RBC 'Encouraged' By Seagen's Q1 Sales
- Following Seagen Inc's 1Q22 earnings release, RBC Capital Markets is encouraged by the quarterly sales of the product portfolio in light of previously set cautious guidance.
- The analysts have raised the price target to $136 from $132, with the Sector Perform rating unchanged.
- Though the reiteration of the FY guide confirms performance remains on a plan over a year of execution and ramping readouts.
- Seagen reported Q1 product sales of $383.1 million, up 27% Y/Y, primarily driven by PADCEV growth.
- Total sales reached $426 million, beating the consensus of $401.27 million. EPS loss of $(0.74) came in better than the consensus loss of $(1.00).
- Seagen expects FY22 total sales of $1.66 billion - $1.75 billion, versus the consensus of $1.78 billion.
- The analysts note that while the solid 1Q cushions near-term hesitancy, they anticipate competition from AstraZeneca Plc's Enhurtu.
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