Biotechnology company Seattle Genetics Inc (Nasdaq:SGEN) stated on Tuesday that it recorded a net loss of USD79.2m (USD.49 per diluted share) for the second quarter ended 30 June 2019.
This is a dip in earnings when compared with net income of USD6.3m (USD.47 per diluted share) for the second quarter of 2018.
The company said the net loss in the second quarter of 2019 included a net investment loss primarily associated with its common stock holdings.
Total revenues of USD218.4m were generated in the second quarter ended 30 June 2019, a growth over USD170.2m for the same period in 2018.
Research and Development (R&D) expenses of USD163.9m were recorded in the second quarter 2019, a rise versus R&D of USD122.9m in the second quarter of 2018. The increases reflect additional investment in the company's late-stage pipeline including enfortumab vedotin, tucatinib and tisotumab vedotin.
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