SGEN - Earnings call transcript Q2 2022

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Operator

Good day and welcome to the Seagen Second Quarter 2022 Financial Results Conference Call. [Operator Instructions] Please note this event is being recorded. I'd now like to turn the conference over to Doug Maffei, Vice President of Investor Relations. Please go ahead.

Douglas Maffei

Thank you, operator and good afternoon, everyone. you second welcome results XXXX to call. conference pleased to quarter Seagen's financial I'm issued release a we afternoon, This press with results. our the release press our Presentations and slides Investors in page. are and Section, The Events available supporting website on on Commercial Chief Officer Interim U.S. Simpson, Financial and Roger Romp, Chip Todd Executive Officer; Officer; today's and call Medical Executive Speakers be Chief Dansey, will Chief Vice President,

the is Commission Exchange filed the ended and March quarter company's Seagen Risk Factors filed report for XX-Q approval such Today's costs expenses, Actual those the about projected we'll and aim one results, and a prepared financial the may included potential the remarks, the and statements. and in development matters, risks anticipated sales, open legal call difficulty Instructions] forecasting difference Securities to with associated hour. pandemic from revenues, sales, this marketing and by legal the including contained results faced caption subsequent differ our for developments approvals regulatory information and or quarterly We materially in implied regulatory the XX, include under anticipated the costs potential outlook, forward-looking Following with questions. including disputes Factors to and with cause Form include the commercial to keep call and submissions, in [Operator future or XXXX the regulatory SEC. on statements conference reimbursement will line expenses. uncertainty related revenues, product company's and developments and process. performance. the clinical regarding data forward-looking to company's impacts with More and may reports COVID-XX these uncertainties pharmaceutical Future the related or milestones, readouts events and that XXXX,

the Roger. I'll Now, call over to turn

Roger Dansey

to I lead rich make people I such last and deeply to second our honored earnings integral revenue meaningful Interim that an our to who would quarterly in Thank like are million. Doug. Siegall collaboration continuing medicines to difference Clay history Good with innovation announce strength Along across I we market and approved that This CEO was commercial committed a am bringing and of quarter we revenue. our year. founder, represents total company. pleased call. and transformative everyone as Seagen to appointed of robust my oncology welcome the X of growth colleagues, I seasoned compared a in growth privileged our afternoon, has royalties quarter lives the to become. you, am acknowledge to building XX% as well with cancer. as Today, sales of to and reflects was have $XXX same This mission of recently extraordinary company the products

than with We X to more on progress focused continue and remain assets our across XX strategic programs approved We medicines our pipeline. priorities.

global our expansions Our robust geographic of to reach. programs strategic maximizing supporting is execution, label partnerships broaden through commercial products for future first priority development and our the clinical leveraging our potential

advance to to pipeline look additional as the bring to and market our is strategic Our medicines deep years. priority second coming diverse in we

and investment priorities. external drive our and Beginning Our financial support with balance strength solid to internal PADCEV. sheet

clinical footprint Furthermore, booked in of expand been the sales ADC PADCEV will in uptake were the This for Todd which indications, in discuss. supply continued urothelial net standard labeled become in of United care first-in-class States cancer, metastatic quarter. nearly for setting. trial has It was by internationally product in PD-LX during PADCEV our sales to we global our XX the and has on Our with post driven strong demonstrated countries now second PD-X patients commercial orders quarter. the in -- approved survival overall based trial. Brazil the the in advantage EV-XXX first continue along

of We of also at X to this a enrollment in as unmet showed cancer. setting the tolerable expression encouraged Merck, The by trial development overall in we Phase this is presenting with we irrespective need excited K III cisplatin-eligible for urothelial this The combination this regulatory not of is complete This year support these and from an data the manageable and upcoming a medical study of from and collaboration evaluated continues. to in and had unresectable, patients forward therapy. work we a trial. III ineligible look The metastatic our to also PD-LX approval. submitting PADCEV from to top commercialize week EV-XXX in support to PADCEV clinical on discuss States. Cohort Australia confirmatory results. combination with Results these plan metastatic the and response per assessing median PADCEV reached. track safety review patients line enrollment later earlier These intention muscle-invasive intended patients and conference In global this to We to XX.X%. cancer. trial or year. data of are accelerated through with sBLA independent who is frontline combination additional EV-XXX KEYTRUDA very accelerated an both United enrolls trial ongoing This trial Phase important with in rate authorities with of KEYTRUDA confirmed also medical frontline in approvals the bladder Astellas, locally secured trial this to an trials high the in serve a Further continue approval in radiographic in with results FDA with potential was are cisplatin-ineligible important advanced, We were to duration Singapore profile. partner, response release positive with

effect Nectin-X-expressing cancer the of Phase studying utility BCG In cancer are I tumors. are exploring And II trial PADCEV's progressing monotherapy PADCEV finally, in monotherapy intravesically our administered EV-XXX the PADCEV Phase bladder other potential which addition, patients. which nonresponsive is bladder we investigating non-muscle trial beyond invasive with in EV-XXX is we solid

results trial line and will top this cohorts and jointly we is discussing who in obtained direction. the has be reviewing future Astellas, results some partner, Our conducting

cancer is for brain HERX-positive tyrosine approved metastatic to Turning and inhibitor is kinase which breast patients metastases. TUKYSA our with and without best-in-class

strength the reimbursement while regulatory colorectal in with are We working headwinds, their month, with patients At meeting launches we GI XXXX earlier TUKYSA's with The safety is profile overall progressing response demonstrated activities of needing European months. treated and in submissions a in trial tolerable, resulted of of performance approval a data, in results a intended to combination to therapy in under submitted accelerated stop that towards additional we trastuzumab XX.X have cancer. despite has MOUNTAINEER ESMO duration the the on trastuzumab Based HERX-positive second and the quarter adverse X% this confirmed Merck response The TUKYSA's due territories. XXXX. plus the the that the of median potential TUKYSA combination supplemental from pleased only and was which these TUKYSA competitive expand States the in program further assessed reach approval previously metastatic presented patients for NDA events. the to of XX% rate United with in

approved with compared or global intended first-in-class the HERXCLIMB-XX. standard Kadcyla metastatic and breast cancer, with the U.S. the in United trial in in III frontline This the and second-line CRC This study to a also conducting including TUKYSA in completed I CRC is the is we which ADC patients support brain serve to metastatic for recently in trastuzumab Phase enrollment Kadcyla, with TUKYSA also to factor trial monotherapy directed care metastases. patients. in as confirmatory of or submissions. HERX-positive adds combination move In could MOUNTAINEER-XX metastatic tissue our cancer now chemotherapy are setting. We investigating for recurrent on setting, first- cervical States will TIVDAK, global

our reflect high to III clinical and TIVDAK month, median data the and cervical to duration a frontline demonstrated global The is The and data unmet ASCO XXX medical sales that was exceptional strong monotherapy study as study teams. product overall trial KEYTRUDA net follow-up enrolling needs, At setting. execution presented after was and metastatic XX in evaluating applications. and cancer in not of a response significant of regulatory XXX XX% the encouraging and U.S. of from rate is Phase innovaTV the we months. quarter intended Genmab Phase a enable II the TIVDAK last and reached Second response serve from confirmed of commercial innovaTV confirmatory the combination well Seagen median the

months. In with addition, setting of the X.X data frontline in duration combination from updated of and the TIVDAK ORR showed confirmed of response median a carboplatin a XX%

and XXX our these Avastin by And the encouraged TIVDAK these plus next are public frontline from will innovaTV or and quadrupled setting. minus KEYTRUDA now is combinations plus carboplatin results. Results We in inform steps. triplet investigating

care presentations for in ASCO month. countries. expression Phase trials ADCETRIS with is highlight III Takeda, become and has a of important collaboration at is through over Next our to featured foundation were lymphomas which, XX as oral Two ADCETRIS last approved CDXX

were The first FDA patients with of showed the plan inclusion in reduced Medicine Journal published survival for lymphoma. the risk data with of the was significantly ABVD this that the to advanced in a possible p-value which ADCETRIS in by results year ADCETRIS X.XXX. in death recently of England ECHELON-X improved and with The to AVD These combination also New submit we with label. compared overall Hodgkin XX% combination

by Disitamab of lymphoma. compared that a AHODXXXX in met patients' X DV, target with survival the HERX-directed event-free when The an chemotherapy sBLA that III Group meaningful lives. ADCETRIS ADC utilizes review of emphasize disease included high-risk chemotherapy could The a our the vedotin, in technology. were that included The the endpoint make vedotin-based ADCETRIS Study, presentation XXXX. from a with in has bleomycin. data was with XX, reducing already granted Phase difference second action risk to or Children's XX% FDA patients' studies is been primary by priority Oncology date which novel Hodgkin These progression patients late-stage of November regimen study pediatric plus its pediatric

approaches second-line bladder additional studies Our to pivotal and HERX-low over is HERX-expressing metastatic and program in a monotherapy combination months. development the II monotherapy plan variety in urothelial Phase trial several cancer recently the of began cancer. cancer breast clinical We in into cancers. enrolling evaluating initiate pivotal next We

in We including considering development are other also solid tumors, cancer. gastric HERX-expressing

Turning to our earlier-stage pipeline.

tumors advancing IND a growing candidates engine, we of Phase a hematologic trials in malignancies. across robust our clinical are solid drug number I range of and Given

with on Roche progress the for Phase technology. make ongoing Polivy Our to a of in has that touch Daiichi DLBCL States application with their in ADC trial initiated their on approval trial. briefly cMet-directed I based legal ADC programs our Sankyo. now cell non-small lung continue in an cancer utilize III POLARIX first-line now will AbbVie United Phase with collaborators proceedings III filed our and

were we aware, our you that of past of $XX.X a patent XXX the and court positive through sales verdict received Sankyo jury damages Sankyo our of many had verdict, trial we for Daiichi April infringed Daiichi find jury's unenforceable. the to ENHERTU date. are awarded million As willfully the patent requested in Despite

represents of recently ruled the recently, Seagen, post-grant Daiichi which are of ownership now request request ENHERTU our through Trademark pipeline the the intend the outcome judgment in court the against We We and the Daiichi used to based award. technology patent most a believe request the ENHERTU matters. arbitration Appeal Patent against denied award review pleased on of and products future to Office royalty has its and legal ADC court U.S. jury's term. regarding on to element sales now Daiichi's these of await Board we other the by XXX favor In meaningful and of another Patent the ADC in institute We decision of their entered the for Trial end a patent. again favorable proceeding

important ADC as ADCs, vitally leader is and intellectual to our property innovation. in pioneer to continue a for drive As it defend us we

provide turn our Next, on our over financial performance. commercial who will and an Chip Todd? will Todd, I'll to call discuss results update the

Todd Simpson

Roger everyone thanks on the call. for joining to and Thanks, us

by in commercial XX% million Product significant first financial and the few half of Astellas in in first Our financial the the the brands, of of Cost AbbVie its sales the This our royalties second PADCEV each second in million PADCEV million growth outlook first second of quarter million investments driven first trial quarter million in half profit quarter XXXX note, and quarter sales in to results as Of noncash to of share half million XXXX. results growth $XXX well activities, expenses the a the the a royalties the sales $XXX other as continued U.S. the the the $XX first second our compared Today, Genmab the second the and reflect this in potential over $XXX as results were were reflected Growth corporate were advance I'll were ADCs the for TUKYSA million on and half by the in million the activities. ongoing second owed of second as efforts, cost XXXX. of updates $XX reflect and $XXX for revenues XXXX. in were $XXX million by second This quarter of first X to territories in our in were of revenues milestone and well to $XX amortization from quarter of combination acquired in product then our of million country SG&A sales another quarter BLENREP half quarter as across business. collaboration including Takeda half approximately $XXX sales the year. revenues XXXX. in that that sales and XXXX. continued by and Europe, launches the collaboration quarter was million $XX across are for technology. in programs. This company R&D amounts These for and in by both continue $XXX million Total made to year conducting. for ADCETRIS the of a first of Takeda. launch by second products million other they Astellas sales the and of briefly and Royalty second our support investment period of for to quarter in and TIVDAK advancements and of discuss the million partners, reflect Roche was Polivy as to clinical $XXX included XXXX. Seagen's use of sales of were XXXX. included approved $XXX in well These in million remainder Collaboration year, to pipeline the our X% same expand our representing $XXX half and for for commercialization XXXX. including are portfolio. prior the driven each expenses the summarize of which technology GSK, $XX

financial reflecting range are our $XXX Regarding strong performance guidance, new ADCETRIS year-to-date. $XXX our sales guidance to to we million, of increasing a million

this collaborators providing our revenues will we in on market increasing our for Chip on a guidance a moment. Based provide related progress guidance each are million made and more maintaining by We we TUKYSA range new brands for PADCEV are collaboration of $XX million. to new existing for to and dynamics $XX to guidance context and are not at our TIVDAK time. a collaboration, of our

$X.X We currency remain royalty regard unchanged, with maintaining effects although we quarter monitoring With cash we billion in expenses, to fluctuations. Our revenues are foreign guidance of are our ranges. guidance the investments. the for and second ended

our portfolio performance. overview continue sheet turn call over Our our investing to an in the and and Chip to of that, I'll allow now balance for commercial business. performance us strong financial With

Chip Romp

I'm update million, you, provide performance sales on Thank Todd. record driven approved brands. an our a of to X commercial our new set quarterly which by pleased $XXX product

sales second are were pleased that become We a or ADCETRIS $XXX XXX,XXX quarter now the over approximately XXXX. treatment globe. portfolio our patients performance second XX% the commercial of first-in-class, treated of options increase have with quarter important across drugs and best, million, the have of

Underlying care. setting, of U.S. use second year to be where growth the of post quarter Excluding is primarily PADCEV a XX% this trial the driven and continues orders, by up last clinical standard in checkpoint over XX% supply was over the of growth year. first quarter

the Cohort trial. top with pleased the positive K EV-XXX line reported are from data We recent

XX% are K. total As approximately a addressable the frontline with which these XX% drug-treated. of the to these reminder, setting there patients cisplatin-based XX% ineligible are about in Cohort XX,XXX patients studied the U.S., for represents of in metastatic chemotherapy population in being

TUKYSA. to on Moving

million, of $XX over Second second a quarter the sales X% were increase XXXX. quarter

our pathways. for our in and second-line approval of guidelines a U.S. recall outlook and the modest competitive ENHERTU's of of sequenced. anticipate of that remains setting in TUKYSA in used. This launch continue flow the the increased we will XXXX where despite pressure in into the to resulting With half these With shift seeing first from expectation assumes year. in a May, patient impact regimens in plus mostly inclusion setting the in are use You ENHERTU this ENHERTU, is how setting impact delay third-line TUKYSA

strong TUKYSA's in in confident be to setting, involvement. for CNS proposition the continue especially with second-line patients value We plus

look combination positive the metastatic we the second-line results, in cancer in point plus following some U.S. potential study the trastuzumab colorectal expansion addition, into In label in forward in at a patients to MOUNTAINEER with XXXX. setting

represents offer second sized high modestly an with record population, sales therapies XX% XXXX. of unmet colorectal quarter the ADCETRIS from existing a TIVDAK $XX second the patient survival we Although are typically from medical unprecedented reaction promoting quarter a trial data the as cancer response rates. and the approved seeing are ECHELON-X million, limited a million quarter. over increase the it ASCO, And were second need were positive are Post pleased actively sales overall we for $XXX finally, prescribers.

Seagen cancer cervical positive While pleased and patients opportunity, indication clinics. reception with from teams shared care we to are a visit being managing requirements represents in best practices the eye physicians are and this seen we've initial the Genmab very date. patients The with commercial modest metastatic between

high option need. this important with promote treatment to for unmet continue such We patients

back to Now, Roger. I'll the hand call

Roger Dansey

Thank you, Chip.

ADCETRIS, closing, for each line In I proud Regarding we potential label well impacts on lives our questions speculation to the potential support and year. financial Q&A trials second our not during positioned the Seagen this recent respond of to our is to media cutting-edge market performance continue questions. throughout recently that deliver innovation reported and accomplishments expansions. that as quarter TUKYSA open We please am and do With cancer. not PADCEV the that, Operator, from Q&A. will as data on your open intended positively development are commercial for advancing well for we'll with we pivotal session. to of comment on focused mission M&A, the people reports, topic very

Operator

[Operator Salveen Goldman comes question Sachs. from first Instructions] Richter from Our

Salveen Richter

on timing can future has here any the And in color on judge royalties for rolled not the an you updates why arbitration old Any yet case? provide infringement on decision? the

Roger Dansey

Salveen, thank question. you the for

it that continues is best timing. we our be to now and to estimate with around As right and midyear our see guidance regard

Just you, the to have And is is we are result that. and his arbitration out the proceeding come But the by period arbitration time judge. that control. remind any on specific line controlled We don't in the expecting we are midyear. to influence to so midyear actually

Todd Simpson

Salveen, with matter. The damages. future respect then jury's for process, now it's judge the the to motions the the We'll has Texas consider And normal now to judge the award. file court with entered that

but that bit procedurally, a little expect something working and just on that to So now happen takes right we of are shortly. that's time

Operator

question Matthew Stanley. The Harrison next from Morgan from comes

Matthew Harrison

think potential you're ask cohorts? and for I And tell just you don't I in of Cohort of just about? if of you're the time to XXX can And just cohorts what on implies potentially maybe willing guess then at most secondly, reported people understand durability? us different duration one to follow-up median that of those So in PADCEV, on I can the follow-up results. which you the study terms remind was of what us know I trying excited duration that just K? key are potential is factors that the

Roger Dansey

We're for with Thank very you. Cohort pleased the question. the Thanks K.

I'm meeting data need gets can. the as last just data, can what maintain are frame. January it of enrolled a understand, I a in I October And as press present we year. as think the can't talk broad in you. we in we until to limited much you number we'll at excited to sure data of We it to declared the meeting. can But the presented get We follow-up how to soon in we strokes, enroll say in a the about medical now we're last presented July we've XXXX in release. time is share with the started But study and median patient confidentiality

sort So you some get age trial. the of of of can sense the

number otherwise, at we in a can data unfortunately tumors, we and think believe, able confident in stay front cohorts to going breast of have share line the at got until maturity, there cohorts. others. would I just you to XXX, including we're but to it the this results. perhaps gastric unfortunately cancer, to meeting. things neck you with like With not get are have are not cancer, have and We're of But I cut tuned regards its the Nectin-X-expressing cancer some head be which top point medical there you'll cancer, lung

Operator

Cory The next JPMorgan. comes from from question Kasimov

Cory Kasimov

which I Can FDA K from of discuss you that this want data robust in well, follow up on an a regulatory to hand of particular kind release you with discussions K with monotherapy prior have you've is now, to from view. could with PADCEV point approval, enough Cohort the be had the accelerated the basis to as of of Cohort type the control? especially the technically of to results seem form study

Roger Dansey

Cory. question, the for Thanks

just approval. data that were Cohort with which go you designation A the order a K, combination, basis read first data supports from the we've of look on, beyond this a to specific out breakthrough to -- with on set therapy obviously, place. Cohort Cohort trial we that a for in interaction accelerated we agency the get that's that effort into an A was of that the Just able the and subsequent And remind to to with was presented intent

KEYTRUDA. the you a of Cohort say, combination designed then FDA and is and breakthrough agency, monotherapy sense any sequence executed into of data. that think to granted including, I supply PADCEV the obviously, without were of We conversations as with purpose we designation. events whose it, initial generated therapy we for So had is the components K of of details, the going contribution the We primary

Operator

The Gena from Wang comes next question Barclays. from

Gena Wang

in in year. you a kind be combo bit many with ADCETRIS initial what the threshold tumors? patients if data tumor you'll your give for? looking little later And Regarding pembrolizumab would then what solid how color, solid can Wondering of this be more

Roger Dansey

for then a to these is the And and very one of And lung inhibitors. -- population, other interesting scientific is ADCETRIS that Yes. then subsequently by question. inhibitor T for are PD-X folks, responded good is just over-expressed a eliminate regulatory who PD-X core exploring Gena, is tumors. inhibition sensitivity reduce main the things, reason, the of this remind the by thanks allow if cell of amongst modulator. in PD-LX and may recovery And PD-X patients have area Because have progressed. T And diseases therapy. could in that a It's that regulatory that ADCETRIS. in X cells other we're melanoma the cancer. the for in to the melanoma. the which a And basis the to or one with that which at interested It is mechanisms be resistance to so a or happens we're that may you inhibition occurs PD-X inhibition population, the PD-X be previously

are these initial tumors So immune-responsive, certainly period. both the on of

of regards for interest And further initially. the you present that cohorts give us. the We and we've as exactly details may when so X those an we numbers area any are data. can't it But to is studied

those to please out for them so tuned you. can get results we stay when And

Operator

SVB from Securities. from The Andrew comes Berens question next

Andrew Berens

the on And on I the your not time. [indiscernible]? the Is at look being they're findings. interpret was wondering It release how multiple think and something beats towards line court's arbitration basket should reading that deliberation? of a Two that the to on for you Congrats sounds trial. we raises. questions could the decision might EV-XXX see district some district me. royalties comments but like on top the some his about about out take question future Should want in arbitrator we a then just trial the

Roger Dansey

one, proud for was you, effort number are really congratulations. that thank this many the Andy, We outstanding of levels. on quarter

regard for information. understanding is to this very recent you So thank that With comment. EV-XXX,

running in of the timing It and Astellas information is and terms to trial will available. that. of we present the reviewed the data be is so the and all need does and where

tuned With in aspect. arbitration, stay make a I that will just Todd regard to that I'll reasonable period the a a around ask there. to comment. perhaps expect with the on So we onboard plan matters

Todd Simpson

Sure.

a ADC that earlier, matter ownership some additional some in of mentioned hand, of question assistance. we'll take of work The So the are embedded X infringement. months, X% Daiichi royalty the a patent are Andy, award think time. we jury improvements our us we're case The and asking there thanks as Again, our is remember, that, the other future arbitrage to matters. on for the the question. award separate to I a They're We believe technology that did now with damages. Texas judge for is and

it's the Texas based a just We out that -- matter. tied expect separate further and which from isn't arbitration together. read on they're necessarily the -- do think And what don't So certainly know We court. will anything for everything. we

Andrew Berens

there be damages will from was at looks awarded just is whether wondering the maybe you the X% arbitration. the that just And I got retroactively I and reason The was asking potentially arbitrator proactively Okay. too.

Todd Simpson

It's question. a good

things I be case judge arbitration but looked damage order be that think think we a to make him it's whole of the provided perhaps a at one in that the sufficient ruling. for will to different we've will

Operator

comes question next Michael from Guggenheim. from Schmidt The

Michael Schmidt

K. and the and as Cohort are you is confident with is for EV-XXX in obviously on confirmatory bar had study PADCEV bladder is said And which in to routinely the in being the you data later-stage And maintenance one K question my Roger, well used being with on, regulatory frontline how cancer for assumptions what I BAVENCIO powering trial Cohort overall you? now now survival available patients. EV-XXX design

Roger Dansey

consistent to Well, regard arm X sets question. each with do Michael, could as luxury have expect indicated, now thank generally the great the we press of the on outcome in which, With that release, data we we you. That's a the are experimental other. of EV-XXX,

reproducibility So in based confidence terms outcomes on its likely its experimental is the of data. that arm around and

And as how as maintenance so you -- avelumab And the addition and perform? a question control becomes but will for intervention the therapy not everyone. know, remind BAVENCIO you arm just to is

a Obviously, get everyone. will the [ph] So order EV-XXX will to avelumab There use. after populations have And the not therapy. sort the inhibitor or do trial. There progress respond are in the use either enrolls be be in Again, as opportunity. is to other no patients avelumab same. -- to to of not PD-X there sequence

perspective, that the we perform. asking trial our reminding a differential is that we answer expect a is the And global outcome have to yes, We if I to big confident as adequate XXX that from patients. question are could think good we XXX for it's [indiscernible]? you're enough, the of visibility I so power it the the And think, into have question, we we think of experimental And show should a will what are how trial control is the some, you arm arm do. confident.

Operator

from question Geoff from comes Meacham Bank of America. next The

Geoff Meacham

your to of PADCEV vis-à-vis or ADCETRIS wanted part had take start changed I of things. were the to year? of just and kind what's the commercial particular I what commercially And guess happened more in is second for then of a versus what I the original TUKYSA assumptions question. on side your that [indiscernible]

ECHELON-X. that could on the OS you what kind what on And impact of think commercial for down was have wondering road? the the recent Just maybe feedback data

Roger Dansey

which congrats. question at that in And think and we to understood thinking now gave your and under terms do parameters -- as I being the where that see right we obviously again -- about regard to the I guidance. With the some year, Geoff how you we're for are we of how Thanks, beginning and guidance had the [indiscernible]. of Yes. we compared thanks determined

that's think heard. ask I respond, I'll I what to please. Chip

Chip Romp

Geoff, Sure. question. the for thanks

at attribute the had So we're our quarter. quarter end the think track it We as we OS with our was very XX% seen strong quarter. that ADCETRIS over all of guidance. guidance growth And are was of strong first I At that on in the reaffirmed at pleased addition over we're around very quarter getting thinking the and the response been to sold which that last with it data. years. it of the the data recommendation E-X you We've we year. some regard a Physicians It of mentioned. a day, of our across the of do reaffirms PADCEV we've to kind released beginning pleased to growth, think to the the has strong with messaging brands. significant very this data. couple We that,

diagnosed see in which patient close on HL in impact pre-pandemic The had In we addition was patients to with QX regard rebound to ADCETRIS. pandemic to a newly levels. that, did diagnosis an

valued the with we So option CNS involvement. patients It has a well. very With spoke up for for is TUKYSA held to that treatment in past. and to TUKYSA. regard physicians particularly

the with pleased we're the performance so And TUKYSA. of

maintain to our the and we'll continue closely. continue We to monitor guidance on it market

Todd Simpson

Yes. Maybe I'll add. just

we of as dynamics included are follows. in that our guidance the Some

way we're second the It to first happy really So the first guess, with the We've late for were performed year. in ENHERTU the as only in I quarter. TUKYSA, of ENHERTU we brand has the Chip now approved, mentioned, was seen approved. half approval, see expecting

So we're are little gave do see of bit that. how we the in in talked drugs setting. the our still about we a watching a as disruption effect sequenced guidance, But that we of when

use [ph] BAVENCIO out. how PADCEV. to to I of that X. the on how and we with looking watch for PADCEV, then to label how think pleased from year again, informs growth with were the see of we're continue expecting And we'll But that were So gone. We first really the maintenance and has patients come also that Cohort half at the plays respect

way all And would gave year. So the happy we really think when I performed again, thought we're the first all, Chip said, they with in guidance. are out the of as brands playing we things half the in how have

Operator

The Gregory comes next from from Renza Capital. RBC question

Gregory Renza

more on the Maybe, quarter. question. higher-level Congratulations Great. perhaps a of Roger,

about learning Interim about what just You of you're the from about the interim CEO you ask organization, progress the culture a acknowledge and top call. future you the standpoint? role bit the at the Seagen's to think date as I to CEO Perhaps, could comment the

Roger Dansey

mission collaborative of sincere for -- year. and company and had to try an is And Greg, difference terrific. we've workforce have a obviously get this desire we their enthusiasm, the I execution all question. first energized very am I had focused for -- patients. cancer a I really a of of their -- employees The employees, really it half difference thank lives the you this is environment. excellent the it's the make make And to honestly thanks commitment by a their Greg, to in for and mean say, which this on are energized. the I is congrats and

a absolutely we to keeping And for have a has as work the grow plan is scale think of position, maintain us. There positive role. this but in company a and So about focus and moving nothing soul. the say we Interim Interim is essentially I business which is company, is to and right as experience, on now ahead as the on very retain as things we culture CEO my in And straight attractive trajectory. what which sitting this CEO now the it

Operator

Stephen The next question Stifel. comes from from Willey

Stephen Willey

Congratulations.

So maybe on guess, the question. I last follow-up, just a

provide know, I -- what Interim guidance commentary a if have ongoing with here. for a Congratulations. then I you might I holding is CEO. CEO could just time and that So the I'm wondering are search to quick just is any lines follow-up. there And look think you role respect and permanent an process where just Roger, But like?

Roger Dansey

it's one. and an the question important for Thanks Yes.

happens indicated, a So who as land a I opportunity Board for think is we've search. to the great initiated role. anyone This has the

in necessarily set, And so timing, to not place. we do. an our is urgent plans have we -- in sales thing terms This have are of

We great are in shape.

that candidate. the the the think mission of we fit we I the look ideal So are to in we're for company The will with have candidate and type that time on.

And through. so is to timing they look begun as process forward we guidance reviewing candidates other indicate that as to the there and come has no to clear than

Stephen Willey

Okay, updated appeal? included any provide awards like of in for look the infringement Todd. that's kind that that? if function on you of a some if to subject being just just could It that's Or commentary any then doesn't maybe helpful. quickly And guidance and curious just

Todd Simpson

the for question. Yes. Thanks

not guidance. included our it's in So

in positive had court our to try think have While legal overturned. to maneuvering been find this the verdict. we've I jury There have And favor. a continues nicely, to

included but the of you will, haven't where that gotten So you about need as anything our therefore, yet to payments terms which we're doing we've it recorded in we feeling the and or very it's damages. recorded framework, we award guidance, apply good anything There's level mentioned. we're accounting hasn't and in not to if an

Operator

The Blair. next question comes William from Andy Hsieh from

Andy Hsieh

Really this commercial glad to performance quarter. see strong the success and clinical

therapies that opportunity exploring a Disitamab regarding I'm for taking just into and need? there, white of kind also So curious vedotin, fulfill there medical the other space that unmet think maybe you about perspective out how about could account

Roger Dansey

Andy a Thanks, it's and great question.

Disitamab as vedotin an HERX-directed been novel So the antibody technology. a we've which indicated front has has believe, before, it [indiscernible] we optimized, and ADC-type construct for end uses on

and RemeGen China remind in to you, obviously, we're linker. diseases hand such in from population footprint already amenable regard opened payload in where fortunate enough So breast opportunity, be cancer were the have in in very the And collecting we and some cancer. and to are cancer patients to just as from to the which on With the in a to declared gastric will data, partner, going? and cancer clearly potential enrolling urothelial With data Western and to the in first broad trial We've we extent, our our We, familiar have FDA. with is the generated review a they in in regard EV. urothelial for pretty such China. China, drug more diseases as approval agencies number by of focused already -- in clinical trial have

trial know, that and approach. a for an for required trial to path, urothelial going our approval. committed entails accelerated So first as you because what's And that's down basically approval we looking then accelerated an is cancer are confirmatory

least trials urothelial cancer, we will And in so be on X conducting at monotherapy.

could a the We confirmatory we obviously, basically trial, as randomized conduct world. opportunity. our around plans Phase a to what are look just always we to do, it It's confirmatory it's haven't And with when approval what not positive trial regard seek III, our like. disclosed gives

in is cancer bladder scope. So

certainly an ADC there, itself The doesn't necessarily the to HERX within working have pathway. second such be ADC then cancer. And is potential the which why has recently possibility The obviously, an upon in to -- ADC population. the some has that are is points the that can to not signal. of the form to internalize. is addiction pathway the of It just HERX-low area were way dependent presented breast and for And that's outstanding results

differentiators that. breast then think, we you, is gastric that inhibitor. on, appropriate Cohort I I so we lastly, that have various think have very with a like EV this a is ADC that the interested potentially we're do wherever is element in an on we think remind important. cancer diseases, TUKYSA. to there believe including something in fact, explore we something I and And is to is PD-X with a our to PD-X So of say, it's going will and consider we belief. one just in vedotin And K, which when you And important And inhibitor. combine speaks Certainly, would

program through development we another thinking a So available asset look have is TUKYSA combination would a [ph]. we and incorporate what that are of could HERX that like

So there's work of lots us. of ahead

lots I opportunity. think be what we're trying how is about thoughtful of the We're excited for to to landscape. There's the competitive program. navigate,

mature. forward So will as we more plans bring they

Operator

from The next question Sandler. Piper Catanzaro comes from Joe

Joe Catanzaro

Maybe K. follow-up Cohort on just one

So Roger, monotherapy mentioned within arm trial. that you there's a that

you data present data? And guys a of expect to cut to Just yet? take expect when if wondering you would if when taken And so, those you monotherapy have cut? if not, data, a would those

Roger Dansey

Thanks for the question.

randomized a it's -- a trial. in So

data we randomized. they We still in both are cuts. the even circumstance, And complete X inferential arms, So do an though are arms analysis is a contemporaneous. there anytime that statistics between take no

all the a that so and set we the presenting a can rich combination will it we soon of meeting data is include data will at monotherapy as medical be the it and And possible. as we get to and have

Operator

The next question Jay Olson from from comes Oppenheimer.

Jay Olson

And program? your congrats TIGIT differences to Roche's the technology on on broadly are TIGIT to remind maybe important antibody your from SEA-TGT you any some Thanks more the expand us, between across for on tiragolumab? plans what read Can quarter. And the your comment and of platform? any update comment and SEA

Roger Dansey

one. a you great question. the Jay, for thank and the It's congrats

of So which is was there the randomized II. was Roche from level enormous point Phase the excitement their view initial of conviction TIGIT what in outcome pathway, initially and the generated the obviously certainly, around the pathway, encouraging very of

seen haven't data. the We

is that a So and that we about the it's preclinically differentiated. been with judgment is backbone to the essentially activated basically And strong is science what us molecule. of various But really treatment our hard And interactions have the It's make with seen. may all actually the it's the types. regard does to potency because backbone have other it effect being the for [indiscernible]. in increases state an may like really cell

in a so the think are And clinic, that that turns us where out I that Phase have we've TIGIT regard shows be in preclinical in we are, position. data a strong lot may component differentiated a if of preclinical still maybe I. we got useful that to With to -- we very put

would on we in various determining -- forward. a are also signals focusing -- as we dosing lymphomas would we we take gastric what such that schedule cancer diseases in exploring dose are we and are also look We evaluate And think begun which TIGIT area for have and inhibitor, collaboration us PD-X may what their is -- at. PD-X our the we've a together Pfizer with with inhibitor just And like. with an look interesting we to to that

is So it to the not was we're think TIGIT we as still as that I've committed the made, the landscape take point the point that drug. But evaluating perhaps before. I positive

we obviously, what I potential whether does the to And opportunity and Phase will The of the from try our an present forward. get us understanding I then actually to on differentiation. depending itself occur. Phase sets have that see move for the up We

Operator

Berenberg. from question next Zhiqiang from The comes Shu

Zhiqiang Shu

to terms who patients on I the quarter. strong K treatment. [indiscernible] are ask trial, for very with the well, my eligible Absent agreement congrats like as Great. in the the data not like FDA first-line to I'd approval. regarding the of Cohort would add accelerated

the patients eligible see you risk accelerated at us. So do approval any the potential and regarding approval for

Roger Dansey

amount your There a We was noise. question. fair couldn't of hear background

I'll for So best do [indiscernible]. my

clearly studied. eligible of we is the expected population that strongly data versus an the -- and asking from is I quite manage they XX% between stated the of we to of approved, about project population to we the And in population. just [ph]. that get somewhere it's outcome point our eligibility the from we've that that agree cisplatin we XX% indication if to is definition expect I the side, should urothelial the and the this is you, And view enrolled. will be And a cisplatin-ineligible the of cancer patients are with we remind think mean metastatic something agency believe what you're protocol. frontline compelling population that

is So our I cisplatin-ineligible. carboplatin-eligible. it doesn't to don't but know I will you but hear It's just And cisplatin-ineligible. all limit that didn't if be I've that question that's expectation your answered

Zhiqiang Shu

the You answer did question.

Operator

next from The question Securities. JMP comes from Benjamin Ren

Reni Benjamin

subsequently have and when kind just a have it's you with looking you terms And other do significant ones Can the have maybe benefit wouldn't remaining the to definitely you little ADCETRIS. you the think of patients? relapsed to about as outperform of TUKYSA ENHERTU TUKYSA, Congratulations which some refractory about kind clinical sequencing, provide bit growth? ADCETRIS for market great across of products a sense of a would And what quarter. about I products. as potential clinical just or thinking predicted the revenues, might indications? commercial in talk have used at Maybe the that share commercial on

Roger Dansey

the and it comments been to the is and make regard on then the drug. and which the XX here its I mean, we With commercial an primary for hand develop in We've I'll comments survival now I some it's quick shown amazing we to to is drug. Chip are, lymphoma indication to on Yes. ADCETRIS market the over years. Hodgkin quarter. continue appreciate Thanks again response.

in a in We population. a for whether can seeing find are ADCETRIS DLBCL interested relapsed place we

to that data. a think about I expectation like Chip, And post an TUKYSA that to be just what drug. pathways that. tumors want haven't completely potentially know amazing don't at some to would anything do should inhibitor, tyrosine is, I to that [indiscernible] addicted got is value. commercial? the relevant don't we from and ENHERTU? looks data, I is TUKYSA would we exposure make an stage support is think TUKYSA it answer can to mechanistically regardless different which than bring The still the to any kinase comments is because like we using So you actually I prior TUKYSA no because profile on the ADC it and provided comment demonstrate have path of think post-signaling But

Chip Romp

Roger. Sure, Yes.

We The been physicians data. data have The with for to So ADCETRIS very teams is its executing indication opportunity patients. and overall both in there's a data meaningful getting that continued very quarter. survival regard feel labeled have It's did out. strong and important ADCETRIS that growth and frontline. information for well

now. We therapy are a standard of care in frontline

there's TUKYSA. the patients for for physicians with entries the CNS I dynamic the past platform So TUKYSA with think a off associated of build regard With other for breast regarding option us particularly market nature is in it. involvement. calls a really important good to We into cancer as continue to spoke to viewed and of. on

production. but its We are pleased very, we very monitor that closely has how TUKYSA with market continue revenue with up to held to regard

the execute to additional and development that a regard well look from have. to continue across as We for that continue with label opportunities to we'll we standpoint

Operator

Fadia Ami from Needham. comes question next from The

Ami Fadia

on Congratulations the Great. the clinical quarter and data.

clarification ADCETRIS. or a on follow-up Just a

second-line, first-line arbitration, you from which as could here? be going of of if that opportunity programs sort any will in what get sort of due growth? have both would follow-up do of in to excites when and determined Sankyo or get the the couple Daiichi do You are on that of then the whether we Given talk would to a down something decision a you growth line? we And other on a also that be royalty quantification be decision, payment Or to the remedy gets you lymphoma more it's its position in And see the Hodgkin and what in clinic. one terms Seagen?

Roger Dansey

thanks question the the and comments. for for Thanks

to I set of ADCETRIS So a to to I'll you. with comments continues you regard see. think quick give grow, can ADCETRIS, as

III, And in so Stage there's still opportunity for Hodgkin IV. advanced lymphoma setting front-line in the

that that. overall what now is with ADCETRIS physician the know, the that any therapy commercially, As data be the team front-line of make needs looking signal, you sure to will of part know survival an possibilities and aware understands to are with Chip's as

that growth. represent some So does

Hodgkin we've we're Of it's approval. in but potential there, pediatric lymphoma. which course, one it this submitted nevertheless the important an component If successful for and we indicated and a have modest opportunity opportunity is remains high-risk an

are lymphoma we very interested We in earlier-stage novel are regimens. and in interested Hodgkin

these label-enabling are combination of we So an describe at with we but nivolumab ADCETRIS as certainly plus looking [indiscernible]. together the wouldn't

the that it we've to got to generation a We're So what think is looking I therapies. believe to to terms turn going lead a possibly in -- ADCETRIS, on. for could see lot next DS, the PD-X comment. combination we may be of I'll of what look to regard And considered Todd in a development. well what effort later pack of over quick With for

Todd Simpson

Yes.

ownership, don't judge go would damages. So what what terms it a has thanks don't ownership of to of guys could is be and favor question. good pathway cover unknowns. with the a for degree the and be we ruling know means with Unfortunately, easy matter to. the don't that the that all in from Seagen nice could a going would our out rule to be quite what ruling answer and be the to know will awarding a how clear or we kind forward clear standpoint. It you respect product have question. of the Obviously, of figure a It's unfortunately, IP one, we in a It's means us

for it. happens So it's wait great need of a Thanks see just what here. and We question. to kind

Roger Dansey

in hands. Yes. for a a our But interpretable and we We're have clear very we case believe really outcome. strong hoping

Operator

turn conference to to Due session. concludes back constraints, any for this to question-and-answer I Doug remarks. over like our Maffei time the closing would

Douglas Maffei

everybody, of for call Have afternoon. thanks, day. and participating a this you, your rest great our Thank in operator

Operator

concluded. The for now today's Thank conference attending you presentation. has

may now disconnect. You

Seagen (SGEN) 29 Jul 222022 Q2 Earnings call transcript