Seagen Inc. Reports Net Loss of $386 Million in Q2 2023

Seagen Inc.(SGEN), has released its c ondensed consolidated financial statements for the second quarter ended June 30, 2023. The report reveals a net loss of $386 million, which reflects the company's ongoing investments in research and development activities. However, Seagen managed to achieve commendable revenue of $603 million during the quarter, driven by strong sales in its product portfolio.

Net Income/Loss

In the three months ended June 30, 2023, Seagen reported a net loss of $211.5 million. This represents a significant increase in losses compared to the same period last year, where the company reported a net loss of $134.8 million. The increase in losses is primarily attributed to higher research and development expenses, coupled with an increase in selling, general, and administrative costs.

Revenue