Seattle Genetics’ (SGEN) net investment and other income increased from $2.91 million in the second quarter of 2017 to $106.56 million in the second quarter of 2018 due to net gains from its sale of Immunomedics common shares. As a result, the company posted a net income of $76.27 million in the second quarter—compared to a net loss of $56.36 million in the second quarter of 2017.
Seattle Genetics had a net EPS of $0.47 in the second quarter. The company’s net loss per share was $0.39 in the second quarter of 2017. During this period, Seattle Genetics’ outstanding shares increased from ~142.8 million in the second quarter of 2017 to ~163.38 million in the second quarter of 2018.
Seattle Genetics acquired clinical-stage biopharmaceutical company Cascadian in March for $614.1 million at $10.0 per share. The acquisition helped expand Seattle Genetics’ late-stage pipeline and provided global rights to tucatinib. Tucatinib is an investigational oral kinase inhibitor that’s being evaluated for patients with HER2 positive metastatic breast cancer in a phase two trial.
Seattle Genetics’ cash per share stands at $2.78. In comparison, Bristol-Myers Squibb (BMY), Endocyte (ECYT), Johnson & Johnson (JNJ), and Pfizer (PFE) have cash per share at $3.72, $2.09, $6.76, and $2.29, respectively. Seattle Genetics’ peers are in a better position to satisfy their short-term obligations.
Next, we’ll discuss Seattle Genetics’ research collaborations.