Seagen Slides 14% As Loss Widens, Misses Consensus; Outlook Below View

(RTTNews) - Shares of Seagen Inc. (SGEN) are down more than 14% in the morning trade on Thursday after the biotechnology company reported wider fourth-quarter loss below analysts' view. Its full-year revenue outlook also came lower than the Street expectation.

Net loss in the fourth quarter widened to $174.63 million or $0.95 per share from net loss of $167.1 million or $0.90 per share last year. The consensus estimate of analysts surveyed by Thomson Reuters stood at loss of $0.83 per share.

Revenue for the quarter declined to $429.85 million from $601.29 million in the same quarter a year ago.

Net product sales for the quarter, however, increased to $369.2 million from $294.1 million last year.

Looking forward to 2022, the company expects revenue to be in the range of $1.665 billion-$1.745 billion. Analysts' view stands at $2.16 billion.

SGEN touched a new low of $118 this morning, before edging up to $120.25 currently.