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Seagen Earnings: Strong Sales Growth and Pipeline Makes Progress; Acquisition by Pfizer on Track
Seagen delivered strong product revenue of $571 million during the third quarter, growing 33% year over year thanks to continued strong performance from Padcev, Adcetris, and Tukysa. Total revenue for the quarter, including royalties and license agreement revenue, was $649 million, representing growth of 27% over the prior-year period. Seagen’s previously announced acquisition agreement by Pfizer remains on track to close in late 2023 or early 2024. We maintain our fair value estimate of $229 per share, which is the takeover price for the deal.