\nSeagen Inc. (Nasdaq:SGEN) today reported financial results for the fourth quarter and year ended December 31, 2022. The Company also highlighted PADCEV\u00ae<\/sup> (enfortumab vedotin-ejfv), TUKYSA\u00ae<\/sup> (tucatinib), ADCETRIS\u00ae<\/sup> (brentuximab vedotin) and TIVDAK\u00ae<\/sup> (tisotumab vedotin-tftv) commercial and development accomplishments, as well as progress across its potentially transformative oncology pipeline.\n<\/p>\n
\n\u201cWe delivered total revenue of nearly $2 billion in 2022, reflecting 25 percent growth compared to 2021 driven by strong demand for our portfolio of approved products,\u201d said David Epstein, Chief Executive Officer of Seagen. \u201cWe made excellent progress in growing our four marketed brands. Importantly, the FDA is currently reviewing our supplemental regulatory submission under the accelerated approval program for PADCEV as first-line treatment for cisplatin-ineligible patients with advanced urothelial cancer, which has the potential to be a meaningful growth driver for the brand. We anticipate multiple key data and regulatory catalysts in 2023, which will provide a path for us to build a more global oncology leader with the potential to address the needs of still larger populations of cancer patients.”\n<\/p>\n
PRODUCTS HIGHLIGHTS<\/b><\/p>\n
PADCEV<\/b><\/p>\n TUKYSA<\/b><\/p>\n ADCETRIS<\/b><\/p>\n TIVDAK<\/b><\/p>\n PIPELINE PROGRAMS<\/b><\/p>\n \nFor additional information on Seagen\u2019s pipeline, visit www.seagen.com\/science\/pipeline<\/a>.\n<\/p>\n CORPORATE HIGHLIGHTS<\/b><\/p>\n FOURTH QUARTER AND FULL YEAR 2022 FINANCIAL RESULTS<\/b><\/p>\n Revenues: <\/b>Total revenues in the fourth quarter and year ended December 31, 2022 were $528 million and $2.0 billion, respectively, compared to $430 million and $1.6 billion for the same periods in 2021. Revenues in the 2022 periods reflected higher net product sales across the Company\u2019s commercial portfolio.\n<\/p>\n \nRevenues were comprised of the following components:\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n Three months ended December 31,<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Full years ended December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n(dollars in millions)\n<\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n Total Net Product Sales<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 464<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 369<\/b><\/p>\n<\/td>\n 26%<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,707<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,386<\/b><\/p>\n<\/td>\n 23%<\/b><\/p>\n<\/td>\n<\/tr>\n \nADCETRIS\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n238\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n176\n<\/p>\n<\/td>\n \n35%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n839\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n706\n<\/p>\n<\/td>\n \n19%\n<\/p>\n<\/td>\n<\/tr>\n \nPADCEV\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n122\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n93\n<\/p>\n<\/td>\n \n32%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n451\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n340\n<\/p>\n<\/td>\n \n33%\n<\/p>\n<\/td>\n<\/tr>\n \nTUKYSA\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n86\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n94\n<\/p>\n<\/td>\n \n(9)%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n353\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n334\n<\/p>\n<\/td>\n \n6%\n<\/p>\n<\/td>\n<\/tr>\n \nTIVDAK\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n18\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6\n<\/p>\n<\/td>\n \n191%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n63\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6\n<\/p>\n<\/td>\n \n923%\n<\/p>\n<\/td>\n<\/tr>\n Royalty Revenues<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 53<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 46<\/b><\/p>\n<\/td>\n 16%<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 165<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 151<\/b><\/p>\n<\/td>\n 9%<\/b><\/p>\n<\/td>\n<\/tr>\n Collaboration and License Agreement Revenues<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 11<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 15<\/b><\/p>\n<\/td>\n (24)%<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 91<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 38<\/b><\/p>\n<\/td>\n 139%<\/b><\/p>\n<\/td>\n<\/tr>\n \nNote: Sum of product sales may not equal total net product sales due to rounding. Percent change reflects actual (unrounded) values.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Cost of Sales: <\/b>Cost of sales in the fourth quarter were $108 million, compared to $87 million in the fourth quarter of 2021. Cost of sales were $410 million for the full year in 2022, compared to $312 million for the same period in 2021. The increases in 2022 were primarily driven by higher sales of our medicines and the related gross profit share amounts owed to collaboration partners, which were $64 million and $253 million in the fourth quarter and full year in total, respectively, compared to $46 million and $162 million for the same periods in 2021. Cost of sales also reflects amortization of TUKYSA acquired in-process technology costs, third-party royalties owed for PADCEV and TUKYSA net product sales, and cost of products sold.\n<\/p>\n Research and Development (R&D) Expenses<\/b>: R&D expenses in the fourth quarter were $358 million, compared to $304 million in the fourth quarter of 2021. R&D expenses were $1.3 billion for the full year in 2022, compared to $1.2 billion in 2021. The increase in full year in 2022 primarily reflected continued investment in clinical development of the Company’s approved drugs and pipeline programs.\n<\/p>\n Selling, General and Administrative (SG&A) Expenses:<\/b> SG&A expenses in the fourth quarter were $216 million, compared to $211 million in the fourth quarter of 2021. SG&A expenses were $821 million for the full year in 2022, compared to $716 million for the same period in 2021. The increases in 2022 were driven by ongoing commercialization efforts, legal costs, and other corporate activities.\n<\/p>\n \nNon-cash share-based compensation expense for the full year in 2022 was $221 million, compared to $173 million for the same period in 2021.\n<\/p>\n Net Income \/ Loss: <\/b>Net loss for the fourth quarter of 2022 was $148 million, or $0.80 per diluted share, compared to net loss of $175 million, or $0.95 per diluted share, for the fourth quarter of 2021. For the full year in 2022, net loss was $610 million, or $3.30 per diluted share, compared to net loss of $674 million, or $3.70 per diluted share, for the year in 2021. Net loss in full year 2021 included a $200 million upfront payment to RemeGen.\n<\/p>\n Cash and Investments: <\/b>As of December 31, 2022, Seagen had $1.7 billion in cash and investments.\n<\/p>\n 2023 FINANCIAL OUTLOOK<\/b><\/p>\n \nSeagen anticipates 2023 revenues, operating expenses and other costs to be in the ranges shown in the table below.\n<\/p>\n REVENUES<\/b><\/p>\n<\/td>\n<\/tr>\n Net Product Sales1<\/sup><\/b><\/p>\n<\/td>\n $1,925 million to $2,000 million<\/b><\/p>\n<\/td>\n<\/tr>\n \nRoyalty revenues\n<\/p>\n<\/td>\n \n$170 million to $185 million\n<\/p>\n<\/td>\n<\/tr>\n \nCollaboration and license agreement revenues\n<\/p>\n<\/td>\n \n$45 million to $55 million\n<\/p>\n<\/td>\n<\/tr>\n Total revenues1<\/sup><\/b><\/p>\n<\/td>\n $2,140 million to $2,240 million<\/b><\/p>\n<\/td>\n<\/tr>\n OPERATING EXPENSES AND OTHER COSTS<\/b><\/p>\n<\/td>\n<\/tr>\n \nCost of Sales\n<\/p>\n<\/td>\n \n$420 million to $470 million\n<\/p>\n<\/td>\n<\/tr>\n \nR&D expenses\n<\/p>\n<\/td>\n \n$1,425 million to $1,525 million\n<\/p>\n<\/td>\n<\/tr>\n \nSG&A expenses\n<\/p>\n<\/td>\n \n$880 million to $930 million\n<\/p>\n<\/td>\n<\/tr>\n \nNon-cash expenses2<\/sup> (primarily attributable to share-based compensation)\n<\/p>\n<\/td>\n \n$330 million to $375 million\n<\/p>\n<\/td>\n<\/tr>\n \n1. Net Products Sales include sales of ADCETRIS, PADCEV, TUKYSA and TIVDAK.\n<\/p>\n<\/td>\n<\/tr>\n \n2. Non-cash expenses include share-based compensation, depreciation and amortization of intangible assets.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Conference Call Details<\/b><\/p>\n \nSeagen management will host a conference call and webcast with supporting slides to discuss its fourth quarter and full year 2022 financial results and provide an update on business activities. The event will be held today at 1:30 p.m. Pacific Time (PT); 4:30 p.m. Eastern Time (ET). The live event will be simultaneously webcast and available for replay from the Seagen website at investor.seagen.com<\/a>. Investors may also participate in the conference call by calling 844-763-8274 (domestic) or 412-717-9224 (international) and asking for the Seagen conference call. Supporting slides are available on the Seagen website at investor.seagen.com<\/a> under the Investors section. A webcast replay will be archived on the Company’s website, investor.seagen.com<\/a>, under the Investors section.\n<\/p>\n About Seagen<\/b><\/p>\n Seagen Inc.<\/b><\/p>\n Condensed Consolidated Statements of Operations<\/b><\/p>\n (Unaudited)<\/b><\/p>\n (In thousands, except per share amounts)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended December 31,<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Years Ended December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n<\/tr>\n \nRevenues:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet product sales\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n463,627\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n369,182\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,706,516\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,385,566\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRoyalty revenues\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n53,360\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n45,980\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n164,554\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n150,523\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCollaboration and license agreement revenues\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,163\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,689\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n91,342\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n38,282\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal revenues\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n528,150\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n429,851\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,962,412\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,574,371\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCosts and expenses:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCost of sales\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n108,210\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n86,689\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n410,058\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n311,565\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nResearch and development\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n357,843\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n304,294\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,344,361\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,228,672\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSelling, general and administrative\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n216,101\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n210,937\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n820,963\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n716,190\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal costs and expenses\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n682,154\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n601,920\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,575,382\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,256,427\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(Loss) income from operations\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(154,004\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(172,069\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(612,970\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(682,056\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nInvestment and other income (loss), net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,176\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(4,904\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,655\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,351\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLoss before income taxes\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(143,828\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(176,973\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(602,315\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(675,705\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nProvision (benefit) for income taxes\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,343\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,345\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,993\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,234\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet loss\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(148,171\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(174,628\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(610,308\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(674,471\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet loss per share – basic and diluted\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.80\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.95\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(3.30\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(3.70\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nShares used in computation of per share amounts – basic and diluted\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n186,091\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n183,095\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n184,676\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n182,048\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Seagen Inc.<\/b><\/p>\n Condensed Consolidated Balance Sheets<\/b><\/p>\n (Unaudited)<\/b><\/p>\n (In thousands)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n<\/tr>\n Assets<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCash, cash equivalents and investments\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,735,070\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,160,036\n<\/p>\n<\/td>\n \nOther assets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,939,462\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,559,568\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal assets\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n3,674,532\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n3,719,604\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Liabilities and Stockholders\u2019 Equity<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable and accrued liabilities\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n818,404\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n568,854\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLong-term liabilities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n52,309\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n85,611\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nStockholders\u2019 equity\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,803,819\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,065,139\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities and stockholders\u2019 equity\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n3,674,532\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n3,719,604\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230215005723\/en\/<\/a><\/span><\/p>\n For Investors For Media KEYWORDS:<\/b> Washington United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Oncology Health Clinical Trials Research Science Pharmaceutical Biotechnology<\/p>\n\n
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\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/p>\n
\n<\/i>
Douglas Maffei, Ph.D.
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Vice President, Investor Relations
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(425) 527-4881
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dmaffei@seagen.com<\/a><\/p>\n
\n<\/i>
David Caouette
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Vice President, Corporate Communications
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(310) 430-3476
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dcaouette@seagen.com<\/a><\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20230215005723\/en\/828587\/3\/Seagen_Logo_RGB.jpg\"){kind=logo}
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