its 2025 guidance, expecting revenues between $61 billion and $64 billion and adjusted diluted EPS between $2.8 and $3 [35][36] - Management highlighted ongoing productivity improvement programs aimed at enhancing operational efficiency and margin expansion [32][34] Other Important Information - The company has monetized its Halion investment, contributing to an improved cash position [30][31] - A significant focus on cost management has led to a 12% decline in adjusted operating expenses compared to the previous year [28] Q&A Session Summary Question: Dividend Commitment Amid Tariff Uncertainty - The company reiterated its commitment to maintaining and growing the dividend, emphasizing improved operating margin performance to support this [39][43] Question: Stability of COVID Business - Management indicated that Paxlovid utilization trends closely follow infection rates, with expectations of multiple COVID waves throughout the year [45][46] Question: Future Obesity Asset Profile - The company is focused on clinical and commercial differentiation in obesity treatments, emphasizing tolerability and accessibility [52][56] Question: Tariff Impact on Manufacturing Investments - Management expressed that certainty regarding tariffs would encourage significant investments in R&D and manufacturing in the U.S. [99][100] Question: Cost Realignment Program Savings - The company expects to realize additional savings from its cost realignment program, with a focus on strategic cuts rather than across-the-board reductions [103][104]

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]