SeaGen disappoints with outlookDown 15%. Enhertu (AstraZeneca Daiichi JV) is taking share in breast cancer from Tukysa - seems Enhertu becoming the SOC there for targeted therapeutics. Nothing significant coming in 2022 to keep momentum going.
From Reports:
SGEN reported a beat for 4Q21, driven by Tukysa, royalty, and collaboration revenue. However, 2022 guidance was substantially below consensus, with q/q growth largely flat for Adcetris, modest growth for Padcev and decline for Tukysa, due to competitive threat from Enhertu. In addition, Padcev EMA approval and the arbitration decision were pushed beyond 1Q22. With limited near-term upside from pipeline assets, largely anticipated positive data from Padcev EV-103 Cohort K data, we continue to see balanced risk/reward for SGEN.