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Seattle Genetics swings to profit in Q2, helped by sales of lymphoma drug

Seattle Genetics Inc., the maker of the Adcetris cancer medicine, said its second-quarter net income was 47 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 37 cents.

The Bothell, Wash.-based biotechnology company's per-share result swung to a profit from the prior-year loss of 39 cents.

Net income totaled $76.3 million, compared with a loss of $56.4 million in the year-earlier period.

Total revenue increased 57.2% on an annual basis to $170.2 million from $108.2 million.

For the third quarter, the company expects sales of lymphoma drug Adcetris to be in the range of $130 million to $135 million.

In addition, after achieving certain milestones and after other items that occurred in the first half of the year, the company is raising its collaboration revenue guidance for 2018 to a range of $65 million to $75 million, compared to its previous guidance of $55 million to $65 million.